The Phillips Curve in the Long Run: Inflation Rate

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question 1 of 3

What happens when unemployment falls below the natural rate?

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

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

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About This Quiz & Worksheet

Some of the questions are complete the sentence style questions. These questions will deal with definitions and the history of the Phillips curve. Other questions will ask you to fill in the blank. You will need to use the definition of the term in the question to fill in the blank correctly.

Quiz & Worksheet Goals

The quiz tests you on these topics and terms:

  • Phillips curves
  • Unemployment
  • Phillips curves in the long run
  • Short run Phillips curves

Skills Practiced

You will practice these skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson about the long run Phillips curve
  • Making connections - use understanding of the concept of the Phillips curve in the long run
  • Interpreting information - verify that you can read information regarding unemployment and interpret it correctly
  • Distinguishing differences - compare and contrast topics from the lesson, such as short run Phillips curve and the long run Phillips curve

Additional Learning

There is also a related lesson titled The Phillips Curve in the Long Run: Inflation Rate that you should use to fortify your knowledge of the subject. The lesson covers the following:

  • Understanding the history of the Phillips curve
  • Exploring the economic policies of Richard Nixon
  • Defining the Phillips curve
  • Explaining the long run version of the Phillips curve
  • Describing the natural rate of unemployment
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