Principles of Economics, 7th Edition (MindTap Course List)
Principles of Economics, 7th Edition (MindTap Course List)
7th Edition
ISBN: 9781285165875
Author: N. Gregory Mankiw
Publisher: Cengage Learning
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Chapter 35, Problem 3QCMC
To determine

To determine: The effect of supply shocks on shift in Phillips curve.

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What is the effect of an increase in aggregate demand on the short-run Phillips curve? When aggregate demand increases, _______.     A. the short-run Phillips curve shifts upward   B. the short-run Phillips curve shifts downward   C. a movement occurs upward along the short-run Phillips curve   D. a movement occurs downward along the short-run Phillips curve
Which of the following is correct if there is a favorable supply shock?   a. the short-run aggregate supply curve and the short-run Phillips curve both shift right.   b. the short-run aggregate supply curve and the short-run Phillips curve both shift left.   c. the short-run aggregate supply curve shifts left and the short-run Phillips curve shifts right.   d. the short-run aggregate supply curve shifts right and the short-run Phillips curve shifts left.
The Phillips curve shows that, in the short-run: A. expected changes in aggregate demand produce a positive relationship between inflation and unemployment. B. unexpected changes in aggregate demand produce a positive relationship between inflation and unemployment. C. expected changes in aggregate demand produce an inverse relationship between inflation and unemployment. D. unexpected changes in aggregate demand produce an inverse relationship between inflation and unemployment.
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