Microeconomics helps explain economic fluctuations, why the economy shrinks and expands and why some of the economy's resources are idle.
Answer the following statement true (T) or false (F)
False
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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
Suppose a tax has been imposed in the graph shown. Which kind of tax is most likely demonstrated by this graph?
A. A tax on sellers
B. A tax on buyers
C. A tax on big corporations
D. A price ceiling
Name brand drugs are able to continue capitalizing on their market power even after generic drugs enter the market because (i) almost all people fear the generic drug companies are devoting too few resources to research and development. (ii) some people fear that generic drugs are inferior. (iii) some people are loyal to the name brand
a. (i) and (ii) only b. (ii) and (iii) only c. (i) and (iii) only d. (i), (ii), and (iii)
If a box of Swiss chocolate priced at 100 francs can be purchased for $50, the exchange rate is:
A. 0.50 francs per dollar. B. 4.00 francs per dollar. C. 0.50 dollars per franc. D. 4.00 dollars per franc.