If there is a large and sudden but temporary increase in the price of oil, which way does the short-run Phillips curve shift? If the central bank does not respond what happens to inflation and the unemployment rate in the long run?

The Herfindahl-Hirschman Index approaches ________ when a market consists of a large number of firms of relatively equal size

A) one B) zero C) 100 D) 500

The data in the above table indicate that when the price level is 120

A) firms have unexpectedly low inventories, so prices will rise. B) inventories are at levels planned by firms. C) firms will plan to increase the level of output. D) firms have unexpectedly high inventories, so prices fall.