Use the following to answer questions: 
-(Figure: AD-AS) Refer to Figure: AD-AS. If our economy is at equilibrium and the Fed uses expansionary monetary policy, _____ will shift to _____ and the economy will move from _____. Then nominal wages will _____ and _____ will shift to _____. The economy will move from _____.
Definitions:
Cost of Goods Sold
An accounting term that refers to the direct costs attributable to the production of the goods sold by a company, including the cost of materials and labor.
Professional Service Firms
Businesses that provide specialized expertise or services to clients, such as consulting, accounting, law, and engineering services.
Chargeout Rates
The rate or price that businesses charge external clients for services or goods, typically used in professional sectors to bill hours worked.
Fixed Costs
Costs that do not change with the amount of goods or services produced by a business.
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