The short-run Phillips curve is downward sloping because
A) the expected inflation rate is zero in the short run.
B) the economy always returns to full employment.
C) reducing the unemployment rate will reduce the inflation rate in the short run.
D) in the long run, the expected inflation rate equals the actual inflation rate.
E) the unemployment rate can be above or below the natural unemployment rate.
E
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The output at which average product is a maximum is the same output at which ________ is a minimum
A) average fixed cost B) average variable cost C) average total cost D) marginal cost
The television network newscaster reports that the national inflation rate the past year equaled 4 percent. This report would be of particular interest to a ____
a. microeconomist. b. normative economist. c. macroeconomist. d. Ceteris paribus. e. social science economist.