In the Short Run, There _____ a Trade-Off Between Inflation

question 46

Multiple Choice

In the short run, there _____ a trade-off between inflation and unemployment, and in the long run, there _____ a trade-off between inflation and unemployment.

• A) is; is
• B) is; is not
• C) is not; is
• D) is not; is not

---

Definitions:

American Federalism

A system of government in which power is divided between a national (federal) government and various state governments.

Allocation of Responsibilities

The process of distributing tasks, duties, and powers among different levels of government or among departments within an organization.

Dual Federalism

A political theory wherein state and national governments are seen as distinct entities providing separate services, limiting the power of the national government.

Founding

The act of establishing or creating something, such as a nation, organization, or institution.