The Phillips Curve in the Short Run: Economic Behavior

Instructions:

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

question 1 of 3

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

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

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

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About This Quiz & Worksheet

The questions on the quiz will mainly deal with definitions of key terms. Some questions will test you on these terms by asking you to fill in the blank. Other questions are complete-the-sentence-style queries. These questions give you a definition and then require you to select the correct term.

Quiz & Worksheet Goals

You will be tested on the following:

  • Short run Phillips Curve
  • Economic output
  • The relationship between inflation and unemployment
  • Aggregate demand

Skills Practiced

You will practice these skills:

  • Making connections - use your understanding of the concept of the Phillips Curve
  • Interpreting information - verify that you can read information regarding the Phillips Curve and interpret it correctly
  • Information recall - access the knowledge you've gained regarding inflation and unemployment
  • Knowledge application - use your knowledge to answer questions about economic output

Additional Learning

There is also a partner lesson titled The Phillips Curve in the Short Run: Economic Behavior. The lesson will help you learn the various subtleties of the subject. The lesson covers the following topics:

  • Defining the Phillips Curve
  • Understanding inflation and unemployment
  • Exploring aggregate demand
  • Explaining the effect of a fall in aggregate demand
  • Describing the result of a rise in aggregate demand
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