The long-run Phillips curve would shift to the left if
a. the money supply growth rate increased or if effective job-training programs were implemented.
b. the money supply growth rate increased, but not if effective job-training programs were implemented.
c. effective job-training programs were implemented, but not if the money supply growth rate increased.
d. None of the above is correct.
c
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Total revenue received by surfboard manufacturers increases by $2 million when the price of a surfboard decreases by $10. The price the elasticity of demand for surfboards is
A) between 0 and 1. B) greater than 1. C) equal to 0. D) some amount that is impossible to determine without more information.
All ________ economies have been political dictatorships
A) mixed B) centrally planned C) market D) mixed and market