If Expected Inflation Rises,the Long-Run Phillips Curve Will

question 214

Multiple Choice

If expected inflation rises,the long-run Phillips curve will

• A)shift to the right.
• B)not be affected.
• C)shift to the left.
• D)become negatively sloped.

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Definitions:

Not Rival

A characteristic of a good where its consumption by one individual does not reduce availability or quality for others.

Excludable

A characteristic of a good or service that allows its owner to prevent others from using it, typically through the mechanism of property rights.

Rival in Consumption

A characteristic of a good whereby consumption by one individual prevents simultaneous consumption by another individual.

Rival in Consumption

A characteristic of goods whereby the consumption by one individual reduces the availability of the good for consumption by another individual.