Multiple Choice
How does the short-run Phillips curve reflect an increase in the price of oil such as occurred in the early 1970s?
A) as a leftward shift in the short-run Phillips curve
B) as a rightward shift in the short-run Phillips curve
C) as a downward movement along the short-run Phillips curve
D) as an upward movement along the short-run Phillips curve
Correct Answer:
Verified
Correct Answer:
Verified
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