Assuming all excess reserves are loaned out, if the reserve ratio is 1 percent, the money multiplier will be equal to

Alan Krueger conducted a survey of fans at the 2001 Super Bowl who purchased tickets to the game for $325 or $400

Krueger found that (a) 94 percent of those surveyed would not have paid $3,000 for their tickets, and (b) 92 percent of those surveyed would not have sold their tickets for $3,000. These results are evidence of A) the high value fans place on watching the Super Bowl in person, rather than on television. B) the failure of consumers to ignore sunk costs. C) consumers being overly optimistic about their future behavior. D) the failure of consumers to take into account nonmonetary opportunity costs.

The economy pictured in the figure below has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________.  

A. recessionary; B B. recessionary; C C. recessionary; A D. expansionary; A