The long-run Phillips curve:
a. is horizontal.
b. is the same as the short-run Phillips curve.
c. displays a positive relationship rather than an inverse relationship.
d. is exponential.
e. is vertical.
e
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Which of the following probably has the highest start-up costs?
a. a restaurant belonging to a fast-food chain b. a feature-length motion picture production by a major studio c. a bookstore that specializes in travel books d. a theatrical production by a local theater group
A country reports that when real GDP is $13.0 trillion, aggregate planned expenditure is $14.0 trillion. When real GDP equals $13.0 trillion,
A) planned inventory changes by $1.0 trillion. B) planned inventory changes by -$1.0 trillion. C) both planned and unplanned inventory changes are -$1.0 trillion. D) unplanned inventory changes by -$1.0 trillion. E) unplanned inventory changes by $1.0 trillion.