The resource most directly associated with profits is
a. land.
b. labor.
c. capital.
d. enterprise.
d. enterprise.
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
Based on the figure below. Starting from long-run equilibrium at point C, a tax cut that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies. 
A. D; C B. B; C C. B; A D. D; B
In the industrial period of U.S. history, the manufacturing goods consumed by U.S. households were subject to
(a) high taxes. (b) Engel's Law. (c) income effects. (d) none of the above.
Treasury bills are government IOUs that mature within a year
Indicate whether the statement is true or false