If the level of unemployment is above the natural rate of unemployment, it would be expected that:
a. the short-run Phillips curve will shift leftward, as inflationary expectations adjust.
b. the inflation rate will increase
c. the short-run Phillips curve will shift rightward, as inflationary expectations adjust.
d. both b. and c.
a. the short-run Phillips curve will shift leftward, as inflationary expectations adjust.
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Imagine an economy whose autonomous consumption is $100 billion and MPC is constant at 0.90 . Which of the following will shift the economy's consumption curve upward?
a. a tax increase b. higher capacity utilization rates c. higher national income d. lower wealth holdings e. expectations of higher inflation in the future
Elephant populations have:
A. expanded everywhere because of state control of elephant populations. B. declined in countries where they are owned by local villages, and expanded where they are owned by the state. C. expanded in countries where they are owned by local villages, and declined where they are owned by the state. D. declined everywhere, regardless of whether property rights over elephants are recognized.