In the long run, the Phillips curve is a ________ at ________.
A) horizontal line; 0 inflation
B) vertical line; the natural rate of unemployment
C) vertical line; the expected rate of inflation
D) negatively sloped line; the intersection of aggregate demand and short-run aggregate supply
Question 2
Which of the following statements concerning the federal corporate income tax is true?
A) It is an efficient tax because it imposes a small excess burden relative to the tax revenue it raises.
B) The corporate income tax is an example of the benefits-received principle.
C) The incidence of the corporate income tax can be determined by using demand and supply analysis.
D) Determining the incidence of the corporate income tax is complicated because it is not certain how corporations respond to the tax.
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