Understanding the Phillips Curve and the Tradeoff between Inflation and Unemployment

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Business, Social Studies
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11th Grade - University
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who originally developed the Phillips Curve?
Adam Smith
John Maynard Keynes
A.W. Phillips
Milton Friedman
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the Phillips Curve illustrate?
The correlation between interest rates and inflation
The tradeoff between inflation and unemployment
The relationship between GDP and inflation
The connection between fiscal policy and unemployment
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the Phillips Curve graph, what does a movement from top left to bottom right indicate?
Falling inflation and falling unemployment
Rising inflation and rising unemployment
Falling inflation and rising unemployment
Rising inflation and falling unemployment
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the best fit line in the Phillips Curve graph?
To illustrate the general trend of the relationship
To show the exact data points
To highlight the outliers
To indicate the average inflation rate
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the vertical axis typically used for in the Phillips Curve?
Interest rate
GDP growth rate
Rate of inflation
Rate of unemployment
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does a shift in the AD curve typically result in, according to the Phillips Curve?
A change in the interest rate
A change in the GDP
A change in the tradeoff between inflation and unemployment
A change in the fiscal policy
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was a significant observation about the Phillips Curve during the inflation targeting era?
The tradeoff became more pronounced
The tradeoff was less evident
Inflation rates were unaffected
Unemployment rates were stable
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