The expression, IM, represents the value of imports in terms of ...

[SGallaher96]

The expression, IM, represents the value of imports in terms of
 
  A) foreign currency.
  B) domestic currency.
  C) foreign goods.
  D) domestic goods.
  E) exports.

Question 2

Explain how the original Phillips curve differs from the expectations-augmented Phillips curve (or the modified, or accelerationist Phillips curve).
 
  What will be an ideal response?

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Answer to Question 1

C

Answer to Question 2

The original Phillips curve did not take into account the effects of changes in expected inflation on inflation. The expectations-augmented Phillips curve did allow for changes in expected inflation to affect actual inflation.

[SGallaher96]

YES! Correct, THANKS for helping me on my review

[elyse44]

Thanks for the timely response, appreciate it