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Phillips Curve Quiz

Authored by Steve Klima

Other

12th Grade

Used 2+ times

Phillips Curve Quiz
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11 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the Phillips Curve suggest?

There is a direct relationship between inflation and unemployment.

There is an inverse relationship between inflation and unemployment.

Inflation always leads to higher unemployment.

Inflation and unemployment are unrelated.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who originally developed the concept of the Phillips Curve?

John Maynard Keynes

Milton Friedman

Adam Smith

A.W. Phillips

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What economic phenomenon in the 1970s challenged the Phillips Curve?

Recession

Deflation

Stagflation

Hyperinflation

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to monetarists, what is the long-term relationship between unemployment and inflation?

There is a permanent trade-off.

There is no trade-off.

Unemployment always decreases with inflation.

Inflation always decreases with unemployment.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the Keynesian view on unemployment during a recession?

Only monetary policy can reduce unemployment.

Unemployment cannot be reduced by any policies.

Demand-side policies can reduce unemployment in the long term.

Unemployment is a supply-side phenomenon.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the 'natural rate of unemployment' according to monetarists?

The rate of unemployment that is always zero.

The rate of unemployment that exists without any inflation.

The rate of unemployment that can be reduced by fiscal policy.

The rate of unemployment that cannot be reduced by demand-side policies.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What did the 2008 recession demonstrate about the Phillips Curve?

A fall in unemployment and a rise in inflation.

A rise in unemployment and a rise in inflation.

A fall in unemployment and a fall in inflation.

A rise in unemployment and a fall in inflation.

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