In the monetarist view, the long-run Phillips curve is
a. horizontal.
b. downward sloping.
c. downward sloping but steeper than the short-run curve.
d. downward sloping but flatter than the short-run curve.
e. none of the above.
E
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A private investment firm that holds a portfolio of securities is called a mutual fund.
Answer the following statement true (T) or false (F)
Which of the following statements about monopoly is most accurate?
a. The monopolist has no incentive to produce efficiently. b. Regardless of what is produced, the monopolist will use too many resources. c. A monopolist has no incentive to keep costs down. d. The monopolist "understocks" the market and charges too high a price.
Given a required reserve ratio of 0.25, what is the maximum amount by which the money supply can increase in response to a $200 million increase in excess reserves for the whole banking system?
A. $800 million. B. $200 million. C. $500 million. D. $250 million.
Before the Great Depression of the 1930s, the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________
A) state and local levels; federal level B) local level; federal level C) federal level; state and local levels D) federal level; state level