The Shift Outward in the Phillips Curve in the 1970s

question 211

Multiple Choice

The shift outward in the Phillips curve in the 1970s was caused by the

• A) oil supply shocks of the mid-1970s and the rise in inflationary expectations.
• B) fall in the unemployment rate.
• C) fall in the inflation rate.
• D) rise in the trade deficit.

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