In the Long Run, the Phillips Curve Is a ________

question 48

Multiple Choice

In the long run, the Phillips curve is a ________ at ________.

• A)horizontal line; 0% inflation
• B)negatively sloped line; the intersection of aggregate demand and short-run aggregate supply
• C)vertical line; the natural rate of unemployment
• D)vertical line; the expected rate of inflation
• E)positively sloped line; the current rate of GDP growth

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Definitions:

Common-Law Marriage

A nonceremonial relationship that people establish by living together.

Legal Marriage

A formally recognized union between two individuals in the eyes of the law, conferring certain rights, obligations, and protections.

Kinship System

A network of people who are related by marriage, blood, or adoption.

Extended Family

A family that consists of parents and children as well as other kin, such as uncles and aunts, nieces and nephews, cousins, and grandparents.