Short-run Aggregate Supply Curve
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AP Macroeconomics › Short-run Aggregate Supply Curve
Which of the following is the best definition of the concept behind the Phillips Curve?
The relationship between unemployment and inflation
The relationship between government spending and the multiplier effect
The relationship between net exports and GDP
The relationship between worker pay and productivity.
Explanation
The Phillips Curve is meant to express the short-run tradeoff between inflation and unemployment.
Which of the following is the best definition of the concept behind the Phillips Curve?
The relationship between unemployment and inflation
The relationship between government spending and the multiplier effect
The relationship between net exports and GDP
The relationship between worker pay and productivity.
Explanation
The Phillips Curve is meant to express the short-run tradeoff between inflation and unemployment.