Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

Economic freedom is a precondition for economic growth. Which of the following is a characteristic of economic freedom? i. A democratic form of government ii. Property rights must be protected. iii

The government must support and pay for inventions and innovations. A) i only B) ii only C) Both i and ii D) Both ii and iii E) Both i and iii

What is a tradeoff? Give an example

What will be an ideal response?