Which of the following statements best describes the relationship between inflation and unemployment in the United States during this time period?
A) The short-run Phillips curve shifted to the left after actual inflation was lower than expected.
B) The short-run Phillips curve remained stable.
C) The short-run Phillips curve shifted to the right after actual inflation was higher than expected.

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16-12-2022
Business

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Which of the following statements best describes the relationship between inflation and unemployment in the United States during this time period?
A) The short-run Phillips curve shifted to the left after actual inflation was lower than expected.
B) The short-run Phillips curve remained stable.
C) The short-run Phillips curve shifted to the right after actual inflation was higher than expected.

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shristiparmar1221 shristiparmar1221 · Answer 1 · 2022-12-21T00:42:53+01:00

After real inflation was more than anticipated, the short-run Philips curve shifted to the right. As a result, choice (C) is the best way to respond.

What is inflation?

The term "inflation" refers to a rise in prices, which over time results in a loss of purchasing power. The average price increase of a selection of products and services over time can be used to determine the rate at which buying power declines.

A unit of money now effectively has less purchasing power than it had in earlier periods due to the increase in prices, which is frequently stated as a percentage. Deflation, which happens when prices fall and buying power rises, can be compared with inflation.

Hence, option (C) is accurate.

Learn more about inflation, from:

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