When total revenue and price are directly related, demand is
A) unit-elastic.
B) inelastic.
C) elastic.
D) not related.
Answer: B
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Use the following graph for a monopolistically competitive firm to answer the next question. 
Excess capacity for this firm would be illustrated by the quantity
A. E - D. B. D - 0. C. D - C. D. E - C.
The dynamic aggregate demand and aggregate supply model assumes that potential GDP increases over time
Indicate whether the statement is true or false
The primary factor that caused some economists to lose their faith in the Keynesian approach to macroeconomic policy was
A) the high levels of unemployment that occurred during the Great Depression. B) the presence of both high unemployment and high inflation during the 1970s. C) theoretical proof that Keynes's ideas were invalid. D) evidence that Keynes's ideas were useful during economic recessions, but not during economic booms.
The production possibilities frontier will shift if there is a change in
a. technology b. unemployment c. product prices d. society's preferences for commodities e. the quantities of the two goods being produced