When expectations of inflation are revised downward, the short-run Phillips curve:
a. shifts rightward.
b. becomes steeper.
c. shifts leftward

In the Current Population Survey, a person is considered unemployed if the person

A) is without a job. B) is working anything less than 40 hours per week. C) is working without pay. D) does not have a job and is actively looking for a job. E) is working less than 20 hours per week.

Assume that price is greater than average variable cost. If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm should

A) continue producing at the current output. B) produce a smaller level of output. C) produce a larger level of output. D) There is not enough information given to answer the question.