It stands for "alcohol clinical training" when including alcohol, although that is not the most common usage of the acronym. More commonly it would stand for "american college testing".
first blank: farsightedness (hyperopia)
second blank: nearsightedness (myopia)
1 is a depressant, but a specific drug is alcohol and 2 is a hallucinogenic such as LSD or ecstasy
B...............I think ...........................