During the 1960s, the Phillips Curve Relationship Was Relatively Stable

question 60

Essay

During the 1960s, the Phillips curve relationship was relatively stable. During the 1970s, the Phillips curve relationship was unstable. Based on your understanding of the aggregate supply and aggregate demand model, explain why this was so.

---

Definitions:

Superior Vena Cava

A large vein that carries deoxygenated blood from the upper body to the heart.

Median Cubital Vein

The median cubital vein is a superficial vein located in the cubital fossa and commonly used for venipuncture or the insertion of an intravenous catheter.

Brachial Artery

A major blood vessel of the upper arm, responsible for providing oxygenated blood to the upper limb, branching from the shoulder to the elbow.

Lingual Artery

A branch of the external carotid artery that supplies blood to the tongue.