A decrease in the growth rate of the money supply eventually causes the short-run Phillips curve to shift right

Economic growth may overstate changes in the standard of living if

A) people are retiring at a younger age. B) the average workweek is increasing. C) the number of students attending college is increasing. D) expected life spans are increasing.

Cartels frequently break down in the long run because

a. they are illegal b. tacit collusion is illegal c. contracts and agreements are legally binding d. cooperative behavior usually lowers profits for the entire industry e. members have an incentive to increase output