The Long-Run Phillips Curve Is

question 113

Multiple Choice

The long-run Phillips curve is:

• A)downward-sloping, implying a trade-off between unemployment and inflation.
• B)downward-sloping, implying that the unemployment rate always returns to its natural rate in the long run.
• C)vertical, implying a long-run trade-off between unemployment and inflation.
• D)vertical, implying that the unemployment rate always returns to its target rate in the long run.

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Definitions:

Viscosity

A measure of a fluid's resistance to flow, related to its thickness or stickiness.

Resistance

The ability of an organism to prevent infection or disease despite exposure to a pathogen; or in physics, the opposition to the flow of electric current.

Poiseuille's Law

describes the flow of a viscous fluid through a long cylindrical pipe, where the flow rate is dependent on the fluid's viscosity, the pressure difference, and the dimensions of the pipe.

Blood Flow

The movement of blood through the circulatory system, delivering oxygen and nutrients to tissues and removing waste products.