Figure 133 Alt Text for Figure 13

question 81

Multiple Choice

Figure 13.3 Alt text for Figure 13.3: In figure 13.3, a graph shows the shifts in the short-run and long-run Phillips curves.
Long description for Figure 13.3: The x-axis is labelled, unemployment rate percent.The y-axis is labelled, inflation rate (percent per year) .A straight line labelled, short-run Philips Curve 1, begins at the top left corner and slopes down to the end of the x-axis.A straight line labelled, short-run Philips Curve 2, follows the same slope as curve 1, but is plotted to the right.The area between curve 1 and short-run Philips curve 2 is indicated by a right pointing arrow.A straight line labelled, long-run Philips Curve 1 is perpendicular to the x-axis, begins from the x-axis value 5.5%.Long-run Philips Curve 1 intersects the short-run Philips Curve 1 at point (5.5%, 4.0) and intersects the Short-run Philips Curve 2 at point (5.5%, 5.5%) .A straight line labelled, long-run Philips Curve 2 is perpendicular to the x-axis, to right of the long-run curve 1, and begins from the x-axis value 6.8.Long-run Philips Curve 2 intersects the short-run Philips Curve 2 at point (6.8, 4.0) and the short-run Philips Curve 1 at a point on the bottom end of these lines, near the x-axis.The points of are connected to their respective coordinates on the x and y-axes with dotted lines.
-Refer to Figure 13.3.The shifts shown in the short-run and long-run Phillips curves between period 1 and period 2 could be explained by

• A)an increase in the expected inflation rate from 4.0 to 5.5 percent.
• B)an increase in the natural rate of unemployment from 5.5 to 6.8 percent.
• C)either an increase in expected inflation from 4.0 to 5.5 percent or an increase in the natural rate of unemployment from 5.5 to 6.8 percent.
• D)an drop in the price of a key input such as oil.
• E)none of the above.

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Definitions:

Sexual Objects

Items or individuals viewed primarily in terms of sexual interest or attraction, often reducing them to their sexual function alone.

Society

A group of individuals involved in persistent social interaction, or a large social group sharing the same geographical or social territory.

Shadow

In Jungian psychology, the part of the unconscious mind consisting of repressed weaknesses, shortcomings, and instincts.

Anima

A term used in Jungian psychology to describe the feminine inner personality that is present in the unconscious of the male.