The Long-Run Phillips Curve

question 130

Multiple Choice

The long-run Phillips curve

• A) shows a tradeoff between inflation and unemployment.
• B) graphs as an upward sloping curve.
• C) is a horizontal line at the expected rate of inflation.
• D) is a vertical line at the natural rate of unemployment.

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Definitions:

Hazard

The existence of a potentially dangerous situation or event.

Risk

An assessment of whether a hazard might have some societal impact.

Kilauea Volcano

An active shield volcano in the Hawaiian Islands, well known for its frequent and relatively mild basaltic lava flows.

Scoria Cone

A type of volcano characterized by its cone-shaped peak, formed from volcanic cinders that fall around a central vent.