During the first 125 years of the United States,
a. there were no constitutional constraints on the spending of the federal government.
b. real spending per person by the federal government rose by a factor of 60.
c. most of the government spending was undertaken at the state and local levels.
d. most of the government spending was undertaken at the federal level.
C
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Refer to the figure below. The absolute value of the slope of the demand curve D1 is ________, and the absolute value of the slope of demand curve D2 is ________. 
A. 5/4; 4/5 B. 4/5; 5/4 C. 1/2; 2 D. 2; 1/2
If the economy is in equilibrium with real GDP less than potential GDP, there is ________ gap, and a fiscal policy that ________ is appropriate
A) a recessionary; decreases aggregate demand B) an inflationary; increases aggregate demand C) a recessionary; increases aggregate demand D) an inflationary; decreases aggregate demand E) a recessionary; increases potential GDP
Consider a market with just one firm. The demand in the market is p = 18 – Q and the firm has a linear cost function C(Q) = 2Q
a. How much output will this firm produce. What will be the profit and consumers surplus? b. Suppose a second firm with the same cost function enters the market and the two firms compete in a Cournot style (simultaneous output choice). What will be the equilibrium price and quantity in the market? What is the total market profit and CS?
The amount of a good that is given up to produce another good is:
a. its dollar cost. b. its opportunity cost. c. its relative cost. d. its absolute cost. e. all of these.