Study Game - Topic 5.2

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The Phillips Curve

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HS4

Economics

phillips curve

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Zachary Foust

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Study Game - Topic 5.2Version en ligne The Phillips Curve par Zachary Foust 1 If the actual inflation rate is less than the expected inflation rate, which of the following must be true? a There is an inflationary gap. b The economy is in long-run equilibrium. c Potential real output exceeds equilibrium real output. d The cyclical rate of unemployment equals zero. 2 Which of the following will cause a movement from point X to point Y along the short-run Phillips curve that is shown in the graph above? a An increase in the expected inflation rate b An increase in government spending c An increase in input costs d An increase in income taxes 3 Use the graph of the long-run Phillips curve and short-run Phillips curve to answer the question. Assume members of the Organization of the Petroleum Exporting Countries (OPEC) agree to a coordinated increase in oil production. If the economy is at equilibrium at point B, what effect will this have on the Phillips curve model? a The SRPC will shift to the left. b The SRPC will shift to the right. c The LRPC will shift to the right. d There will be a movement from point B to point C. 4 The short-run Phillips curve shows the trade-off between... a The aggregate price level and aggregate output b Unemployment and inflation c Unemployment and aggregate output d The aggregate price level and inflation 5 The long-run Phillips curve illustrates a The expected inflation rate b The actual inflation rate c The actual rate of unemployment d The natural rate of unemployment 6 Examine the graph. What is the cyclical rate of unemployment? a 2% b 4% c 6% d 10% 7 An increase in expected inflation will shift a The short-run Phillips curve downward b The short-run Phillips curve upward c The long-run Phillips curve upward d The long-run Phillips curve downward 8 If nominal wages increase, what will happen to the Phillips curve model? a The short-run Phillips curve will shift to the right. b The short-run Phillips curve will shift to the left. c The long-run Phillips curve will shift to the right. d The long-run Phillips curve will shift to the left. 9 How will a decrease in government spending affect the long-run Phillips curve? a The long-run Phillips curve will shift to the right. b The long-run Phillips curve will shift to the left. c The long-run Phillips curve will shift to the right and then shift to the left. d The long-run Phillips curve will remain unchanged. 10 Examine the graph. Which of the following is true? a The economy is experiencing a recessionary gap. b The economy is experiencing an inflationary gap. c The economy is in long-run equilibrium. d Actual output exceeds potential output.

Study Game - Topic 5.2Version en ligne

The Phillips Curve

par Zachary Foust

If the actual inflation rate is less than the expected inflation rate, which of the following must be true?

There is an inflationary gap.

The economy is in long-run equilibrium.

Potential real output exceeds equilibrium real output.

The cyclical rate of unemployment equals zero.

Which of the following will cause a movement from point X to point Y along the short-run Phillips curve that is shown in the graph above?

An increase in the expected inflation rate

An increase in government spending

An increase in input costs

An increase in income taxes

Use the graph of the long-run Phillips curve and short-run Phillips curve to answer the question. Assume members of the Organization of the Petroleum Exporting Countries (OPEC) agree to a coordinated increase in oil production. If the economy is at equilibrium at point B, what effect will this have on the Phillips curve model?

The SRPC will shift to the left.

The SRPC will shift to the right.

The LRPC will shift to the right.

There will be a movement from point B to point C.

The short-run Phillips curve shows the trade-off between...

The aggregate price level and aggregate output

Unemployment and inflation

Unemployment and aggregate output

The aggregate price level and inflation

The long-run Phillips curve illustrates

The expected inflation rate

The actual inflation rate

The actual rate of unemployment

The natural rate of unemployment

Examine the graph. What is the cyclical rate of unemployment?

10%

An increase in expected inflation will shift

The short-run Phillips curve downward

The short-run Phillips curve upward

The long-run Phillips curve upward

The long-run Phillips curve downward

If nominal wages increase, what will happen to the Phillips curve model?

The short-run Phillips curve will shift to the right.

The short-run Phillips curve will shift to the left.

The long-run Phillips curve will shift to the right.

The long-run Phillips curve will shift to the left.

How will a decrease in government spending affect the long-run Phillips curve?

The long-run Phillips curve will shift to the right.

The long-run Phillips curve will shift to the left.

The long-run Phillips curve will shift to the right and then shift to the left.

The long-run Phillips curve will remain unchanged.

Examine the graph. Which of the following is true?

The economy is experiencing a recessionary gap.

The economy is experiencing an inflationary gap.