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Inflation and Unemployment
Inflation and Unemployment
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Unemployment, inflation, and the Phillips Curve
Flashcards
11 cards
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Questions
11
Answers
1
The progression in the graph is a representation of
the Phillips Curve derivation
long run economic growth
stagflation
natural rate hypothesis
2
If full employment is 5% and unemployment is currently 8%, Okun's Law says we are losing __ GDP
16%
8%
6%
3%
3
The period in which nominal wages and other input prices remain
fixed
multiplier
short run
equilibrium
long run
4
This graph accurately depicts
economic growth
demand pull inflation
stagflation
cost push inflation
5
In the long run this cost-push inflation graph would end where ______ crosses ______
green line crosses red line
light blue line crosses red line
green line crosses blue line
blue line crosses red line
6
The short run Phillips Curve _________ the Short Run Aggregate Supply curve
is unrelated to
causes
activates
mirrors
7
A leftward shift of the AS curve would cause
an inflationary gap
a return to full employment
deflation
a rightward shift of the Phillips Curve
8
An increase in or rightward shift of the Long Run Phillips Curve (LRPC) would cause
↓AD
↑AD
↓SRPC
↑ SRPC
9
This graph is called
Okun's Graph
the Inflation Graph
the Phillips Curve
the Misery Index
10
Demand pull inflation could begin with graph
D
B
A
C
11
Cost push inflation could begin with graph
C
A
D
B
