Output Q3 can be produced at the lowest cost by the size of firm represented by
A. ATC1.
B. ATC2.
C. ATC3.
D. ATC4.
C. ATC3.
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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
Suppose the price level this year is 150 and the price level last year was 125. The inflation rate between last year and this year was
A) 20 percent. B) 2 percent. C) 16.6 percent. D) 1.6 percent.
Suppose a bank is exactly meeting its desired reserve ratio of 10 percent and a new deposit of $75,000 is made. Immediately after the deposit is made, the bank's excess reserves equal
A) zero. B) $7,500. C) $67,500. D) It is impossible to determine without additional information.
The percentage of the noninstitutionalized working-age individuals who are employed or seeking work is known as
A) the labor force. B) the labor force participation rate. C) discouraged worker. D) the stock of employed and unemployed workers.