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Comparing the Short-Run Phillips Curve and the Long-Run Phillips Curve

Question 29

Multiple Choice

Comparing the short-run Phillips curve and the long-run Phillips curve, we see that there is


A) a tradeoff in both curves.
B) only a long-run tradeoff between inflation and unemployment but not a short-run tradeoff.
C) no tradeoff in either curve.
D) only a short-run tradeoff between inflation and unemployment but not a long-run tradeoff.
E) no relationship between the two curves.

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