An Increase in Price Expectations Shifts the Short-Run Phillips Curve

question 111

True/False

An increase in price expectations shifts the short-run Phillips curve, but not the long-run Phillips curve.

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Definitions:

Higher Order Conditioning

A learning process whereby a stimulus that has been conditioned to produce a particular response is used in turn to condition a second stimulus to produce the same response.

Extinction

In psychology, the gradual weakening and eventual disappearance of a conditioned response.

Shaping

A behavioral psychology technique that reinforces behavior closer and closer to a desired goal, used in teaching new behaviors.

Step-by-step Reinforcement

The process of enhancing desired behaviors through a systematic approach that rewards successive approximations of the target behavior.