A total cost function will start
A. at the origin if there are fixed costs.
B. on the vertical axis if there are no fixed costs.
C. on the horizontal axis.
D. on the vertical axis if there are fixed costs.
Answer: D
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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
Willingness to pay:
A) is the lowest price that a buyer is willing and able to pay for a unit of good. B) is the highest price that a buyer is willing and able to pay for a unit of good. C) is equal to the price of the lowest-priced goods in a consumption bundle. D) is equal to the price of the highest-priced goods in a consumption bundle.
A sudden technological breakthrough in an economy would:
a. have no impact on real GDP. b. cause aggregate demand to fall. c. lower the natural rate of unemployment. d. increase the price level. e. cause aggregate supply to rise.
If information is more costly and less easily available, then usually this
A. makes markets more efficient. B. decreases profit opportunities. C. makes markets less efficient. D. decreases the opportunity cost of acquiring more information.