Which of the Following Shifts the Long-Run Phillips Curve Left

question 39

Multiple Choice

Which of the following shifts the long-run Phillips curve left?

• A)both an increase in the inflation rate and a decrease in the minimum wage rate
• B)an increase in the inflation rate,but not a decrease in the minimum wage rate
• C)a decrease in the minimum wage rate,but not an increase in the inflation rate
• D)neither a decrease in the minimum wage rate nor an increase in the inflation rate

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Definitions:

Test Statistic

A value calculated from sample data during hypothesis testing. It's used to determine the probability of observing the sample results under the null hypothesis.

Completely Randomized Design

An experimental design in which subjects are randomly assigned to treatments, ensuring that each treatment group is statistically equivalent.

Degrees of Freedom

The number of independent values or quantities which can be assigned to a statistical distribution, minus the number of independent constraints.

Required Condition

A prerequisite or necessary condition that must be met for a certain procedure or operation to be carried out correctly.