Multiple Choice
Which of the following describes the distinction between the Phillips curve and the AS curve?
A) The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.
B) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.
C) The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.
D) The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.
E) There is no distinction: the two curves are essentially the same thing.
Correct Answer:
Verified
Correct Answer:
Verified
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