"The short-run Phillips curve shows the tradeoff between real GDP and inflation." Is the previous statement correct or incorrect? Briefly explain you answer

What will be an ideal response?

The statement is incorrect. The short-run Phillips curve shows the tradeoff between the unemployment rate and the inflation rate.

Economics

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In 1981, the Fed

A) publicly announced an inflation reduction policy and created a recession. B) took no action so that the inflation rate skyrocketed. C) created an unexpected inflation reduction policy and created a recession. D) created an unexpected inflation reduction policy and created an expansion. E) publicly announced an inflation reduction policy and created an expansion. The figure above shows some Phillips curves for an economy.

Economics

Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515The opportunity cost of moving one miner from Mother Lode to another mine is:

A. 4 tons per day. B. 1 ton per day. C. 2 tons per day. D. 3 tons per day.

Economics