Explanations of the 1973 breakdown of the Phillips Curve tradeoff include an organization called
A) CUPE.
B) CEGEP.
C) OPEC.
D) OCAP.
E) ASCAP.

Question

Quizplus · Accepted Answer

The breakdown of the Phillips Curve in 1973 has been largely attributed to the actions of the Organization of Petroleum Exporting Countries (OPEC), which caused a significant increase in oil prices that disrupted the stability of the tradeoff between inflation and unemployment.

Explanations of the 1973 Breakdown of the Phillips Curve Tradeoff