The fact that people sometimes regret having made a decision with perfectly predictable consequences:
A. cannot be explained by traditional economic models.
B. suggests that people like to be unhappy.
C. is a core assumption upon which traditional economic models are built.
D. is a natural prediction of many traditional economic models.
Answer: A
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All points on the firm's expansion path
a. give the firm the maximum possible profit. b. minimize the firm's cost of producing some level of output. c. have the same long-run average cost. d. make the marginal product of labor equal to the marginal product of capital.
Refer to the graph below. Assume the consumer has an income of $100, the price of X is $2 and the price of Y is $1. According to the graph, the substitution effect of a decrease in the price of X from $2 to $1 is equal to: 
A. 5 B. 20 C. 30 D. 25
Refer to the above diagram. If price is reduced from P1 to P2, total revenue will:
A. increase by C minus A. B. decrease by A minus C. C. increase by A minus C. D. decrease by C minus A.
Suppose that real GDP starts at 200 and grows at a rate of 9 percent per year for two years. In the third year real GDP would be:
A. 183.49. B. 236. C. 237.62. D. 239.24.