The Economy in 2008

question 66

Multiple Choice

The Economy in 2008
In the first half of June 2008 the effects of a housing and financial crisis and an increase in world prices of oil and foodstuffs were affecting the economy.
-Refer to The Economy in 2008.The short-run effects of the housing and financial crisis are shown by

• A)moving to the right along the short-run Phillips curve.
• B)moving to the left along the short-run Phillips curve.
• C)shifting the short-run Phillips curve right.
• D)shifting the short-run Phillips curve left.

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