The Economy in 2008

Multiple Choice

The Economy in 2008
In the first half of June 2008 the effects of a housing and financial crisis and an increase in world prices of oil and foodstuffs were affecting the economy.
-Refer to The Economy in 2008.The short-run effects of the housing and financial crisis are shown by

A) moving to the right along the short-run Phillips curve.
B) moving to the left along the short-run Phillips curve.
C) shifting the short-run Phillips curve right.
D) shifting the short-run Phillips curve left.