Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential
B. recessionary; higher; potential
C. recessionary; lower; lower
D. expansionary; higher; higher
Answer: A
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A) labor B) capital C) money D) time
A monopolist maximizes profits by producing where which of the following occurs?
A. MC = P. B. AC = P. C. MC = MR. D. AC = AR.
The total market value of all final goods and services produced in a country in a year is:
A. NDP. B. GDP. C. NNP. D. GNP.
Suppose that under its collective bargaining agreement, the XYZ Co. can only hire union members in good standing at the time of hiring. XYZ Co. is
A. a company union. B. an open shop. C. a union shop. D. a closed shop.