Suppose the Economy Had Been Operating Along a Given Short-Run

question 112

Multiple Choice

Suppose the economy had been operating along a given short-run Phillips curve for several years and then experienced a year of stagflation.The year of stagflation would:

• A)be represented as a move upward along the short-run Phillips curve.
• B)be represented as a move downward along the short-run Phillips curve.
• C)be represented as a point above the short-run Phillips curve.
• D)be represented as a point below the short-run Phillips curve.
• E)correspond to the origin.

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