A market is perfectly competitive even if firms have the ability to set their own price as long as the price difference reflects differences in the product

An example of an aggregate supply shock is

A) the cutoff of oil by the OPEC nations in the early 1970s. B) inflation caused by a surge in demand. C) the increase in the labor force due to the baby-boomer generation reaching working age. D) the increase in candy sales every February.

All economic questions and problems arise from

A) turmoil in the stock market. B) the difference between self-interest and social interest. C) the fact that society has more than it needs. D) a society's wants exceeding what its scarce resources can produce. E) the unequal distribution of income.