Refer to the graph shown.
A movement from points B to C represents a(n):
A. upturn.
B. recession.
C. peak.
D. trough.
Answer: A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
If the firms in a perfectly competitive market are continually operating where their total costs exceed their total revenue in the short run, then in the long run
a. the number of firms in the market will remain unchanged b. the number of firms in the market will increase c. the number of firms in the market will decrease d. existing firms will increase their plant sizes e. existing firms will increase their output
According to the ability-to-pay principle, it is fair for people to pay taxes based on their ability to handle the financial burden
a. True b. False Indicate whether the statement is true or false
The town of Isle is on a small island connected to Big City by a single bridge. Most of the residents of Isle work in Big City. As a result, the bridge becomes very congested for 2 hours each day at the typical morning and evening commute times. Which of the following policies considered by the mayor of Isle would likely be most effective in alleviating the congestion?
a. A fixed toll for the bridge payable by every vehicle crossing the bridge at all days and times. b. A variable toll for the bridge payable only by vehicles crossing the bridge during the congested commute times. c. Any vehicle crossing the bridge at any time must have a sticker paid for with a one-time fee of $25. d. A press conference in which the mayor requests that people try to cross the bridge earlier or later than the typical commute times.