One Way of Expressing the Concept of the Short-Run Phillips

question 62

Multiple Choice

One way of expressing the concept of the short-run Phillips curve is to say that:

• A)the cost of reducing unemployment is higher inflation.
• B)nothing but good comes from reducing unemployment.
• C)the cost of reducing inflation is lower unemployment.
• D)aggregate supply and aggregate demand will always be equal at the potential output level.
• E)the best economic policy is one that attempts to make the rate of inflation equal to the rate of unemployment.

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Definitions:

Scientific Community

A collective of scientists and researchers who share knowledge, collaborate on projects, and contribute to the advancement of science through publications and peer review.

Thorndike

An American psychologist famous for his work on learning theory that led to the development of operant conditioning within behaviorism.

Skinner

B.F. Skinner was a psychologist and behaviorist who developed theories of operant conditioning and introduced the concept of reinforcement.

Skinner Box

An experimental device used in behavior analysis to study animal behavior, particularly the effects of reinforcements on behavior.