Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C
B. Falling; A; C
C. Falling; A; B
D. Rising; A; C
Answer: D
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Free-riding is a problem associated with
a. nonrivalrous goods. b. nonexclusive goods. c. both nonrivalrous and nonexclusive goods. d. neither nonrivalrous nor nonexclusive goods.
Over long time horizons, the more independent a country's central bank is,
A) the lower the inflation that country experiences. B) the better chance that country has of experiencing hyperinflation. C) the higher the country's unemployment rate tends to be. D) the more politically unstable the country becomes.
What would an economist point to explain why there are no large farms within Detroit city limits?
A) The cultural characteristics of the typical Detroit citizen B) The political power of the automobile industry in Detroit C) The residential and commercial demand for real estate in Detroit D) None of the above.
Economists argue that the union wage advantage
A) has been estimated to be 100% in the private sector. B) in the private sector is a 4% increase in wages for union workers over nonunion workers. C) reached its height in 2000 in the private sector. D) has been close to zero since World War II in the private sector.