The Short-Run Phillips Curve Tells Us, in Theory, What Combinations

question 80

Multiple Choice

The short-run Phillips curve tells us, in theory, what combinations of:

• A)inflation and output are feasible.
• B)the price level and output are feasible.
• C)inflation and unemployment are possible when expectations of inflation are constant.
• D)the price level and unemployment are possible when expectations of inflation are constant.

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Definitions:

Anaphylactic Shock

A severe, often fatal form of shock characterized by smooth muscle contraction and capillary dilation initiated by cytotropic (IgE class) antibodies.

Epinephrine

A hormone and medication, also known as adrenaline, that increases heart rate, contracts blood vessels, dilates air passages, and participates in the fight-or-flight response.

Allergist

A specialist who diagnoses and treats physical reactions to substances including mold, dust, fur, pollen, foods, drugs, and chemicals.

Cholecystitis

Inflammation of the gallbladder, often caused by gallstones, leading to acute pain and other digestive symptoms.