The short-run Phillips curve is drawn for a given expected inflation rate and so it shifts as inflation expectations change

Based on recent research, which of the following is the most likely cause of the reduction in the rate of technological progress?

A) measurement error B) the increase in the size of the service sector C) a reduction in R&D spending D) a reduction in the fertility of research E) all of the above

Which of the following is the fallacy in the fallacy of composition?

A. Whatever goes up must come down B. Facts are more important than theories C. What is true for the part is necessarily also true for the whole D. If event B occurs after event A, event A must have caused event B