The Fact That the Long-Run Phillips Curve Is Vertical Implies

question 45

Multiple Choice

The fact that the long-run Phillips curve is vertical implies that

• A)monetary policy can't affect unemployment.
• B)money is neutral in the long run.
• C)there is a natural rate of inflation.
• D)money can't affect inflation in the long run.

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Definitions:

Feedback

Information provided back to a person or group about their performance or behavior, intended for guidance and improvement.

Task Identity

The degree to which a job involves completing a whole, identifiable piece of work from start to finish, enhancing job satisfaction.

Job Characteristics Model

A theoretical framework proposing that five core job characteristics (skill variety, task identity, task significance, autonomy, and feedback) influence job satisfaction and performance.

Psychological States

Conditions of the mind that impact feelings, thoughts, and behavior, varying from moment to moment.