The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 

The key distinction that separates endangered resources from sustainable resources is the nature of

A) externalities. B) transactions costs. C) property rights. D) overall consumption.

When Jamie, a U.S. citizen, purchases a wool jacket made in Ireland, the purchase is

a. both a U.S. and Irish import. b. a U.S. import and an Irish export. c. a U.S. export and an Irish import. d. neither an export nor an import for either country.