The Cleveland Federal Reserve Bank estimates the expected inflation rate is 1.5 percent in 2013. This estimate means that
A) the long-run and short-run Phillips curve cross at an inflation rate of 1.5 percent.
B) the long-run Phillips curve is vertical at 1.5 percent.
C) the short-run Phillips curve is vertical at 1.5 percent.
D) the short-run Phillips curve shifts upward by 1.5 percentage points per year.
Correct Answer:
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Q300: The long-run Phillips curve shows that in
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