The Short-Run Phillips Curve Shows the ________ Relationship Between ________

question 408

Multiple Choice

The short-run Phillips curve shows the ________ relationship between ________.

• A) negative; unemployment and real GDP
• B) positive; unemployment and real GDP
• C) negative; inflation and unemployment
• D) positive; real GDP and inflation

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Definitions:

Adjustments and Closing Entries

The journal entries made at the end of an accounting period to allocate income and expenditures to the appropriate periods.

Ledger

A book or database in which financial transactions are recorded, organized by account.

Closing Entries

Journal entries made at the end of an accounting period to transfer temporary account balances to permanent accounts, thereby resetting the temporary accounts for the next period.

Work Sheet

An informal accounting document used internally to compile information for the financial statements and to support adjustments to those statements.