Consider the following observations in an AD-AS graph. At point 1, the economy is at potential RGDP initially. There is then an increase in consumption and investment spending which places the economy at point 2. The economy now self-corrects and ends up at point 3. Now show points 1-3 in a Phillip's curve graph. Which of the following is correct in the Phillip's curve graph? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question. Point 3 lies to the right of point 2. Point 2 lies to the left of point 1. Point 1 is above point 3. Point 3 is above point 1. Points 1 and 3 are on the long run Phillips curve.

Consider the following observations in an AD-AS graph. At point 1, the economy is at potential RGDP initially. There is then an increase in consumption and investment spending which places the economy at point 2. The economy now self-corrects and ends up at point 3. Now show points 1-3 in a Phillip's curve graph. Which of the following is correct in the Phillip's curve graph? There is more than one correct answer to this question. You must mark all of the correct answers to receive full credit for this question. Point 3 lies to the right of point 2. Point 2 lies to the left of point 1. Point 1 is above point 3. Point 3 is above point 1. Points 1 and 3 are on the long run Phillips curve.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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