Over the long run the Volcker disinflation
a. shifted the short-run and long-run Phillips curves left.
b. shifted the short-run, but not the long-run Phillips curve left.
c. shifted the long-run, but not the short-run Phillips curve left.
d. None of the above is correct.
b
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Improvements in a country's standard of living are brought about in the long run by
A) technological progress. B) growth in the population. C) constructing more machines and buildings. D) immigration policy.
Organizational structure can be a strategic asset if it
A) adds value. B) adds value and can be duplicated. C) adds value and cannot be duplicated. D) can be franchised.
Under a market system of resource allocation, the most important limitations on individual freedom of action are imposed by
a. tradition b. the government c. the scarcity of resources d. the stagnation of the economy e. the rigidity of the economy's rules