Exhibit: Short-Run Phillips Curve as the Short-Run Phillips Curve

question 17

Multiple Choice

Exhibit: Short-Run Phillips Curve As the short-run Phillips curve shifts from A to B to C to D, policymakers face:

• A)the same tradeoff between inflation and unemployment.
• B)a lower rate of inflation for any level of unemployment.
• C)a higher rate of inflation for any level of unemployment.
• D)higher than expected inflation rates and lower unemployment rates.

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Definitions:

John Rawls

A philosopher known for his theory of justice as fairness, which argues for a system of distributing social and economic goods in a manner that benefits the least advantaged members of society.

Moral Equality

The principle that all individuals are equal in moral worth and should be treated as such.

Equality Of Opportunity

The principle that all individuals should have the same chances to pursue their goals without unfair barriers.

Intuitionism

A philosophical doctrine positing that basic moral truths are known instinctively or intuitively, beyond empirical observation or logical deduction.