Most monetarists ________ advocate expanding the money supply during bad times and ________ advocate slowing the growth of the money supply during good times.

In the short run, if a firm shuts down, its loss is equal to

a. $0 b. its variable costs c. its fixed costs d. fixed costs minus variable costs e. fixed costs minus total revenue

If the Federal Reserve accommodates an adverse supply shock,

a. inflation expectations may rise which shifts the short-run Phillips curve shifts right. b. inflation expectations may rise which shifts the short-run Phillips curve shifts left. c. inflation expectations may fall which shifts the short-run Phillips curve shifts right. d. inflation expectations may fall which shifts the short-run Phillips curve shifts left