The Phillips Curve Identifies an Inverse Relationship

question 238

Multiple Choice

The Phillips Curve identifies an inverse relationship. Another inverse relationship familiar to economics students is between

• A) wages paid and hours worked.
• B) money supply and average prices.
• C) price and quantity demanded.
• D) export spending and gross domestic product.
• E) price and quantity supplied.

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Definitions:

Colonies-Turned-States

Refers to former colonies that transitioned into becoming states, particularly in contexts like the United States where British colonies gained independence and statehood.

Postwar State Constitutions

Constitutions adopted by states in the aftermath of a war, reflecting the social, political, and economic changes brought about by the conflict.

Two-House Legislature

A bicameral legislative system divided into two separate assemblies, chambers, or houses, responsible for making laws.

Relatively Weak Governor

A term describing a state governor who possesses limited powers compared to the legislative body or in comparison with governors in other states.