In the Long Run, the Phillips Curve Will Be ________

question 157

Multiple Choice

In the long run, the Phillips curve will be ________ at the natural rate of unemployment if the long-run aggregate supply curve is vertical at potential output.

• A) positively sloped
• B) negatively sloped
• C) vertical
• D) horizontal

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Definitions:

Periodic Inventory System

An inventory accounting method where inventory levels and cost of goods sold are determined at the end of an accounting period.

Beginning Inventory

The value of all inventory that a company has in stock at the start of an accounting period.

Ending Inventory

The final value of goods available for sale at the end of an accounting period, calculated before the new accounting period begins.

Periodic Inventory System

An inventory accounting system where updates to inventory levels are made periodically at the end of accounting periods, rather than after each sale or purchase.