The phillips curve flashcards

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what is a Phillips curve? A Phillips curve is a curve that shows a relationship between inflation and unemployment
what kind of relationship does the Phillips curve show? The Phillips curve shows an inverse relationship between the rate of unemployment and the resulting rate of inflation, for example decreased unemployment results in increased inflation
How does decreased unemployment result in an increased inflation? A decrease in unemployment results in people being able to spend more money in the economy. This increased demand results in higher prices which result in inflation
What relationship does the Phillips curve describe? (a) The relationship between inflation and GDP (b) The relationship between inflation and the CPI (c) The relationship between inflation and interest rates (d) The relationship between inflation and unemployment d). The relationship between inflation and unemployment
What period of US history tends to refute the Phillips curve's general applicability? a. 1940-1950 b. 1950-1960 c. 1960-1970 d. 1970-1980 d). 1970-1980

what is a Phillips curve?

what kind of relationship does the Phillips curve show?

How does decreased unemployment result in an increased inflation?

What relationship does the Phillips curve describe? (a) The relationship between inflation and GDP (b) The relationship between inflation and the CPI (c) The relationship between inflation and interest rates (d) The relationship between inflation and unemployment

What period of US history tends to refute the Phillips curve's general applicability? a. 1940-1950 b. 1950-1960 c. 1960-1970 d. 1970-1980

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