If inflation rises or falls faster than people forecast in the short run but not in the long run, what are the shapes of the Phillips curves?
a. The Phillips curve is vertical in the short run, and upward sloping in the long run.
b. The Phillips curve is downward sloping in the short run, and vertical in the long run.
c. The Phillips curve is upward sloping in the short run, and horizontal in the long run.
d. The Phillips curve is vertical in the short run and long run.
Question 2
If there are both external benefits and external costs associated with the production and consumption of a good, and the external benefits are less than the external costs,
a. Taxing it could bring us closer to the efficient solution
b. Subsidizing it could bring us closer to the efficient solution
c. Neither a tax or a subsidy could bring us closer to the efficient solution
d. None of the above is true.
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