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:

Special Sense

A type of sensory experience that includes vision, hearing, taste, smell, and balance, involving specific organ systems.

Touch

One of the five senses, involving the perception of sensation through physical contact with the skin.

Hearing

The sensory process by which sounds are perceived, involving the ear's detection of sound waves and their transmission to the brain.

Direct Approach

A communication strategy that involves straightforward and explicitly stating one's intentions or message without ambiguity.