Because of diminishing returns to capital, there is a limit to the increases in average labor productivity that can be gained from additional or improved ________.
A. entrepreneurship
B. physical capital
C. availability of land and natural resources
D. imports
Answer: B
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Refer to the figure below. If demand shifts from D1 to D2, and at the same time, supply shifts from S1 to S2, then according to the figure: 
A. the equilibrium quantity will increase and the equilibrium price will increase. B. the equilibrium quantity will decrease and the equilibrium price will decrease. C. the equilibrium quantity will decrease and the equilibrium price will increase. D. the equilibrium quantity will increase and the equilibrium price will decrease.
Toot Sweets Bakery sells freshly baked muffins from 6.30 am at $1.20 per muffin. By 4 pm, the remaining muffins are marked down to $0.60 each. Which of the following statements is true?
A) Toot Sweets is trying to minimize its loss. B) Toot Sweets engages in price discrimination; a higher price for those who cannot wait and a lower price for those willing to wait until 4 pm. C) Toot Sweets has underestimated the demand for its muffins. D) Toot Sweets is trying to prevent the opportunity to make arbitrage profit.
Persons who do not have jobs and who do not look for work are considered: a. unemployed
b. out of the labor force. c. underemployed. d. overemployed.
Which of the following is often described as the most powerful person in the U.S. economy?
A. The president of the United States. B. The Speaker of the House of Representatives. C. The chairman of the House Ways and Means Committee. D. The chairman of the Federal Reserve.