When there is an expansionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.

Refer to Figure 13.2. Oliver's political views initially placed him at the L4 position and George's political views initially placed him at the C4 position

If George comes out with a statement supporting an increase in taxes on the rich, which moves him to the C3 position, and Oliver responds by not only stating that taxes should not be raised, but in fact should be lowered, moving him to the L2 position, the winner of the election will be ________ with a winning vote total of ________. A) Oliver Cousins; 6 votes B) George Glass; 5 votes C) Oliver Cousins; 5 votes D) George Glass; 6 votes

A key tenet of the supply-side economic theory of the 1980s was that government tax cuts would increase after-tax wages, stimulating the incentive to seek higher wages through increased labor supply

Indicate whether the statement is true or false