If inflation expectations change as a result of an expansionary fiscal policy, this causes
A. the long-run Phillips curve to shift.
B. the short-run Phillips curve to remain constant.
C. the short-run Phillips curve to shift.
D. a movement along the short-run Phillips curve.
Answer: C
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The marginal product of labor is equal to the
a. incremental cost associated with a one unit increase in labor. b. incremental profit associated with a one unit increase in labor. c. increase in labor necessary to generate a one unit increase in output. d. increase in output obtained from a one unit increase in labor.
Adding up all of the consumer and producer surpluses determines ______.
a. minimum alternative tax b. total welfare gains c. maximum deadweight loss d. optimal subsidy levels
market supply schedule
What will be an ideal response?
The most likely complementary good for cereal would be:
A. milk. B. a bagel. C. a sub sandwich. D. pizza.