The Phillips Curve Represents a

question 40

Multiple Choice

The Phillips curve represents a

• A) short-run relationship but not a long-run one.
• B) trade-off policy makers can exploit in the long-run.
• C) a long-run relationship but not a short-run one.
• D) stable long-run trade-off, exploitable by government policy.
• E) both a long-run and a short-run relationship.

---

Definitions:

Instant-Messaging Conversation

A form of real-time communication between two or more people based on typed text over the internet.

Commercial Impracticability

A legal principle that excuses a party from performing under a contract when unforeseen events make fulfillment unreasonably difficult or expensive.

Groundwater Contaminated

Water beneath the earth's surface that has been adversely affected by pollutants, making it unsafe for human consumption or use.

Supervening Event

An unforeseen event that occurs after the parties have entered into a contract and significantly changes the circumstances.