Figure 28-2 -Refer to Figure 28-2.The Shifts Shown in the Short-Run and in the Short-Run

question 61

Multiple Choice

Figure 28-2

-Refer to Figure 28-2.The shifts shown in the short-run and long-run Phillips curves between period 1 and period 2 could be explained by

• A) an increase in the expected inflation rate from 4.0 to 5.5 percent.
• B) an increase in the natural rate of unemployment from 5.5 to 6.8 percent.
• C) either an increase in expected inflation from 4.0 to 5.5 percent or an increase in the natural rate of unemployment from 5.5 to 6.8 percent.
• D) None of the above are correct.

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