Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.

The supply curve for motor oil is the typical upward-sloping straight line, and the demand curve for motor oil is the typical downward-sloping straight line. When motor oil is taxed, the area on the relevant supply-and-demand graph that represents the deadweight loss is

a. larger than the area that represents consumer surplus in the absence of the tax. b. larger than the area that represents government's tax revenue. c. a triangle. d. All of the above are correct.

Recently, the NCAA agreed to loosen one of its key rules

A) by no longer restricting the number of games the member schools' teams can play. B) by no longer limiting the number of scholarships student athletes. C) by allowing colleges the freedom to reimburse athletes for the full cost of attending college. D) by allowing colleges to pay salaries to college athletes.