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Inflation and Unemployment: Help and Review Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Page 1

Question 1 1. What does the long-run Phillips curve represent?

Question 2 2. In the short run, when the economy is expanding, unemployment tends to be _____ while prices tend to be _____.

Question 3 3. Which of the following scenarios would lead to movement up the Phillips curve?

Question 4 4. What happens when unemployment falls below the natural rate?

Question 5 5. What is the biggest difference between the short-run and long-run Phillips curve?

Page 2

Question 6 6. The Phillips curve refers to the relationship between _____ and _____ in the short run.

Question 7 7. During the 1960's, what was the relationship between inflation and employment?

Question 8 8. Increases in aggregate supply that cause a leftward shift in the Phillips Curve will lead to which of the following?

Question 9 9. What will an increase in aggregate supply do economically?

Question 10 10. Which of the following statements is true regarding the long-run Phillips curve?

Page 3

Question 11 11. During the 1970s, why did the Phillips curve not hold true?

Question 12 12. What does the Phillips Curve describe?

Question 13 13. What relationship does the Phillips Curve illustrate?

Question 14 14. In the short run, there tends to be a tradeoff between _____ and _____.

Question 15 15. Economists notice that aggregate demand has been rising in the past few months. How does this impact unemployment?

Page 4

Question 16 16. Which of the following would NOT lead to a shift of the short-run Phillips curve?

Question 17 17. When aggregate demand increases, unemployment tends to decrease, and inflation tends to increase. How can this be illustrated?

Question 18 18. When economists look at economic output, in the short run, there tends to be _____.

Question 19 19. When technology improves across the economy, how and why will the short-run Phillips Curve move?

Question 20 20. The short-run Phillips curve illustrates the _____ relationship between _____ and _____.

Page 5

Question 21 21. The short run Phillips curve illustrates the _____ relationship between _____ and _____.

Question 22 22. What is the result of a negative supply shock?

Inflation and Unemployment: Help and Review Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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