Moving ________ the short-run Phillips curve is equivalent to moving ________
A) downward along; downward along the aggregate demand curve
B) downward along; downward along the potential GDP line
C) downward along; upward along the aggregate demand curve
D) downward along; upward along the potential GDP line
E) upward along; upward along the aggregate supply curve
E
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A large government debt can reduce the amount of ________ in an economy and reduce future income and real wages for citizens
A) employment B) capital C) social benefit programs D) government spending
Those hurt by inflation include:
a. labor unions with COLA clauses. b. borrowers. c. savers. d. owners of real estate. e. owners of precious metals, antiques, and works of art.
Shelly purchases a leather purse for $400. One can infer that:
A. her reservation price was exactly $400. B. she paid too much. C. her reservation price was less than $400. D. her reservation price was at least $400.
Which of the following statements is correct regarding a firm's decision-making?
a. The decision to shut down and the decision to exit are both short-run decisions.
b. The decision to shut down and the decision to exit are both long-run decisions.
c. The decision to shut down is a short-run decision, whereas the decision to exit is a long-run decision.
d. The decision to exit is a short-run decision, whereas the decision to shut down is a long-run decision.