If the expected inflation rate changes, the long-run Phillips curve ________, and the short-run Phillips curve ________
A) shifts rightward; shifts upward
B) does not shift; shifts upward
C) shifts rightward; shifts downward
D) shifts rightward; does not shift
E) does not shift; does not shift
B
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The existence of a shortage
A) means resources are being allocated efficiently. B) is impossible in a market economy. C) pushes the price u
For which of the following goods is the value of income elasticity most likely to be negative?
a. macaroni and cheese b. champagne c. airline tickets d. clothes e. toothpaste
Inflation is the: a. the value of goods and services produced in an economy in a given period of time. b. is the value of goods and services imported by an economy in a given period of time. c. general and ongoing rise in the price level of an economy
d. general and ongoing fall in the price level of an economy.
Which statement is true?
A. The average workweek is about 50 percent lower than it was in 1900. B. The average workweek is about the same as it was in 1900. C. Most Americans work more hours per year than do most Western Europeans. D. Most American workers work less hours than workers in other industrialized countries.