Refer to the information provided in Figure 13.7 below to answer the question(s) that follow. 
Figure 13.7 Refer to Figure 13.7. The figure shows a ________ monopoly.
A. natural
B. strategic resource
C. patent
D. profit-maximizing
Answer: A
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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
Which statement is TRUE about a comparison of economic freedom with political freedom?
A) Economic freedom is more important than political freedom when considering positive economic growth. B) Economic freedom leads to positive economic growth while political freedom leads to negative economic growth. C) Political freedom is more important than economic freedom when considering positive economic growth. D) Economic freedom cannot exist without political freedom.
An optimizing consumer will select a consumption bundle in which
a. income is maximized, and prices are minimized. b. utility is maximized, and prices are minimized. c. utility is maximized, subject to budget constraints. d. utility is maximized, and indifference curves are linear.
When demand is elastic, a fall in price causes total revenue to rise because
A) when price falls, quantity sold increases so total revenue automatically rises. B) the increase in quantity sold is large enough to offset the lower price. C) the percentage increase in quantity demanded is less than the percentage fall in price. D) the demand curve shifts.