The study of public choice theory involves the economic analysis of the following, except:
A. Government decision-making
B. Actions by elected officials
C. Impact of budget deficits on the public debt
D. Voting and elections
C. Impact of budget deficits on the public debt
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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
Refer to Figure 2-14. Which country has a comparative advantage in the production of snow cones?
A) Greenland B) They have equal productive abilities. C) Iceland D) neither country
The government deficit
A) is equal to the government surplus plus taxes minus government spending. B) is equal to GDP minus GNP. C) is equal to disposable income plus the current account surplus. D) is equal to the negative of government saving.
To increase the money supply, the Federal Reserve could
A) lower the discount rate. B) decrease income taxes. C) raise the required reserve ratio. D) conduct an open market sale of Treasury securities.