In the long run, which of the following would shift the long-run Phillips curve to the right?
a. an increase in the minimum wage
b. an increase in government spending
c. an increase in the money supply
d. a decrease in the money supply
a
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In theory, differences in output across economies and over time might be the result of differences in either capital input, labor input, or productivity
The evidence points clearly to productivity as a more likely and powerful source of growth differences. Which aspects of the Solow growth model help to explain why the inputs of capital and labor contribute little to growth of output, relative to productivity?
The opportunity cost of attending college might best be described as
A) the money that must be paid in order to attend college. B) the lowest-valued alternative use of the student's time. C) the highest-valued alternative use of the student's time. D) the value that the student attaches to not working.