Which of the Following Describes the Distinction Between the Phillips

question 47

Multiple Choice

Which of the following describes the distinction between the Phillips curve and the AS curve?

• A)The AS curve has the price level on the vertical axis whereas the Phillips curve has the interest rate on the vertical axis.
• B)The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of change in the interest rate on the vertical axis.
• C)The AS curve has the price level on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.
• D)The AS curve has the rate of price inflation on the vertical axis whereas the Phillips curve has the rate of wage changes on the vertical axis.
• E)There is no distinction: the two curves are essentially the same thing.

---

Definitions:

Object Permanence

The realization that objects (including people) still exist when they can no longer be seen, touched, or heard.

Egocentrism

A cognitive characteristic where an individual has difficulty in understanding that other people have their own perspectives and feelings.

Static Thinking

Static thinking is a cognitive approach where an individual perceives situations or concepts as unchanging and fails to recognize the potential for growth or alteration.

Symbolic Thinking

The process of using symbols, such as words or images, to represent objects, actions, or ideas not immediately present.