On the Vertical Axis, the Phillips Curve Depicts the

question 95

Multiple Choice

On the vertical axis, the Phillips curve depicts the

• A)the rate of unemployment.
• B)rate of inflation.
• C)rate of growth of nominal GDP.
• D)rate of growth of real GDP.

---

Definitions:

Sales Taxes Payable

A liability account that represents the amount of sales tax collected from customers by a business, which is owed to the government.

Adjusting Entry

A journal entry made in the accounting records at the end of an accounting period to allocate income and expenses to the correct periods.

Unearned Revenue

Money received by a company for a service or product that has yet to be delivered or provided.

Deferred Revenue

Income received by a company for goods or services yet to be delivered or performed, recorded as a liability on the balance sheet until the goods or services are provided.