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.

If real GDP is $200, the price level is 2.5, and velocity is 5, then the quantity of money is

A) $100. B) $500. C) $750. D) $200. E) $1,000.

What do economists call the loss society experiences when there is market failure and the production of a good is less than the efficient amount?

A) tax B) subsidy C) price floor D) deadweight loss E) quantity restriction