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Author Question: What is the difference between the short-run Phillips curve and the long-run Phillips curve? a. The ... (Read 189 times)

ec501234

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on: Jun 30, 2018
What is the difference between the short-run Phillips curve and the long-run Phillips curve?
 a. The long-run Phillips curve is horizontal, indicating that the unemployment rate may change but inflation remains the same, whereas the short-run curve is vertical.
  b. The long-run Phillips curve slopes upward, indicating a positive relationship between the unemployment rate and inflation, whereas the short-run curve slopes downward.
  c. The long-run Phillips curve is vertical, indicating that the unemployment rate may change but inflation does not, whereas the short-run curve is positively sloped.
  d. The long-run Phillips curve is vertical, indicating that inflation may change but the unemployment rate does not, whereas the short-run curve is negatively sloped.
  e. The long-run Phillips curve is negatively sloped, indicating an inverse relationship between unemployment and inflation, whereas the short-run curve is vertical.

Question 2

After a binding price floor becomes effective, a
 a. smaller quantity of the good is exchanged.
  b. a larger quantity of the good is demanded.
  c. a smaller quantity of the good is supplied.
  d. All of the above are correct.


Carliemb17

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Reply #1 on: Jun 30, 2018
Answer to Question 1

d

Answer to Question 2

a


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ec501234

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Reply #2 on: Jun 30, 2018
Correct answers!


Carliemb17

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Reply #3 on: Jun 30, 2018
Great! Please up vote :D


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