During the 1970s When Both the Unemployment Rate and Inflation

question 229

Multiple Choice

During the 1970s when both the unemployment rate and inflation rate rose, it is reasonable to conclude that

• A) only the short- run Phillips curve shifted.
• B) only the long- run Phillips curve shifted.
• C) both the short- run and long- run Phillips curves shifted rightward.
• D) both the short- run and long- run Phillips curves shifted leftward.

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