The Shift Outward in the Phillips Curve in the 1970s

question 255

Multiple Choice

The shift outward in the Phillips curve in the 1970s was caused by:

• A) the oil supply shocks of the mid-1970s and the rise in inflationary expectations.
• B) the fall in the unemployment rate.
• C) the fall in the inflation rate.
• D) the rise in the trade deficit.

---

Definitions:

Standard Of Living

A measure of the wealth, comfort, material goods, and necessities available to a certain socioeconomic class or geographic area.

Compensation

The total amount of the monetary and non-monetary pay provided to an employee by an employer in return for work performed.

Repatriation Support

Assistance provided to employees and their families to help them adjust and reintegrate into their home country after an international assignment.

Communication

The exchange of information, ideas, messages, and emotions between individuals or groups, crucial for effective functioning in personal and professional settings.