Phillips Curve
Quiz by Steve Jinman
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4 questions
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- Q1The Phillips Curve shows the relationship between unemployment and :Tax RevenueInflationOutputBalance of Payments30s
- Q2The diagram shows one long run one Phillips Curve and three short run Phillips Curves. The economy is initially at NAIRU (0X) with an inflation rate of 5%. If the government seeks to reduce unemployment to 0Z what will be the effect on inflation?Raise it to 7%Reduce to 0%Raise it to 9%Leave it at 5%30s
- Q3If there is spare capacity in the economy what will a fall in unemployment do to inflation?DisinflationDeflationRaise inflationNo effect30s
- Q4Why may a fall in unemployment cause rising inflation?Increasing AD leading to wage risesReduced expenditure on job seekers allowanceThere will be tax cutsIf unemployment is lower than NAIRU real wages are rising30s