Examlex
__________ helps explain why pairs of identical twins reared apart during childhood and later reunited may find that they have similar hobbies,food preferences,and vocations.
Phillips Curve
An economic concept that describes an inverse relationship between rates of unemployment and corresponding rates of inflation, suggesting that higher inflation is associated with lower unemployment and vice versa.
1970s
A decade marked by significant events including economic turmoil, the oil crisis, social movements, and the Cold War's continuing tension.
Price Expectations
The beliefs or forecasts that consumers and producers have regarding future prices, which can influence their economic decisions.
Long-run Phillips Curve
A concept suggesting that in the long term, there is no trade-off between inflation and unemployment, implying that efforts to reduce unemployment will not lead to higher inflation in the long run.
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