The Phillips Curve
AP Macroeconomics · Flashcards
AP MACROECONOMICS · FLASHCARDS
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QUESTION
Identify the policy type most associated with moving along a given SRPC.
QUESTION
What are the axes on a standard Phillips curve graph?
QUESTION
If unemployment is below
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u_n
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, what happens to inflation over time as expectations adjust?
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ANSWER
Inflation tends to rise; SRPC shifts up until unemployment returns to
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u_n
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. Tight labor markets drive wages and prices up, shifting SRPC upward.
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