When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.

The largest category of federal government spending is growing because

a. the U.S. must spend more on national defense due to the war against terror. b. the elderly population is increasing due to rising life expectancies. c. expenditures on space exploration have increased dramatically. d. expenditures on school voucher programs have increased dramatically.

(Consider This) Ticket scalping is likely to:

A. produce a less interested audience. B. reduce the well-being of ticket sellers. C. reduce the well-being of ticket buyers. D. produce a more interested audience.