Which of the Following Accurately Portrays the Shape of the Long-Run

question 48

Multiple Choice

Which of the following accurately portrays the shape of the long-run Phillips curve?

• A)a horizontal curve
• B)a vertical curve
• C)an upward-sloping curve
• D)a downward-sloping curve

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Definitions:

Absolute Advantage

A condition in which a country, individual, or company can produce a particular good or service at a lower cost in terms of labor and resources than other entities.

Compasses

Navigation instruments used for determining direction relative to the Earth's magnetic poles.

Specialize And Trade

The economic practice where individuals or entities focus on the production of a limited range of goods or services to gain efficiency and then trade with others to meet their needs.

Import

The act of bringing goods or services into a country from abroad for sale.