Which of the following is true about government activity in the United States?
a. Macroeconomic policy is handled mainly at the state level.
b. Higher education is handled mainly at the national level.
c. Primary and secondary education is handled mainly at the local level.
d. Primary and secondary education is handled mainly at the national level.
e. Police and fire protection are handled mainly at the state level.
C
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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; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
Based on the information in Scenario 15.7, if you expect the price to be $21 next year, you should
A) keep the wine in barrels until next year no matter what the interest rate. B) keep the wine if interest rates are above 5%. C) keep the wine if interest rates are below 5%. D) sell the wine now. E) do nothing until you know what the interest rate is going to be for the following year.
If a one percent change in the price of oil causes a 0.02 percent change in the quantity demanded of oil, then 0.02 is the
A. price elasticity of demand. B. price elasticity of supply. C. cross-price elasticity of demand. D. income elasticity of demand.
Pollution arises because
a. the atmosphere is a nonrenewable resource b. the atmosphere is a renewable resource c. of enforceable property rights d. the atmosphere is an open-access resource e. there is no supply of pollution curve