An increase in taxes will increase total planned expenditures for goods and services

If changes in inflation are higher than expected,

A) the long-run Phillips curve will be negatively sloped. B) the short-run Phillips curve will be positively sloped, but not vertical. C) the short-run Phillips curve will be vertical. D) the short-run Phillips curve will be negatively sloped.

Joe's income is $500, the price of food (F) is $2, and the price of shelter (S) is $100. Which of the following bundles is in Joe's opportunity set?

A) 50 units of food, 5 units of shelter B) 200 units of food, 2 units of shelter C) 100 units of food, 1 unit of shelter D) 150 units of food, 3 units of shelter