If the Long-Run Phillips Curve Shifts to the Right, the Economy

question 29

Multiple Choice

If the long-run Phillips curve shifts to the right, the economy will have _____ for any given rate of money growth and inflation.

• A)lower unemployment and lower output
• B)lower unemployment and higher output
• C)higher unemployment and lower output
• D)higher unemployment and higher output

Understand the role of market price of output, input prices, and technology in determining production decisions.

Know the difference between long run and short run in economic terms.

Understand the goal of firms to maximize total revenue.

Understand the distinction between System I and System II thinking as it applies to human reasoning and decision-making.

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Definitions:

Damages

Monetary compensation awarded by a court to a person who has suffered loss or harm due to the unlawful act or negligence of another.

Nondisclosure

An agreement in which parties agree not to reveal information covered by the agreement.

Undue Influence

A legal term referring to a situation where an individual is able to persuade another's decisions due to the relationship between the two parties being such that one is dominant over the other.

Walt Disney Pictures

An American film studio and a division of Walt Disney Studios, known for producing both animated and live-action features.