The Phillips Curve
AP Macroeconomics · Flashcards · Recall
AP MACROECONOMICS · FLASHCARDS
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QUESTION
What does the long-run Phillips curve (LRPC) indicate about unemployment in the long run?
QUESTION
Identify the policy type most associated with moving along a given SRPC.
QUESTION
What are the axes on a standard Phillips curve graph?
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ANSWER
Vertical: inflation rate; Horizontal: unemployment rate. Inflation on vertical shows price level changes; unemployment on horizontal shows joblessness.
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