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MTTC History: Inflation & Unemployment 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!

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

Question 2 2. When technology improves across the economy, how and why will the short-run Phillips Curve move?

Question 3 3. What does the Phillips Curve describe?

Question 4 4. In the short run, there tends to be a tradeoff between _____ and _____.

Question 5 5. Economists notice that aggregate demand has been rising in the past few months. How does this impact unemployment?

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Question 6 6. Which of the following statements is true regarding the long-run Phillips curve?

Question 7 7. Which of the following scenarios would lead to movement up the Phillips curve?

Question 8 8. The short run Phillips curve illustrates the _____ relationship between _____ and _____.

Question 9 9. What is the biggest difference between the short-run and long-run Phillips curve?

Question 10 10. What is the result of a negative supply shock?

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Question 11 11. Increases in aggregate supply that cause a leftward shift in the Phillips Curve will lead to which of the following?

Question 12 12. The Phillips curve refers to the relationship between _____ and _____ in the short run.

Question 13 13. When economists look at economic output, in the short run, there tends to be _____.

Question 14 14. What happens when unemployment falls below the natural rate?

Question 15 15. The short-run Phillips curve illustrates the _____ relationship between _____ and _____.

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Question 16 16. What will an increase in aggregate supply do economically?

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

Question 18 18. During the 1960's, what was the relationship between inflation and employment?

Question 19 19. In the short run, when the economy is expanding, unemployment tends to be _____ while prices tend to be _____.

Question 20 20. What relationship does the Phillips Curve illustrate?

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Question 21 21. During the 1970s, why did the Phillips curve not hold true?

Question 22 22. Which of the following would NOT lead to a shift of the short-run Phillips curve?

MTTC History: Inflation & Unemployment 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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