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A telescope is set up in an introductory physics lab using lenses of focal lengths 10 cm and 50 cm. Since both lenses are the same diameter, it is not immediately clear which one to use as the eyepiece and which to use as the objective. If one uses the lens with a 50 cm focal length as the eyepiece, what power results?
Long-Run Phillips
An economic concept suggesting that there is no long-term trade-off between inflation and unemployment, contrary to the short-run Phillips curve.
Monetary Neutrality
The concept that changes in the money supply only affect nominal variables, like prices, not real variables like output or employment in the long term.
Classical Dichotomy
The theoretical separation of nominal and real variables
Short-Run Phillips
A theoretical framework that implies a short-term inverse correlation between inflation rates and unemployment levels.
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