The short-run Phillips curve shifted during the 1970s primarily because of
A) the two large oil price shocks.
B) the changing demographics of the population.
C) tight monetary policy.
D) easy fiscal policy.
A
Economics
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When OPEC caused the price of oil to rise in the early 1970s, the:
a. aggregate supply curve shifted to the right. b. aggregate supply curve shifted to the left. c. aggregate demand curve shifted to the right. d. aggregate demand curve shifted to the left. e. price level in the economy fell.
Economics
The income elasticity for most foods is positive but less than 1
Indicate whether the statement is true or false
Economics