The Long-Run Phillips Curve Is Graphed as a

question 13

Multiple Choice

The long-run Phillips curve is graphed as a

• A) horizontal line at the expected level of inflation.
• B) vertical line at the natural unemployment rate.
• C) curve that slopes downward to the right.
• D) curve that slopes upward to the right.
• E) a straight line with a 45 degree slope.

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Definitions:

Women

Female human beings, distinguished biologically by reproductive functions that can include giving birth.

1960s

A decade marked by significant social, political, and cultural change worldwide, including movements for civil rights and against the Vietnam War in the United States.

Technological Progress

Innovations and improvements in technology that can lead to more efficient production methods and economic growth.

Factor of Production

Inputs used in the production of goods or services to make an economic profit, including land, labor, capital, and entrepreneurship.