The Long-Run Phillips Curve Applies When the Economy Is at Full

question 55

Multiple Choice

The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is_{--------------------} .

• A)horizontal
• B)vertical
• C)downward sloping
• D)upward sloping
• E)unnecessary

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Definitions:

Blending Inheritance

An outdated theory of heredity proposing that the traits of offspring are a uniform blend of the parents' traits.

Dominant Alleles

Alleles that mask the effect of other alleles for the same gene in heterozygous individuals, determining the phenotype.

Recessive Alleles

Genetic variations that must be present in two copies (homozygous) to express a trait, as opposed to dominant alleles that require only one copy.

Epistasis

An interaction between genes where the presence or absence of alleles of one gene influences the expression of another gene.