Which Statement Characterizes the Long-Run Phillips Curve

question 180

Multiple Choice

Which statement characterizes the long-run Phillips curve?

• A) Its position is determined primarily by monetary factors.
• B) If it shifts right, long-run aggregate supply shifts right.
• C) It cannot be changed by any government policy.
• D) Its position depends on the natural rate of unemployment.

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Definitions:

Low-SES

Stands for low socioeconomic status, indicating individuals or families with limited financial resources and access to opportunities.

Adolescent Egocentrism

A characteristic of adolescent thinking that leads young people (ages 10 to 13) to focus on themselves to the exclusion of others.

Dual Processing

The notion that two networks exist within the human brain, one for emotional processing of stimuli and one for analytical reasoning.

Imaginary Audience

The other people who, in an adolescent’s egocentric belief, are watching and taking note of his or her appearance, ideas, and behavior. This belief makes many teenagers very self-conscious.