1.Who are winners of a move to free trades?

A)Consumers of exported goods

B)Producers of exported goods

C)Producers of imported goods

D)None of the above answers

2.The short-run shutdown condition occurs for a firm in the short-run when

A)Price per unit good is equal to average variable cost per unit good

B)Price per unit good is greater than average variable cost per unit good

C)Price per unit good is less than average variable cost per unit good

D)Price is greater than total cost.

3.Which of the following problems describes the 'Decision Pitfalls' of a rational individual in economy?

A)Ignoring implicit costs

B)Failing to think at the margin

C)Measuring costs or benefits proportionally

D)All the above answers

4.Which of the following explanations is true?

A)Higher inflation reduces the real value of money held by the public, reducing wealth and spending

B)Inflation redistributes resources from less affluent people, who spend a high percentage of their disposable income, to more affluent people, who spend a smaller percentage of disposable income

C)Higher inflation creates uncertainty in planning for households and firms, reducing their spending.

D)All the above answers