The Short-Run Phillips Curve Shows Only a Short-Run Tradeoff Between

question 33

Multiple Choice

The short-run Phillips curve shows only a short-run tradeoff between the unemployment rate and the inflation rate because in the long run, the

• A) inflation rate returns to the natural inflation rate and so there is no long-run tradeoff between the inflation rate and the unemployment rate.
• B) inflation rate returns to the natural inflation rate and the unemployment rate returns to the natural unemployment rate.
• C) unemployment rate returns to the natural unemployment rate and so there is no long-run tradeoff between the inflation rate and the unemployment rate.
• D) natural unemployment rate increases.
• E) expected inflation rate increases.

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