Suppose the market in Figure 9.4 is currently in equilibrium. If the government establishes a price floor of $40, consumer surplus will

According to the quantity theory of money, inflation is caused by

A) the money supply growing faster than real GDP. B) GDP growing at the same rate as the money supply. C) the money supply growing slower than real GDP. D) GDP growing faster than the money supply.

If the short-run aggregate supply curve is shifting right:

a. the short-run Phillips curve is shifting left. b. the short-run Phillips curve is shifting right. c. the long-run Phillips curve is shifting right. d. the long-run Phillips curve is shifting left.