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The Inflation Associated with the Oil Embargoes of the 1970s

Question 43

Multiple Choice

The inflation associated with the oil embargoes of the 1970s illustrated the fallacy of the downward-sloping Phillips curve in the long run.What happened to unemployment during this period?  


A)  It decreased. 
B)  It increased. 
C)  It did NOT change. 
D)  It first decreased, and then increased.

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