If the cost of producing a good rises for sellers, then how will this affect the market equilibrium for that good?
a. Price will rise and quantity will fall.
b. Price will fall and quantity will rise.
c. Price and quantity will both rise

According to the 2007/2008 United Nations Human Development Report, the Gini ratio for Portugal is 38.5, Norway is 25.8, the United States is 40.8, and Russia is 39.9. Which of these four countries has the highest level of income equality?

A) Portugal B) United States C) Norway D) Russia

Refer to Table 2-14. What is Scotland's opportunity cost of producing one motorcycle?

A) 0.25 guitar B) 4 guitars C) 12 guitars D) 16 guitars