Government spending ________ is included in gross domestic product
A) at the federal level of government only B) at state and local levels of government only
C) at federal, state, and local levels of government D) on defense goods only
C
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________. 
A. Rising; A B. Falling; A; C C. Falling; B: C D. Rising; A; C
The entry of firms into a perfectly competitive industry causes the supply curve to
a. increase its slope. b. decrease its slope. c. move toward the right. d. move toward the left.
According to Alan Greenspan, the type of inflation that the Taylor Rule is best at addressing is
A) asset-price inflation B) product-price inflation C) both asset-price and product-price inflation D) demand-induced-one-shot inflation E) supply-induced one-shot inflation
Suppose a firm uses workers and office space to produce output. The firm is locked into a year-long lease on its office space, but it can easily vary the number of employee-hours it uses each day. The accompanying table describes the relationship between the number of employee-hours the firm uses each day and the firm's daily output. Each unit of output sells for $2, the hourly wage rate is $14, and the rent on the office space is $50 per day.Employee-Hours Per DayOutput Per Day0014048091201516023200 This firm's fixed cost each day is:
A. $14. B. $66. C. $50. D. $64.