Comparing the Short-Run Phillips Curve and the Long-Run Phillips Curve

question 72

Multiple Choice

Comparing the short-run Phillips curve and the long-run Phillips curve, we see that there is

• A)a tradeoff in both curves.
• B)no relationship between the two curves.
• C)no tradeoff in either curve.
• D)only a short-run tradeoff between inflation and unemployment but not a long-run tradeoff.
• E)only a long-run tradeoff between inflation and unemployment but not a short-run tradeoff.

---

Definitions:

Sample Mean

The average of observations collected from a sample, used as an estimate of the population mean.

Observations

Data points or individual pieces of data collected through measurement, study, or research.

Random Sample

A group of people selected from a broader population, where every person has the same probability of being chosen.

Sign Test

A nonparametric test used to determine if there is a median difference between two paired samples.