Figure 136 Alt Text for Figure 13

question 120

Multiple Choice

Figure 13.6 Alt text for Figure 13.6: In figure 13.6, a graph shows the short-run and long-run Phillips curves.
Long description for Figure 13.6: 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, begins at the top left corner and slopes down to the end of the x-axis.A straight line labelled, long-run Philips Curve is perpendicular to the x-axis, and begins from the x-axis value 5.Long-run Philips Curve intersects the short-run Philips Curve at point A (5, 2) , near the bottom of the line and passes through point C (5, 4.8%) near the top end.Point B (3%, 4.8%) is plotted near the left end of the short-run Philips Curve, with the same y-axis value as point C.The points are connected to their respective coordinates on the x and y-axes with dotted lines.
-Refer to Figure 13.6.If firms and workers have adaptive expectations, an expansionary monetary policy will cause the short-run equilibrium to move from

• A)point B to point C.
• B)point A to point C.
• C)point A to point B.
• D)point B to point A.
• E)point C to point B.

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