-Refer to the Figure Above

question 7

Multiple Choice

-Refer to the Figure above.Suppose that the government in the economy of this diagram regards 9 per cent unemployment as unacceptable.If the government insists on trying to reduce the unemployment rate from 9 per cent to 7 per cent, regardless of the consequences, then

• A)pressure will build in the economy to continuously reduce the rate of inflation.
• B)the long run Phillips curve becomes horizontal, freezing the rates of inflation and unemployment.
• C)the inflation rate will increase but the unemployment rate will stay at 7 per cent.
• D)in the long run the rate of unemployment remains unchanged, but inflation will probably accelerate.

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