Author Question: The Long-Run Phillips Curve is vertical, suggesting that ________. A) allowing inflation to rise ... (Read 64 times)

NguyenJ · **on:** Jun 30, 2018

The Long-Run Phillips Curve is vertical, suggesting that ________.

A) allowing inflation to rise will not succeed in keeping unemployment low
B) changes in unemployment have no lasting impact on inflation
C) shifts of the short-run Phillips curve impact inflation, but have no effect on unemployment
D) all of the above
E) none of the above

Question 2

A good is inferior for a consumer if

A) it is never included in his or her consumption bundle.
B) its consumption rises when income rises.
C) its consumption falls when income rises.
D) some minimal level of the good must be consumed to assure the consumer's survival.