What is measured on the horizontal axis on the Phillips curve diagram?
A) unexpected inflation
B) the output gap
C) the price level
D) real GDP
Correct Answer:
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Q39: If expected inflation is 1.75% and actual
Q40: Forecasts expect inflation to be 2%. Actual
Q41: Forecasts expect inflation to be 2%. Actual
Q42: Why do the unexpected inflation and output
Q43: What is measured on the vertical axis
Q45: The Phillips curve is upward-sloping because:
A)when prices
Q46: Consider the Phillips curve shown here. In
Q47: Consider the Phillips curve shown here. In
Q48: Consider the Phillips curve shown here. In
Q49: Consider the Phillips curve shown here. In
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