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.

If a worker is temporarily laid off because the economy is in a recession, frictional unemployment increases

Indicate whether the statement is true or false

If it costs $6.00 to go to the movies and $25.00 to go to a hockey game, Tom is maximizing his utility between movies and hockey if his marginal utility of movies is 12 units and his marginal utility from hockey is 25

Indicate whether the statement is true or false