Costs that accrue to the total population are called ____ costs. Costs incurred by the producer or consumer who makes the decision are called ____ costs.
a. negative; positive
b. social; private
c. private; social
d. positive; negative
Question 2
Lower than expected inflation rate:
a. shifts short-run Phillips curve to the right.
b. shifts short-run Phillips curve to the left.
c. shifts both short-run and long-run Phillips curve to the right.
d. shifts both short-run and long-run Phillips curve to the left.
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