Which of the Following Shifts the Phillips Curve

question 85

Multiple Choice

Which of the following shifts the Phillips curve?

• A)a change in the natural rate of unemployment
• B)a change in unemployment rate
• C)a change in inflation rate
• D)a change in GDP

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Definitions:

Car Dealership

A business establishment that sells new or used cars at the retail level, typically based on a dealership contract with an automaker.

Elasticity of Demand

A measure of how the quantity demanded of a good or service changes in response to a change in its price.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level in a specified time period.

Elastic

describes a situation where the quantity demanded or supplied changes significantly in response to price changes.