If the Economy Is at the Point Where the Short-Run

question 58

Multiple Choice

If the economy is at the point where the short-run Phillips curve intersects the long-run Phillips curve,

• A)unemployment equals the natural rate and expected inflation equals actual inflation.
• B)unemployment is above the natural rate and expected inflation equals actual inflation.
• C)unemployment equals the natural rate and expected inflation is greater than actual inflation.
• D)None of the above is necessarily correct.

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Definitions:

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Marginal Analysis

An economic method that involves comparing additional benefits and costs incurred from a particular action for decision-making purposes.

Economic Incentives

Financial or material rewards or penalties that influence the behavior of individuals and businesses.

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