Refer to the above table. At an output of 3 units, average variable costs are
A. $14.
B. $42.
C. $30.
D. $44.
Answer: A
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The economy is considered to be at full employment when
A) the frictional unemployment rate is zero. B) the structural unemployment rate is zero. C) the cyclical unemployment rate is zero. D) the unemployment rate is zero.
Which of the following statements cannot be made regarding consumer preferences?
a. Pat enjoys her second cotton candy less than her first. b. Bill enjoys his second cotton candy as much as the first. c. Arnie enjoys two cotton candies more than one cotton candy. d. Arnie enjoys two cotton candies more than Pat enjoys one cotton candy. e. Bill and Arnie enjoy their second cotton candy less than they do their first.
Related to the Economics in Practice on p. 716: By 2001, the majority of the fishing fleet in the Indian state of Kerala had mobile phones. As a result of the introduction of mobile phone service to this fishing industry, ________ increased and ________ decreased.
A. consumer prices; competition B. consumer prices; productivity C. competition; profits D. profits; consumer prices
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