If real GDP grows by 3 percent, the velocity of circulation does not change, and the quantity of money grows by 5 percent, then in the long run the inflation rate is

A government proposal to increase marginal tax rates on the wealthiest 2 percent of U.S. residents is supposed to generate an additional $100 billion in tax revenues. It is likely that

A) the actual revenue raised will exceed the $100 billion, because the other 98 percent of the population will increase their work effort with a more fair tax system. B) the actual revenue raised will be more than $100 billion, because the short-run aggregate supply curve is upward sloping. C) the actual revenue raised will be close to $100 billion, because the wealthy don't respond to work incentives the way poorer workers do. D) the actual revenue raised will be less than $100 billion, because some of the people will respond by working less and earning less income that can be taxed.

According to your authors, the prohibition on alcohol kept the ________ curve relatively stable while the ________ curve became more ________

A) supply; demand; elastic B) supply; demand; inelastic C) demand; supply; elastic D) demand; supply; inelastic