If the Long-Run Phillips Curve Shifts to the Right, the Economy

question 29

Multiple Choice

If the long-run Phillips curve shifts to the right, the economy will have _____ for any given rate of money growth and inflation.

• A)lower unemployment and lower output
• B)lower unemployment and higher output
• C)higher unemployment and lower output
• D)higher unemployment and higher output

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Definitions:

Legal System

The comprehensive set of rules and institutions that govern behavior, resolve disputes, and administer justice within a society.

Political Administration

The organization and management of government affairs and the implementation of public policy by officials within a political system or framework.

Reed Stylus

A tool made from a reed plant used for writing on papyrus or other materials in ancient times.

Monosyllabic

Referring to words composed of a single syllable, often used to describe languages or speech patterns.