Which of the following would shift the short-run Phillips curve to the left?
a. a positive supply shock
b. an increase in inflationary expectations
c. an negative supply shock
d. either (a) or (c)
a
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
The price elasticity of demand of science fiction novels is 2.3. Demand is
a. inelastic. b. unit elastic. c. elastic. d. elasticity.
If 8,000 workers are unemployed, then the minimum wage must be
a. $8 b. $12. c. $6 d. $14.
What does this imply for the price of oil in the? future?
A. The demand for oil will? increase, which will lead to lower prices in the future. B. The supply of oil will? decrease, which will lead to higher prices in the future. C. The supply of oil will? increase, which will lead to lower prices in the future. D. The demand for oil will? decrease, which will lead to higher prices in the future