The short-run Phillips curve is ________, and the long-run Phillips curve is ________

The classical model differs from the Keynesian model in that

a. monetary policy does not impact output in the Keynesian model. b. the classical model focuses on the long-run and the Keynesian model focuses on the short-run. c. fiscal policy is more powerful in the classical model than in the Keynesian model. d. the classical model believes monetary policy is a powerful impact on output and fiscal policy is not. e. None of the above

Inflation

a. hurts society by imposing additional opportunity costs b. is generally harmful, but has the benefit of reducing opportunity costs c. makes it easier for us to comparison shop d. benefits society by causing people to make use of resources that would have otherwise gone to waste e. benefits society because by making people better consumers, they start to buy only those consumer goods they really need