The large influx of immigrant families between 1860 and 1910 caused the total population to grow at a faster rate than the work force

If the marginal revenue product of an input exceeds the marginal factor cost of the input, the firm

A) should hire less of the input. B) is maximizing profit. C) is not on its marginal cost curve. D) should increase its use of the input.

Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower