The short-run Phillips curve will not shift unless there is
A) an increase in inflation that is unanticipated. B) a decrease in inflation that is unanticipated.
C) a change in inflation expectations. D) an increase in the unemployment rate.
C
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If an individual has a comparative advantage in the production of a good, then this individual has the
A. greatest desire for the good. B. lowest opportunity cost in the production of the good. C. highest opportunity cost in the production of the good. D. same opportunity cost in the production of the good.
Deflation refers to
A) a falling price level. B) a decrease in the rate of inflation. C) Both A and B are correct. D) None of the above is correct.
Over the last 50 years, the rich have:
A. become richer, and the poor have become poorer. B. become richer, and the poor have become richer, too. C. become relatively poorer, and the poor have become relatively richer. D. become relatively poorer, and the poor have become relatively poorer, too.
When the market for a good is in the equilibrium
What will be an ideal response?