A balance sheet
A) measures flows of income and expenditure over a given period of time.
B) measures assets, liabilities, and net worth at a giving instance in time.
C) equates flows of revenue with flows of expenditure.
D) None of the above are correct.
Answer: B
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Based on the figure below. Starting from long-run equilibrium at point C, an increase in government spending that increases aggregate demand from AD to AD1 will lead to a short-run equilibrium at point ________ creating _____gap. 
A. D; an expansionary B. B; no output C. B; expansionary D. A; a recessionary
Equilibrium expenditure occurs when
A) real GDP minus net taxes equals disposable income. B) disposable income equals consumption expenditures plus imports. C) disposable income equals real GDP. D) aggregate planned expenditure equals real GDP. E) real GDP plus net taxes equals disposable income.
A decrease in the expected inflation rate will
A) increase the inflation rate. B) shift the short-run Phillips curve to the left. C) increase the unemployment rate. D) shift the short-run Phillips curve to the right.
Which of the diagrams best portrays the effects of an increase in resource productivity?
Use the following diagrams for the U.S. economy to answer the following question.
A. A.
B. B.
C. C.
D. D.