When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; expand
B. increase; raise; decline
C. decline; lower; decline
D. decline; raise; decline
Answer: B
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Which of the following countries is not a member of the European Union?
A) Portugal B) Switzerland C) Slovakia D) Malta
If all of the following examples are elastic, which one will most likely have an increase of revenue?
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All of the following will shift the short-run aggregate supply (SRAS) curve EXCEPT
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