Which of the following would generally cause firms to expand output in the short run?
a. a proportional increase in the prices of goods and services and the costs of producing them
b. higher profit margins as the result of an unexpected increase in the prices of goods and services
c. an unexpected reduction in aggregate demand
d. an increase in wages and the prices of other resources
B
Economics
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The short-run Phillips curve is based upon labor contracts that reflect a given expected _____
a. price level b. unemployment level c. money supply d. aggregate demand e. unemployment rate
Economics
Economic freedom:
a. is the right to own property. b. means not having to pay taxes. c. is absent in rich countries. d. affects only poor people. e. is the ability to engage in voluntary trade.
Economics