The Phillips curve represents the Fed's short-run choices between inflation and unemployment.

Name: The Phillips curve represents the Fed's short-run choices between inflation and unemployment.
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The Phillips curve is a graphical representation of the inverse relationship between the rate of inflation and the rate of unemployment in the short run, which implies that the Fed faces a trade-off between reducing inflation and reducing unemployment.

The Phillips Curve Represents the Fed's Short-Run Choices Between Inflation