According to the Modern Expectational Phillips Curve, Unemployment Will Equal

question 92

Multiple Choice

According to the modern expectational Phillips curve, unemployment will equal the natural rate of unemployment when

• A) any inflation is present.
• B) inflation turns out to be lower than what people expected.
• C) inflation turns out to be higher than what people expected.
• D) inflation turns out to be equal to what people expected.

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Definitions:

John Locke

A 17th-century English philosopher and political theorist, often credited as a founder of modern liberal democracy and known for his theories on the social contract and natural rights.

Inhumanity

The quality of lacking compassion or mercy; acts that are cruel and brutal.

Slave Trade

The forced transportation and sale of African people to the Americas and other parts of the world, a central element of global economic history until the 19th century.

Consent of the Governed

A political concept that suggests government's legitimacy and moral right to use state power is only justified and lawful when consented to by the people or society over which that power is exercised.