The graphs below show the simplified Phillips curves in the United States, between 1960 and 2016. The data in Panel B for the period between 1970 and 2016 shows:
A) there is a tradeoff between inflation and unemployment.
B) inflation and unemployment are positively correlated.
C) inflation and unemployment are negatively correlated.
D) no apparent relationship between inflation and unemployment.
Correct Answer:
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Q1: According to the simple Phillips curve, in
Q2: The graph below shows the relationship between
Q3: According to the simple Phillips curve, in
Q5: The slope of the short-run simple Phillips
Q6: According to the simple Phillips curve, when
Q7: During a recession, an economy typically would
Q8: During a period of rapidly rising prices,
Q9: Wages are most likely to rise during
Q10: A mistaken assumption about the simple Phillips
Q11: Evidence over time indicates that the relationship
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