Along the 45-degree reference line
A) total planned real expenditures = real GDP.
B) total planned real expenditures = planned nominal expenditures.
C) total planned nominal expenditures = consumption.
D) total planned investment spending = planned real expenditures.
Ans: A) total planned real expenditures = real GDP.
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Refer to the figure below. In response to gradually falling inflation, this economy will eventually move from its short-run equilibrium to its long-run equilibrium. Graphically, this would be seen as 
A. long-run aggregate supply shifting leftward B. Short-run aggregate supply shifting upward C. Short-run aggregate supply shifting downward D. Aggregate demand shifting leftward
A positive cross elasticity of demand means two goods
a. have downward-sloping demand curves b. are substitutes and may belong to the same market c. are complements and may belong to the same market d. are normal goods e. have upward-sloping demand curves
A merit good is
A. A good or service that society believes everyone is entitled to a minimal quantity of. B. Income payments for which no goods or services are exchanged. C. A good society holds to a higher standard in tax regulations. D. A product that serves as an incentive to produce more output.
The Sherman Act of 1890:
A. prohibited selling products at "unreasonably low prices" with the intent of reducing competition. B. outlawed tying contracts. C. outlawed stock-purchase mergers that would substantially reduce competition. D. made it illegal to monopolize a market.