Suppose the Organization of Petroleum Exporting Countries (OPEC) sharply increased the price of oil, which triggered higher inflation rates in the United States. This type of inflation is best classified as:

Historically, Brazil has suffered higher and more variable rates of inflation than Venezuela

You would expect the short-run aggregate supply curve of Brazil to be ________ than that of Venezuela, and the short-run Phillips curve of Brazil to be ________ than that of Venezuela. A) flatter; flatter B) flatter; steeper C) steeper; flatter D) steeper; steeper

The evidence of building costs in the 1920s shows that the decline in total construction after 1926

(a) reflected the sharp increase in costs as the boom gathered strength. (b) occurred when building costs remained stable. (c) occurred in the presence of sharply falling costs that anticipated the 1929 crash. (d) was a result of the contractionary monetary policies of the Fed.