macroeconomics

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The initial Phillips curve relationship implied that the opportunity cost of __________ __________ was higher __________.

If high unemployment lasts a long time, it could cause potential real GDP to fall. (true or false)

  • macroeconomics -

    The initial Phillips curve relationship implied that the opportunity cost of __________ __________ was higher __________.

  • macroeconomics -

    The Phillips curve plotted inflation against unemployment. So two correct answers:

    low inflation/unemployment or
    low unemployment/inflation

  • macroeconomics -

    reducing, unemployment, inflation

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