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A Native American "sacred pipe" is also correctly known as a "peace pipe."
Long-Run Phillips Curve
A concept suggesting that in the long term, there is no trade-off between inflation and unemployment, implying that inflation does not affect the natural rate of unemployment.
Short-Run Phillips Curve
The Short-Run Phillips Curve depicts an inverse relationship between unemployment and inflation in the short term, indicating that lower unemployment can come with higher inflation.
Monetary Policy
The process by which a government, central bank, or monetary authority manages the money supply to achieve specific goals, such as controlling inflation, maintaining employment, and stabilizing the currency.
Short-Run Phillips Curve
A curve that illustrates a short-term trade-off between inflation and unemployment, suggesting lower unemployment can come at the cost of higher inflation.
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