Lower than expected inflation rate:
a. shifts short-run Phillips curve to the right
b. shifts short-run Phillips curve to the left.
c. shifts both short-run and long-run Phillips curve to the right.
d. shifts both short-run and long-run Phillips curve to the left.
b
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The owner of a proprietorship might decide incorporate the firm as a corporation in order to
A) be able to conduct business in more than one county. B) avoid the principal-agent problem. C) be eligible for patent protection of new products. D) gain limited liability.
If the government grants tax credits to first-time homebuyers, the supply of houses would increase and the price of housing would fall.
Answer the following statement true (T) or false (F)
Economic theory allows us to predict the behavior of a specific person or firm
a. True b. False
Burkes Inc should stop production in the short run if the market price of its product is less than its average total cost of production
Indicate whether the statement is true or false