A country reports that its inflation rate and unemployment rate have both increased. These changes could be the result of
A) a movement downward along the short-run Phillips curve.
B) a movement upward along the short-run Phillips curve.
C) a downward shift of the short-run Phillips curve.
D) an upward shift of the short-run Phillips curve.
E) a leftward shift of the long-run Phillips curve.
D
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At a corner solution, which of the following is know to be true?
a. The slope of the indifference curve equals the slope of the budget line. b. The slope of the indifference curve is greater than the slope of the budget line. c. The slope of the indifference curve is less than the slope of the budget line. d. The slope of the indifference curve does not equal the slope of the budget line.
What factors increase potential GDP? Include a definition of potential GDP in your answer
What will be an ideal response?
A change in one input price will cause the slope of the firm’s budget line to change.
Answer the following statement true (T) or false (F)
A monopoly is:
a. a seller of a highly advertised and differentiated product in a market with low barriers to entry in the long run. b. the only seller of a good for which there are no good substitutes in a market with high barriers to entry. c. the only buyer of a unique raw material. d. the producer of a product subsidized by the government.