The definition of efficiency implies that production is carried out on the production possibilities frontier

According to the law of demand, consumers will

A) change their production plans when the price of a good changes. B) change their consumption plans when the price of a good changes. C) change their demand when the price of a good changes. D) increase their quantity demanded when the price of a good increases. E) decrease their quantity demanded when the price of a good decreases.

The widespread decline in the volatility of many macroeconomic variables after 1984 led economists to term this period the

A) Great Moderation. B) Low Volatility Era. C) Steady State. D) Long Boom.