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The Inflation Associated with the Oil Embargoes of the 1970s

Question 116

Multiple Choice

The inflation associated with the oil embargoes of the 1970s illustrated the __________ of the downward-sloping Phillips curve in the long run,as unemployment __________.


A) validity; fell
B) validity; rose
C) fallacy; rose
D) fallacy; fell
E) fallacy; did not change

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