Multiple Choice
Use the figure below to answer the following questions.
Figure 28.4.1
-Refer to Figure 28.4.1. The figure illustrates an economy's Phillips curves. If the expected inflation rate changes to 3 percent, the
A) short run Phillips curve will shift upward and the long run Phillips curve will not change.
B) short run Phillips curve will shift downward and the long run Phillips curve will not change.
C) short run Phillips curve will shift upward and the long run Phillips curve will shift leftward.
D) short run Phillips curve will shift upward and the long run Phillips curve will shift rightward.
E) short run Phillips curve will shift downward and the long run Phillips curve will shift rightward.
Correct Answer:
Verified
Correct Answer:
Verified
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