Figure 35-3 Refer to Figure 35-3

question 253

Multiple Choice

Figure 35-3 Refer to figure 35-3.In this order,which curve is a long-run Phillips curve and which is a short-run Phillips curve?
a.
A,B
b.
A,D
c.
C,B
d.
None of the above is correct.
ANS: B DIF: 1 REF: 35-2 NAT: Analytic
LOC: Unemployment and inflation TOP: Short-run Phillips curve | Long-run Phillips curve
MSC: Definitional
-Which of the following is upward sloping?

• A) both the long-run Phillips curve and the long-run aggregate supply curve
• B) neither the long-run Phillips curve nor the long-run aggregate supply curve
• C) the long-run Phillips curve,but not the long-run aggregate supply curve
• D) the short-run Phillips curve,but not the long-run aggregate supply curve

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Definitions:

Cognitive Schema

Mental structures that an individual uses to organize knowledge and guide cognitive processes and behavior.

Prototype

An original model or first form of something from which other forms are copied or developed.

Basic Concept

Fundamental ideas that underpin a subject or field of study, serving as the foundation for further knowledge and understanding.

Mental Set

A psychological tendency to approach situations in a certain way because that method has worked in the past, which can limit problem-solving abilities.