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

Provide two microeconomic statements and two macroeconomic statements. Classify your statements as positive or normative, and explain your classifications

What will be an ideal response?

Gross federal debt held by the public is equal to

A) total gross federal debt. B) the federal debt held by the Fed minus the federal debt held by other countries. C) the federal debt held by other countries plus the federal debt held by private investors. D) the federal debt held by the Fed plus the federal debt held by private investors.