After the 1960s,the short-run Phillips curve based on U.S.economic data:
A)began shifting inward.
B)began shifting outward.
C)did not shift at all.
D)became virtually horizontal.
E)became virtually vertical.

Question

Quizplus · Accepted Answer

After the 1960s, the short-run Phillips curve began shifting outward, reflecting the phenomenon where inflation and unemployment rates both increased, challenging the previously held belief that there was a stable, inverse relationship between the two. This shift was largely attributed to the stagflation experienced during the 1970s.

After the 1960s,the Short-Run Phillips Curve Based on U