The long-run Phillips curve would shift to the left if
a. the money supply growth rate increased or if effective job-training programs were implemented.
b. the money supply growth rate increased, but not if effective job-training programs were implemented.
c. effective job-training programs were implemented, but not if the money supply growth rate increased.
d. None of the above is correct.
c
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Refer to Figure 23-3. Suppose that investment spending increases by $10 million, shifting up the aggregate expenditure line and GDP increases from GDP1 to GDP2. If the MPC is 0.9, then what is the change in GDP?
A) $9 million B) $10 million C) $90 million D) $100 million
For purposes of determining comparative advantage, the cost of producing a good in each of two countries is measured in terms of:
a. metric units only. b. opportunity costs. c. total costs. d. the currency of the importing country. e. the currency of the exporting country.
Net social benefits are maximized when:
A) marginal benefits equal marginal costs. B) marginal benefits are greater than marginal costs. C) marginal benefits are less than marginal costs. D) total benefits are equal to total costs. E) average benefits are marginal benefits are equal.
The four-firm concentration ratio for an industry is
A. the number of firms in the industry, divided by four. B. the share of industry output sold by the four largest firms in the industry. C. the percentage of total industry profits claimed by the four largest firms. D. the share of industry output sold by the fourth largest firm in the industry.