The Long-Run Phillips Curve Corresponds to a Horizontal Long-Run Aggregate

question 47

True/False

The long-run Phillips curve corresponds to a horizontal long-run aggregate supply curve.

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Definitions:

Proportion

A mathematical ratio indicating the relationship in quantity, amount, or size between parts of a whole.

Nominal

Pertaining to data that can be categorized but not ranked or ordered; involves naming or labeling attributes.

Ordinal

Pertaining to a scale or series that denotes order but not relative size or degree.

Interval

A range between two numbers or points, often used to describe the range in a set of data or the domain of a function.