In Late 2008, Great Britainʹs Inflation Rate Fell from 5

question 102

Multiple Choice

In late 2008, Great Britainʹs inflation rate fell from 5.2 percent to 4.5 percent while unemployment was increased from 5.4 percent to 6 percent. These changes would be shown as a

• A) movement down the short-run Phillips curve.
• B) leftward shift of the long-run Phillips curve.
• C) movement up along the short-run Phillips curve.
• D) rightward shift of the long-run Phillips curve.

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