Multiple Choice
The traditional short-run Phillips curve has ________ on the x axis and ________ on the y axis.
A) unemployment; inflation
B) inflation; unemployment
C) real gross domestic product (GDP) ; price level
D) price level; real gross domestic product (GDP)
E) real gross domestic product (GDP) ; inflation
Correct Answer:
Verified
Correct Answer:
Verified
Q24: When aggregate supply shifts cause the economy
Q25: _ holds that people's expectations of future
Q26: Over the past five years,you have recorded
Q27: Contractionary monetary policy makes the aggregate demand
Q28: According to the theory of monetary neutrality,in
Q30: Expansionary monetary policy makes the aggregate demand
Q31: Explain the difference between "real" and "nominal"
Q32: Economists who discount the short-run expansionary effects
Q33: Unexpected inflation harms workers and other resource
Q34: How are the long-run Phillips curve and