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

Suppose the government of a town of 2,000 people implements a tax on each of 5 people in a small neighborhood to raise $1,000 for a sculpture that will be placed in the common area of that 5-person neighborhood

Each of the 5 people in the small neighborhood will receive $120 in benefits from the sculpture. This tax is likely to A) generate a great deal of opposition from taxpayers. B) generate a great deal of opposition from the 5 people in the affected neighborhood. C) generate little opposition from the 5 people in the affected neighborhood. D) generate the desirable social outcome.

Considering both product markets and resource markets, most economic decision makers participate in the economy as both buyers and sellers

a. True b. False