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Author Question: The long-run Phillips curve is downward sloping. Is the previous statement correct or incorrect? ... (Read 51 times)

Lisaclaire

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on: Jun 29, 2018
The long-run Phillips curve is downward sloping. Is the previous statement correct or incorrect?
 
  What will be an ideal response?

Question 2

Explain the differences in people who are classified as unemployed, underemployed, and discouraged workers. Are these people included in the labor force?
 
  What will be an ideal response?


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EAN94

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Reply #1 on: Jun 29, 2018
Answer to Question 1

The statement is incorrect because the long-run Phillips curve is vertical. The short-run Phillips curve is downward sloping.

Answer to Question 2

People who are classified as unemployed do not have a job but are currently available to work and are actively looking for a job. These people are included in the labor force.
People who are classified as underemployed have a job for which they are overqualified. Since these people are working, they are a part of the labor force.
People who are classified as discouraged workers have given up actively looking for work after an extended period of unemployment and are no longer included in the labor force.


Lisaclaire

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Reply 2 on: Jun 29, 2018
YES! Correct, THANKS for helping me on my review

ryhom

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Reply 3 on: Yesterday
Wow, this really help

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