4. Demand is elastic if
(A) elasticity is less than 1.
(B) elasticity is equal to 1.
(C) elasticity is greater than 1.
(D) elasticity is equal to 0.

3. For a firm in a perfectly competitive market, the price of the good is always equal to (A) marginal revenue. (B) average revenue. (C) equilibrium market price. (D) All of the above are correct.

5. The term ceteris paribus refers to (A) a central market price. (B) a real-world situation in which every variable is held constant. (C) a hypothetical situation in which some variables are assumed to be constant. (D) a situation in which only the price is held constant.

6. When a firm is able to put idle equipment to use by hiring another worker, (A) variable costs will rise. (B) variable costs will fall. (C) fixed costs will fall. (D) both fixed costs and variable costs will rise.

7. Very often, the reason that players can solve the prisoners' dilemma and reach the most profitable outcome is that (A) cach player tries to capture a large portion of the market share. (B) the players play the garne not once but many times. (C) the game becomes more competitive. (D) self interest results in the Nash equilibrium which is the best outcome for the players.

8. Suppose that for Emily, DVDs and trips to the movie theater are pertect substitutes. Currently, Emily is spending all of her income on trips to the movie theater. If the price of DVDs doubles, the substitution effect will (A) be two times the income effect. (B) be half the income effect. (C) be zero. (D) always increase the number of trips to the movie theater Emily makes.

9. How does a competitive market compare to a monopoly that engagcs in perfect price discrimi- nation? (A) In both cases, total social welfare is the same. (B) Total social welfare is higher in the cempetitive mnarket than with the perfectly price dis- criminating monopoly. (C) In both cases, some potentially mutually benefcial trades do not occur. (D) Consumer surplus is the same in both cases.

10. Two frms, A and B, each currently dump 20 tons of chemicals into the local river. The government has decided to reduce the pollution and from now on will require a pollution permit for each ton of pollution dumped into the river. The government gives each firm 10 pollution permits, which it can either use or sell to the other firm. It costs Firm A $100 for each ton of pollution that it eliminates before it reaches the river, and it costs Firm B $50 for each ton of pollution that it eliminates before it reaches the river. After the two firms buy or sell pollution permits from each other, we would expect that (A) Firm A will no longer pollute, and Firm B will not reduce its pollution at all. (B) Firm B will no longer pollute, and Firm A will not reduce its pollution at all. (C) Fim A will dump 10 tons of pollution into the river, and Firm B will dump 10 tons of pollution into the river. (D) Firm A will increase its pollution and Firm B will reduce its pollution.

11. Suppose Country A's Phillips Curve can be written as U = 0.05. Which of the following statements is wrong? (A) The natural rate of unemployment is 5%. (B) There is no inflation in the economy. (C) It is a long-run Philips Curve. (D) There is no cyclical unemployment.

12.Other things remaining equal, which of the following policies might reduce the real interest rate of an economy? (A) The central bank increases the discount rate. (B) The central bank sells bonds. (C) The central bank lowers the reserve ratio. (D) None of the above.

13. Which of the followings is not included in M1? (A) Currency. (B) Demand deposits. (C) Credit cards. (D) Traveler's checks.

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