The baby boomers born in the 1940s and 1950s began entering the work force in the 1960s and 1970s .This demographic event ________ the natural unemployment rate, thereby shifting the short-run Phillips curve ________ and shifting the long-run Phillips curve ________.

Question

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The baby boomers entering the workforce increased the labor supply, which increased the natural unemployment rate. This shifted the short-run Phillips curve rightward and the long-run Phillips curve rightward.

The Baby Boomers Born in the 1940s and 1950s Began