Refer to the Following Figure When Answering the Following Questions $\Delta$

question 36

Multiple Choice

Refer to the following figure when answering the following questions.
Figure 12.10: Output Gap: 1990-2000
-Consider Figure 12.10, which shows the output gap from 1990 to 2000, by quarter. If this is all the information you have, during the period 1997.1-1999.4, from the Phillips curve, you would conclude that:

• A) inflation is accelerating, \(\Delta\) \(\pi\)\(\gt\) 0.
• B) inflation is decelerating, \(\Delta\) \(\pi\) \(\lt\)0.
• C) unemployment is falling.
• D) unemployment is rising.
• E) Not enough information is given.

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