In the long run, a decrease in the money supply growth rate
a. shifts both the long-run and the short-run Phillips curves right.
b. shifts the long-run Phillips curve left and the short-run Phillips curve right.
c. shifts the long-run Phillips curve right and the short-run Phillips curve left.
d. None of the above is correct.
d
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If Wisconsin cheddar cheese sells for $3.00 per pound in the United States and for 27.90 pesos in Mexico, what is the exchange rate between the dollar and the peso (assuming PPP holds)?
A. $1 = 2.79 pesos B. $1 = 7.90 pesos C. $1 = 9.30 pesos D. $1 = 27.90 pesos
All else equal, increases in oil prices tend to increase the quantity of proven oil reserves
Indicate whether the statement is true or false
Suppose that in one hour Dewey can produce either 10 bushels of corn or 20 yards of cloth. Dewey's opportunity cost of producing one bushel of corn is 1/2 yard of cloth
a. True b. False Indicate whether the statement is true or false
Which of the following would be included in U.S. GNP but not in U.S. GDP?
A. Chipsets produced by U.S.-owned firms operating in China. B. Auto parts produced by a Japanese-owned firm operating in North Carolina. C. Sales of used cars in the United States. D. The tips received by a waiter in New Jersey.