The range of laws, rules, and regulations that define the allowed forms of use and transfer of resources is called the __________ structure of the economy

If the expected inflation rate changes, the long-run Phillips curve ________, and the short-run Phillips curve ________

A) shifts rightward; shifts upward B) does not shift; shifts upward C) shifts rightward; shifts downward D) shifts rightward; does not shift E) does not shift; does not shift

Taxpayers were served poorly by thrift regulators in the 1980s. This poor performance cannot be explained by

A) regulators' desire to escape blame for poor performance, leading to a perverse strategy of "bureaucratic gambling." B) regulators' incentives to accede to pressures imposed by politicians, who sought to keep regulators from imposing tough regulations on institutions that were major campaign contributors. C) Congress's dogged determination to protect taxpayers from the unsound banking practices of managers at many of the nation's savings and loans. D) politicians strong incentives to act in their own interests rather than the interests of the taxpayers.