A change in expected inflation shifts
a. the short-run Phillips curve, but not the long run Phillips curve.
b. the long-run Phillips curve, but not the long run Phillips curve.
c. neither the short-run nor the long-run Phillips curve.
d. both the short-run and long-run Phillips curve right.
a
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The real exchange rate is an adjustment of the nominal exchange rate to account for
a. inflation at home and abroad b. supply and demand in the market c. government's assessment of its value d. currency amounts held by governments e. none of the above
What happens at a firm's point of saturation?
A) For the first time, hiring an additional worker decreases total product. B) Workers cannot take on any additional tasks without working overtime hours. C) The market for a firm's output has been saturated and sales fall to zero. D) The firm's total costs exceed its revenues.