The Phillips curve implied that there was a trade- off available to governments between:

Related MCQs

• A decrease in the price level shifts the               curve to the right, and the aggregate demand curve .
• Which factor would shift the Aggregate Demand curve to the right?
• If the short-run IS–LM equilibrium occurs at a level of income below the natural level of output, then in the long run the price level will , shifting the curve to the right and returning output to the natural level.
• Which of the following events will shift the Aggregate Supply curve to the left?
• The short-run Aggregate Supply curve is upward sloping only because we assume that resource costs are held .