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Figure 13.2 Alt text for Figure 13.2: In figure 13.2, a graph shows the short-run and long-run Phillips curves.
Long description for Figure 13.2: The x-axis is labelled, unemployment rate (percent) .The y-axis is labelled, inflation rate (percent per year) .3 points; A (5, 3) , B (3.8%, 5.5%) , C (6, 1) are plotted on the graph.The points are connected to their respective coordinates on the x and y-axes with dotted lines.A straight line labelled, short-run Philips Curve, begins at the top left corner and slopes down to the bottom center, and passes through points A, B, and C.A straight line labelled, long-run Philips Curve, is perpendicular to the x-axis, begins from the x-axis value 5,and intersects the Short-run Philips Curve at point A.
-Refer to Figure 13.2.Suppose the economy is at point C.If the Bank of Canada decreases the money supply so that inflation falls, the economy will ________ in the long run, holding all else constant.
Groundwater
Water that fills the cracks and spaces in underground soil and rock layers, supplying wells and springs.
Rivers
Large natural streams of water flowing in channels and emptying into larger bodies of water like lakes, seas, or other rivers.
Groundwater
The water found underground in the cracks and spaces in soil, sand, and rock.
Evaporation
The process by which liquid water transforms into vapor or gas, often driven by heat from the sun.
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