The act of buying a commodity in one market at a lower price and selling it in another market at a higher price is known as:
A. buying long.
B. selling short.
C. a tariff.
D. arbitrage.
Answer: D
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The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A
Starting from long-run equilibrium, an increase in autonomous consumption results in ________ output in the short run and ________ output in the long run.
A. higher; higher B. higher; potential C. lower; higher D. lower; potential
The interest rate on Treasury Inflation Indexed Securities can be roughly interpreted as
A) the real interest rate. B) the nominal interest rate. C) the rate of inflation. D) the rate of deflation.
The demand schedule for a product shows the relationship between how much of the product buyers are willing and able to buy and the
A. cost of producing the product. B. time period, say, from one month to the next. C. buyers' incomes. D. product's price.