The Phillips Curve Is Based on the Idea That with a Constant

question 106

Multiple Choice

The Phillips Curve is based on the idea that with a constant short-run aggregate supply curve, a greater increase in aggregate demand is associated with a:

• A)smaller increase in price level.
• B)smaller increase in nominal wage rates.
• C)greater increase in the unemployment rate.
• D)greater increase in the rate of inflation.

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