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Florida Memorial University *

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MISC

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Economics

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Feb 20, 2024

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1

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Which of the following statements about the short-run Phillips curve is true? @ Outward shifts in aggregate demand lead to a Phillips curve that has an inverse relationship between unemployment and inflation. O The short-run Phillips curve is vertical at the natural rate of unemployment. O Inward shifts in aggregate supply lead to a Phillips curve that has an inverse relationship between unemployment and inflation. O Along the short-run Phillips curve, inflationary expectations increase as unemployment increases. O The long-run and short-run Phillips curves intersect where the unemployment rate is zero. Question Information: An outward shift in aggregate demand leads to a higher price level, higher real GDP, higher employment, and lower unemployment. In the context of the Phillips curve, this represents a movement up a short-run Phillips curve with lower unemployment and higher inflation, an inverse relationship. Points earned on this question: 1
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