The short-run Phillips curve shows that:
a. the economy can have low inflation and low unemployment simultaneously.
b. the economy can have high per-capita income and high interest rate simultaneously.
c. a reduction in per-capita income comes at the expense of lower inflation.
d. a reduction in unemployment comes at the expense of higher inflation.
e. a reduction in inflation comes at the expense of lower exchange rate.
Question 2
Suppose the economy had been operating along a given short-run Phillips curve for several years and then experienced a year of stagflation. The year of stagflation would:
a. be represented as a move upward along the short-run Phillips curve.
b. be represented as a move downward along the short-run Phillips curve.
c. be represented as a point above the short-run Phillips curve.
d. be represented as a point below the short-run Phillips curve.
e. correspond to the origin.
This diagram shows a cross-section of a solar-type star.
The heme group viewed from the side. This view shows the two coordination bonds to Fe2+
Relations Between Iconic Memory, Short-Term Memory, and Long-Term Memory
Links to the World Economy
Hockey stick” curve