Other things the same, if the Fed increases the rate at which it increases the money supply then the short-run Phillips curve shifts right in the long run

Monopsonistic exploitation is

A) measured by the area above the supply curve but below the wage paid. B) the difference between the marginal revenue product of a worker and the wage received by the worker. C) measured by the height of the supply curve of labor. D) the cost to society from unions.

Identify the main reason to expect convergence in the long run

a. Low-productivity countries learning from high-productivity countries b. Rapid growth in the supply of capital in low-productivity countries c. Educational attainment rising quickly in low-productivity countries d. Economic complacency and mismanagement in high-productivity countries