The Figure Given Below Represents the New Classical Long Run

question 61

Multiple Choice

The figure given below represents the new classical long run and short run Phillips curve measuring inflation rate on vertical axis and unemployment rate on horizontal axis.
Figure 15.2

-Refer to the Figure 15.2. If the actual inflation rate is 15 percent and the expected inflation rate was 10 percent, the economy must currently be at:

• A) point A.
• B) point B.
• C) point C.
• D) point D.
• E) point E.

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