In the short run, the Phillips Curve indicates a(n): inverse relationship between inflation and unemployment. direct relationship between inflation and unemployment. inverse relationship between GDP and unemployment. direct relationship between GDP and unemployment.
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- The short-run Phillips curve intersects the long-run Phillips curve where A) the actual rate of inflation equals the expected rate of inflation B) the actual rate of unemployment equals the natural rate of employment C) Both A and B are correct D) none of aboveConsider the original presentation of the Phillips Curve, with inflation on the vertical axis and unemployment on the horizontal axis. Which of the following could NOT shift this Phillips Curve upward? an increase in the price of inputs used in production expected higher prices in the future/higher inflation an increase in the average wages of workers an improvement in production technologyThe Phillips curve started as an observed _____ correlation between the inflation rate and the _____. a) positive;unemployment rate b)negative;unemployment rate c)negative;nominal interest rate d)positive;nominal interest rate
- The Phillips curve illustrates a trade-off between * Equity and efficiency Supply and demand Unemployment rate and inflation rate Unemployment rate and interest rateThe long-run Phillips curve will be vertical because: unemployment varies with inflation. unemployment is not affected by the inflation rate. the economy will eventually return to the natural rate of unemployment. people care more about the size of their wage, rather than what it can buy.Which of the following statements most accurately describes the relationship between inflation and unemployment in the United States during this time period? The short-run Phillips curve remained stable. The short-run Phillips curve shifted to the left after actual inflation was lower than expected. The short-run Phillips curve shifted to the right after actual inflation was higher than expected.
- Consider the short-run Phillips curve. If the actual unemployment rate falls below the full employment rate of unemployment, it should be expected that: the Phillips curve would shift downwards wages would fall the natural rate of unemployment would fall the inflation rate would increaseWhich of the following statements is correct? A) The short run Phillips curve is negatively sloped B) There is no inflation when the unemployment rate is zero C) The Phillips curve shows a negative correlation between the unemployment rate and GDP growth D) The short run Phillips curve is positively slopedThe long−run Phillips curve is a ________ curve, and moving along the long−run Phillips curve an increase in the inflation rate is associated with ________ in the natural unemployment rate. A. horizontal; no change B. downward sloping; no change C. downward sloping; a decrease D. vertical; no change E. upward sloping; an increase
- The Phillips curve is the relationship between (a) Change in GDP from potential and inflation. (b) GDP and unemployment. (c) The percent change in GDP and inflation. (d) The percent change in GDP and unemployment.Assuming the long-run Phillips curve is vertical, a consistent increase in money supply over a period of years will _________________ the unemployment rate and will _________________ the inflation rate? a) decrease; increase b) increase; decrease c) increase; have no effect on d) decrease; decrease e) have no effect on; increaseWhat is true along the long-run Phillips curve? A. A labor shortage exists. B. A tradeoff exists between the inflation rate and the unemployment rate. C. The economy is at full employment. D. The inflation rate equals the expected inflation rate and any unemployment rate is possible.
