Suppose Congress decides to reduce government expenditures by reducing its purchases of weapons systems. Which of the following would you expect to occur as a result of this change?
a. The economy will move up and to the left along the short-run Phillips Curve.
b. The economy will move down and to the right along the short-run Phillips Curve.
c. The short-run Phillips Curve will shift to the

Which of the following sets of countries were among those admitted to the European Union in 2004?

A. Spain, Portugal, and Turkey. B. Estonia, Bulgaria, and Switzerland. C. Poland, Hungary, and the Czech Republic. D. Belgium, the Netherlands, and Luxembourg.

Recessions in the United States typically are:

A. widely felt outside the United States. B. confined to the domestic economy. C. limited to specific regions of the country. D. limited to a few industries.