Although it has considerable political independence, the Fed is legally a branch of the U.S. Treasury Department
a. True
b. False
Indicate whether the statement is true or false
False
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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
Explain what is meant by "asymmetric information." Identify and explain the two basic types of problems that arise when there is asymmetric information
An inverse relationship occurs between two variables when as one goes:
A. up the other does not change. B. up the other goes down. C. up the other goes up. D. down the other goes down.
When total input costs rise slower than the total units of output produced, then the per-unit production costs:
A. Will decrease B. Will increase C. Would be unaffected D. May either increase or decrease