Most goods in the economy are
a. club goods.
b. common resources.
c. public goods.
d. private goods.
d
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Who determines the price and quantity traded in a market?
A. buyers and sellers B. buyers C. sellers D. prices and quantities traded are not generally determined in markets
When OPEC raised the price of oil in 2000 (gasoline prices were $2 per gallon), it contributed to
a. demand-pull inflation b. cost-push inflation c. demand-push inflation d. cost-pull inflation e. cost-push deflation
The classical school
A. was the dominant school of economic thought until the Great Depression. B. was the dominant school of economic thought after the Great Depression. C. believed that the economy was basically unstable. D. believed wages and prices were rigid downwards.
Refer to the information provided in Figure 9.3 below to answer the question(s) that follow. 
Figure 9.3Refer to Figure 9.3. This firm will ________ if price is $13.
A. earn a positive economic profit B. suffer an economic loss C. break even D. shut down