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Discuss the Factors Determining the Slope of the Short-Run Phillips

question 22

Essay

Discuss the factors determining the slope of the short-run Phillips curve. Is the linear shape appropriate? Why, or why not?


Definitions:

Liability of Foreignness

The additional costs and risks that firms operating in a foreign country incur, compared to domestic firms.

Administrative Differences

Discrepancies in management practices, regulations, or procedures within or between organizations.

Ethnocentrism Bias

A bias indicating that customers prefer local brands over foreign brands and are willing to pay more for local brands even when the quality is inferior.

Liability of Foreignness

Disadvantages faced by companies operating in a foreign market, including cultural differences, and legal and economic barriers.

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