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If Aggregate Demand shifts to the left, then...

The short run Philips curve...

Phillips Curve Review

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Phillips Curve Review

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Questions 8

Answers

1
The short run Philips curve...
Slopes upward
Is veritical
Is horizontal
Slopes downward
2
If Aggregate Demand shifts to the left, then...
The SRPC shifts left
The SPRC shfits right
There is a movement along the SRPC to the right
There is a movement along the SRPC to the left
3
On the Phillips Curve graph, what should you label the y-axis?
Employment
Inflation
Unemployment
GDP
4
If Aggregate Supply shifts to the right, then...
Thepoint on the SRPC will movealong the curve to the right
SRPC will shift to the left
Thepoint on the SRPC will movealong the curve to the left
SRPC will shift to the right
5
The long run Philips Curve...
Slopes upward
Is veritical
Slopes downward
Is horizontal
6
When does the SRPC shift?
When SRAS shifts
When AD shifts
When the GDP increases
Never
7
If the U.S. is in an inflationary gap, what point would indicate this on the Philips Curve?
A point to the left of the LRPC
A point to the right of the LRPC
Where the LRPC and SRPC intersect
Off the charts!!! WOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO!!
8
On the Phillips Curve, what lable should be on the x-axis?
GDP
Unemployment
Employment
Inflation