Before the Industrial Revolution, living standards in the world
A. were relatively stagnant for long periods of time.
B. were declining because of rapid increases in population.
C. were already rising significantly for many decades.
D. are not known, for lack of reliable records from that period.
Answer: A
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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
In an unregulated market, healthcare consumers often
A) overestimate its benefit. B) cannot afford the care they need. C) overestimate their future need. D) All of the above are correct.
Which of the following does NOT cause a shift in demand?
A. change in tastes B. change in the price of a related good C. change in the price of the good D. change in income
With imperfect information, prices
A. are the only mechanism to judge efficiency. B. are always above equilibrium. C. may no longer reflect individual preferences. D. are irrelevant in the marketplace.