A city's decision to limit smoking in public areas is an example of

If the long-run Phillips curve shifts to the left, then for any given rate of money growth and inflation the economy has

a. higher unemployment and lower output. b. higher unemployment and higher output. c. lower unemployment and lower output. d. lower unemployment and higher output.

Other things being equal, when the Fed buys U.S. government securities

A. the quantity of deposits in the U.S. banking system expands by less than the amount of the Fed's purchase. B. the Fed's total assets and total liabilities immediately expand by exactly the amount of the Fed's purchase. C. the U.S. Treasury must immediately issue new securities to replace the securities that the Fed has removed from the market. D. the quantity of paper currency and coins in circulation expands by more than the amount of the Fed's purchase.