Question : 15.2   Short-Run and Long-Run Phillips Curves 1) The curve that shows : 1238207

 

15.2   Short-Run and Long-Run Phillips Curves

1) The curve that shows the relationship between inflation and unemployment when the economy is at full employment is the

A) short-run Phillips curve.

B) long-run Phillips curve.

C) long-run Okun’s curve.

D) aggregate demand curve.

E) aggregate supply curve.

2) In the long run, the unemployment rate

A) is zero.

B) is equal to the natural unemployment rate.

C) can take on any value.

D) is equal to the expected unemployment rate.

E) must be equal to the expected inflation rate.

3) The long-run Phillips curve shows the relationship between

A) the inflation rate and the unemployment rate.

B) real GDP and potential GDP.

C) the nominal interest rate and real interest rate.

D) the inflation rate and the natural unemployment rate.

E) real GDP and the natural unemployment rate.

4) If the economy is at full employment, then the inflation rate

A) exceeds the expected inflation rate.

B) is less than the expected inflation rate.

C) can be anywhere on a short-run Phillips curve.

D) is equal to the expected inflation rate.

E) is equal to zero.

5) At full employment,

A) real GDP exceeds potential GDP.

B) the unemployment rate is equal to the natural unemployment rate.

C) the unemployment rate is zero.

D) the inflation rate is zero.

E) the inflation rate must equal the natural unemployment rate.

6) The long-run Phillips curve shows the relationship between the inflation rate and the unemployment rate when the economy is

A) at full employment.

B) in expansion.

C) in recession.

D) at full inflation.

E) away from potential GDP.

7) The long-run Phillips curve shows the relationship between ________ and ________ when the economy is at full employment.

A) the natural inflation rate; the unemployment rate

B) the unemployment rate; real GDP

C) potential GDP; the natural unemployment rate

D) the inflation rate; the unemployment rate

E) the inflation rate; the nominal interest rate

8) The long-run Phillips curve shows the relationship between

A) inflation and unemployment at full employment.

B) aggregate demand and aggregate supply at full employment.

C) aggregate demand and interest rates at full employment.

D) inflation and interest rates at full employment.

E) the price level and real GDP when the economy is not at full employment.

9) The long-run Phillips curve is a vertical line because

A) the unemployment rate decreases when the inflation rate increases.

B) there is no relationship between the natural unemployment rate and the inflation rate.

C) the natural unemployment rate only depends on the inflation rate.

D) real GDP does not depend on the unemployment rate.

E) in the long run, the natural unemployment rate increases when inflation increases.

10) The lack of a long-run tradeoff between the unemployment rate and the inflation rate means the long-run Phillips curve is

A) upward sloping.

B) horizontal.

C) vertical.

D) downward sloping.

E) U-shaped, with higher inflation initially decreasing unemployment and then increasing it back to the natural unemployment rate.

 

 

Place your order
(550 words)

Approximate price: $22

Calculate the price of your order

550 words
We'll send you the first draft for approval by September 11, 2018 at 10:52 AM
Total price:
$26
The price is based on these factors:
Academic level
Number of pages
Urgency
Basic features
  • Free title page and bibliography
  • Unlimited revisions
  • Plagiarism-free guarantee
  • Money-back guarantee
  • 24/7 support
On-demand options
  • Writer’s samples
  • Part-by-part delivery
  • Overnight delivery
  • Copies of used sources
  • Expert Proofreading
Paper format
  • 275 words per page
  • 12 pt Arial/Times New Roman
  • Double line spacing
  • Any citation style (APA, MLA, Chicago/Turabian, Harvard)

Our guarantees

Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.

Money-back guarantee

You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.

Read more

Zero-plagiarism guarantee

Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.

Read more

Free-revision policy

Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.

Read more

Privacy policy

Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.

Read more

Fair-cooperation guarantee

By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.

Read more