In the short-run, society faces a tradeoff between inflation and unemployment.

Name: In the short-run, society faces a tradeoff between inflation and unemployment.
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This statement reflects the concept of the Phillips Curve, which suggests that there is an inverse relationship between the rate of inflation and the rate of unemployment in the short run. When unemployment is low, inflation tends to be higher, and vice versa.

In the Short-Run, Society Faces a Tradeoff Between Inflation and Unemployment