**Quiz Section****Time Remaining:** 16 minutes, 20 seconds.**Question Completion Status:** **Note:** Moving to another question will save this response.**Question 15****Phillips Curve shows possible combinations of the _____ and the _____ . [Select ALL that apply]**- [ ] Unemployment rate- [ ] Inflation rate- [ ] Wage Rate- [ ] Income Level**Screenshot Components:**The screenshot appears to show a laptop screen displaying a quiz question related to the Phillips Curve. The lower part of the image includes the laptop keyboard and a taskbar at the bottom with various files and applications open, including images labeled "bike 2.jpg," "bike.jpg," and "bike_2."**Discussion:**The Phillips Curve represents an inverse relationship between the rate of unemployment and the rate of inflation within an economy. The options available for selection in the quiz question aim to test the student's understanding of this economic concept. For educational purposes, it's important for students to identify that the Phillips Curve traditionally shows the relationship between the "unemployment rate" and the "inflation rate," which are the correct answers out of the provided options.

Phillips curve is a downword sloping curve.

A Moving to another question will save this response. Question 15 Phillips Curve shows possible combinations of the Unemployment rate inflation rate Wage Rate Income Level and the [Select ALL that apply]

A Moving to another question will save this response. Question 15 Phillips Curve shows possible combinations of the Unemployment rate inflation rate Wage Rate Income Level and the [Select ALL that apply]

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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If the government uses contractionary monetary policy to reduce inflation from 9 to 6 percent. If people have adaptive expectations, than Inflation rate (%) 12 10 9 8 6 4 0 4 Long run Phillips curve Natural rate 5 E Short run Phillips curve 9 Unemployment rate (%) Unemployment will rise to 8 percent in the short run. The natural rate will permanently increase to 8 percent The economy will remain stuck at point E1. Unemployment will remain at 6 percent as the inflation rate falls.
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32 There is a new central bank president who wants low inflation much more than the previous president did. According to the Augmented Phillips Curve Model, in this situation, which of the following would be the most help in keep unemployment from rising in the sort run? a.People know the central bank president's true desires and believe he will stay in office for a long time b.Peoples' wage wage contracts are long-lasting. c.People know the central bank president's true desires and believe that he will only be in office for a short time. d.People think that the central bank president's desires are the same as the previous president's and believe that the new president will be in office for a short time. e.People think that the central bank president's desires are the same as the previous president's and believe that the new president will be in office for a
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1. The inflation-unemployment relationship The following graph shows the combinations of unemployment and inflation that existed in the United States from 1961 through 1969. Hint: Use the graph to answer the following questions. Select any blue point (circle symbol) on the graph to get its exact coordinates. NFLATION RATE (Percent) 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0 3.0 O 1969 O 3.5 1968 O 1967 C 4.0 1965 O 5.0 1964 962 O 4.5 5.5 6.0 UNEMPLOYMENT RATE (Percent) 1963 6.5 1961 H 7.0 ++ Scratch Point A lower unemployment rate is associated with a lower inflation rate. O There is a trade-off between unemployment and inflation. O There is a positive relationship between unemployment and inflation. O The unemployment rate peaked at 3.5%. (?) Which of the following statements about the relationship between the unemployment and inflation data for 1961-1969 is true? The points on the graph represent observations along the U.S. economy's Phillips curve during the 1960s. Use the black…
The Fed increases the amount of OMO purchases: a)Inflation increases b)Inflation decreases c)Inflation stays the same d)Can't tell