The short-run Phillips Curve is _________, and the long-run Phillips Curve is ________.
A. downward sloping; vertical
B. downward sloping; horizontal
C. upward sloping; vertical
D. upward sloping; horizontal
A. downward sloping; vertical
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Which of the following government programs will NOT create a surplus?
A. farm price support payments B. the minimum wage law C. usury laws D. a price floor above the equilibrium price
If the nominal interest rate is 15 percent and the inflation rate is 5 percent, then what is the real interest rate?
a. 10 percent b. 20 percent c. 3 percent d. 5 percent
Which of the following "costs" could a firm that wants to remain in business avoid if it halted current production?
A. Opportunity costs B. Variable costs C. Fixed costs D. Sunk costs
The Fed conducts an open-market purchase of Treasury bills of $10 million. If the required reserve ratio is 0.10, what change in the money supply can be expected using the oversimplified money multiplier?
A. $100 million B. $10 million C. 0 D. ?$10 million E. ?$100 million