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According to the Phillips Curve, Firms Raise Prices When Output

question 58

Multiple Choice

According to the Phillips curve, firms raise prices when output is _____ the natural level of output or, equivalently, when the unemployment rate is _____ the natural rate of unemployment.


Definitions:

Magnetic Stripes

Patterns of magnetic anomalies found on the ocean floor, parallel to mid-ocean ridges, that record reversals of the Earth's magnetic field.

Triple Junction

The place where three tectonic plates, and three plate-tectonic boundaries, meet.

Plate Boundaries

The edges where two tectonic plates meet, which can be sites of significant geological activity like earthquakes and volcanic eruptions.

Slab Pull

A tectonic process where a cold, dense oceanic plate is pulled beneath a lighter continental or oceanic plate at a subduction zone, driving plate tectonics.

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