What Movement Would Occur on an Economy's Simple Phillips Curve

question 53

Multiple Choice

What movement would occur on an economy's simple Phillips curve when the economy's aggregate demand curve shifts to the left? There would be a movement to a _____ point on the curve with:

• A) lower; higher unemployment and lower inflation.
• B) higher; higher unemployment and lower inflation.
• C) lower; lower unemployment and higher inflation.
• D) higher; lower unemployment and higher inflation.

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Definitions:

Reciprocal Determinism

A concept in psychology, proposed by Albert Bandura, that human behavior is influenced by personal factors, the environment, and behavior itself, all of which influence each other reciprocally.

External Expectancies

Beliefs or anticipations about the outcomes of one's behaviors that are influenced by environmental or societal factors.

Locus of Control

A psychological concept that refers to an individual's belief about the extent to which the outcomes of their actions are under their own control (internal locus) or beyond their control (external locus).

Self-efficacy

An individual's belief in their own capability to succeed in specific situations or accomplish a task.