If the Natural Unemployment Rate Increases, the Long-Run Phillips Curve

question 89

Multiple Choice

If the natural unemployment rate increases, the long-run Phillips curve ________, the short-run Phillips curve ________, and the expected inflation rate ________.

• A)does not shift; does not shift; does not change
• B)shifts rightward; shifts rightward; does not change
• C)does not shift; shifts rightward; rises
• D)shifts rightward; curve does not shift; falls
• E)shifts rightward; shifts rightward; falls

Differentiate between the concepts of income and wealth and their distribution.

Discuss the societal and economic impacts of income and wealth inequality.

Evaluate the arguments for and against greater income equality and the effects on incentives and utility.

Understand the rate of poverty in the United States and how it has changed over time.

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Definitions:

Control Group

In experimental research, it refers to the group of participants who do not receive the experimental treatment, offering a baseline comparison for the effects of that treatment.

Workers' Compensation

An insurance type offering both medical benefits and wage replacement to workers who get injured while performing their job duties.

Rehabilitation Costs

The expenses associated with medical and therapeutic services to aid in recovery from illness, injury, or disease.

Temporary Disability

A condition where an individual is unable to perform their usual work duties for a limited period of time due to illness or injury.