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Inflation & Unemployment Relationship Phases: Phillips, Stagflation & Recovery

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

In the past month, unemployment rose. Based on the Phillips Curve, how will this affect inflation? Why?

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1. Which of the following is NOT a characteristic of stagflation?

2. When did stagflation prompt economists to reconsider the relationship between inflation and unemployment?

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About This Quiz & Worksheet

Inflation and unemployment are important components of our economy. This quiz and worksheet combo will test your understanding of important vocabulary regarding the economy as well as several phases of the inflation-unemployment cycle.

Quiz & Worksheet Goals

Knowledge of the following will be assessed:

  • Characteristics of stagflation
  • Phillips curve
  • Stagflation, Phillips, and recovery phases of the inflation-unemployment cycle

Skills Practiced

  • Information recall - access the knowledge you've gained regarding the relationships between unemployment and inflation depicted by the Phillips curve
  • Reading comprehension - ensure that you draw the most important information from the related economics lesson
  • Knowledge application - use your knowledge to answer a question regarding which phase is characterized by a negative relationship between unemployment and inflation

Additional Learning

The lesson titled Inflation & Unemployment Relationship Phases: Phillips, Stagflation & Recovery will teach you more information regarding the relationship between unemployment and inflation. The objectives covered include:

  • Define inflation
  • Know who A. W. Phillips is
  • Understand how the unemployment rate is calculated
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