The Long-Run Phillips Curve Is

question 18

Multiple Choice

The long-run Phillips curve is

• A)vertical.
• B)horizontal.
• C)upward sloping.
• D)downward sloping.

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Definitions:

Opportunities

Refer to situations where individuals or organizations can exploit conditions to achieve goals or positive outcomes.

Efficient

The most efficient employment of resources to attain the intended result while minimizing waste or exertion.

Better Off

A situation where an individual or group is in a more favorable or advantageous position than before.

Economic Efficiency

A condition in which all available resources are utilized in a way that produces the highest combination of quantity and quality of goods and services.