Phelps Says Standard Theory Doesn't Explain Low Inflation

Phelps Says Standard Theory Doesn't Explain Low Inflation

Assessment

Interactive Video

Business, Social Studies, Life Skills

University

Hard

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The video explores the relationship between low unemployment rates and the lack of inflation, challenging standard economic theories. It suggests that workers' experiences during the financial crisis have led to reduced wage demands, while businesses face competition and productivity concerns. These factors contribute to the current economic situation, where high demand does not lead to expected inflation.

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5 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What are the humanistic forces mentioned that influence economic data?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

Discuss the relationship between low unemployment rates and inflation as presented in the text.

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

How has the financial crisis affected workers' expectations regarding wage increases?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

What concerns do firms have that might prevent them from giving wage increases?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the significance of productivity growth in the context of wage increases?

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