By the End of the 1970s, Increases in Both Inflation

question 97

Multiple Choice

By the end of the 1970s, increases in both inflation and unemployment suggested _____

• A) either that the Phillips curve had shifted outward or that it no longer described economic reality.
• B) either that the Phillips curve had shifted inward or that it no longer described economic reality.
• C) that the Phillips curve had stayed the same but that it no longer described economic reality.
• D) that unemployment increased because aggregate demand fell.
• E) that unemployment increased because aggregate supply fell.

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Definitions:

José De Ribera

A Spanish painter and printmaker, noted for his realistic depictions and dramatic use of light, who worked mostly in Italy.

Caravaggio

An Italian painter known for his dramatic use of light and shadow, and his realistic depiction of the human state, both physical and emotional.

Spain

A country in southwestern Europe, located on the Iberian Peninsula, known for its rich history, diverse culture, and significant contributions to art, architecture, and global exploration.

Italian Baroque

An artistic style of the late 16th to the early 18th centuries in Italy characterized by dramatic use of light, bold ornamentation, and intense emotion.