Swalaheen. Inflation, unemployment, and federal reserve policy.
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| show | FALSE. Higher inflation usually leads to LOWER inflation. While lower employment leads to higher inflation.
*There is an inverse relationship between unemployment and inflation.
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| Phillips Curve | show 🗑
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| Structural Relationship | show 🗑
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| T/F: The Phillips Curve does NOT represent a permanent trade-off between unemployment and inflation. | show 🗑
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| Natural Rate of Unemployment | show 🗑
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| show | TRUE.
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| show | Nominal Wage /Price Level x 100 = Real Wage
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| If actual inflation is greater than expected inflation... | show 🗑
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| show | The actual real wage is greater than the expected real wage and the unemployment rate rises.
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| T/F: Expected inflation increases the value of total production and the value of total income by an amount GREATER than the rate of inflation. | show 🗑
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| show | The unemployment rate at which the inflation rate has no tendency to increase or decrease.
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| show | TRUE.
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| show | 1) Demographic changes
2) Labor Market Institutions
3) Past high rates of unemployment
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| show | Expectations formed by using all available information about an economic variable.
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| Real Business cycle models | show 🗑
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| show | A significant reduction in the inflation rate.
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