Comparing the Short-Run Phillips Curve and the Long-Run Phillips Curve

question 29

Multiple Choice

Comparing the short-run Phillips curve and the long-run Phillips curve, we see that there is

• A) a tradeoff in both curves.
• B) only a long-run tradeoff between inflation and unemployment but not a short-run tradeoff.
• C) no tradeoff in either curve.
• D) only a short-run tradeoff between inflation and unemployment but not a long-run tradeoff.
• E) no relationship between the two curves.

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Definitions:

Reasonable Person

A hypothetical individual in law whose behavior serves as a standard of care to determine negligence by comparing actions to those expected of a typical person.

Ordinary Prudence

A standard of care that refers to the caution, attention, or skill a reasonable person would use under similar circumstances.

Standard Of Reasonable Care

A legal benchmark which dictates the level of care an ordinary, prudent person should take in a specific situation to avoid harm to others.

Blind Person

An individual who lacks visual perception due to physiological or neurological factors beyond normal refractive errors.