In the United States during the 1970s, the unemployment rate rose from previous years, and the inflation rate increased rapidly. This set of events is best described by saying that the
A) the long-run Phillips curve shifted leftward.
B) short-run Phillips curve shifted downward.
C) economy moved to a lower point on its short-run Phillips curve but the short-run Phillips curve did not shift.
D) short-run Phillips curve shifted upward.
E) economy moved to a higher point on its short-run Phillips curve but the short-run Phillips curve did not shift.
D
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The real value of money
A) matters less to people than its nominal value. B) is the same as its nominal value. C) is another word for the face value. D) reflects the purchasing power of money.
Refer to the scenario above. If the players have to pay a fairness penalty of $7,000, ________
A) this game will no longer have a Nash equilibrium B) this game will have two Nash equilibria C) Nash equilibrium will occur when Mathew chooses bad and Peter chooses good D) Nash equilibrium will occur when Mathew chooses good and Peter chooses bad