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A graph that shows that there is a relation between unemployment and inflation: One can either have a high inflation and low unemployment or low inflation with high unemployment.
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Which way does the Phillips curve slope?
The Phillips Curve is an inverse relationship between the rate of unemployment in an economy and the inflation. The lower the unemployment is, the higher inflation we get! Thus we can say that the Phillips Curve is negative (downward sloping)
What does the Lorenz Curve illustrate about the economy?
the distribution of income
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
What is LRPC?
LRPC stands for Long run Phillips Curve.
How does a supply curve illustrate the law of supply?
it always rises from left to right
Which way does the Phillips curve slope?
The Phillips Curve is an inverse relationship between the rate of unemployment in an economy and the inflation. The lower the unemployment is, the higher inflation we get! Thus we can say that the Phillips Curve is negative (downward sloping)
Bell-shaped curve used to illustrate data signifies a curve?
It's true: a curve is a curve. Did you really need me to tell you that?
What does the Lorenz Curve illustrate about the economy?
the distribution of income
Can data from the Phillips curve be used effectively by using short term rather than long term data?
Can Phillips curve be applied to ZIMBABWEAN PROBLEMS
How does a production possibilities curve illustrate how efficient an economy is?
A production possibilities curve illustrates how efficient an economy is by indicating the possibly opportunities in the economy. This will also illustrate the relevant costs entailed in the production.
Who developed the Phillips curve?
The Phillips curve was developed by a New Zealand economist William Phillips in 1958 in a paper titled "The Relationship between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom 1861- 1957".
What is LRPC?
LRPC stands for Long run Phillips Curve.
How does a supply curve illustrate the law of supply?
it always rises from left to right
What has the author Erik Harsaae written?
Erik Harsaae has written: 'Statistisk forsoegsmetodik og dens anvendelse i industrielt forsoegsarbejde' 'Matematisk opslagsbog for oekonomer' 'The nature of the Phillips curve' -- subject(s): Phillips curve
What is the Phillips curve?
In economics it's the inverse relationship between inflation and unemployment.
Phillips curve tradeoff make it difficult for fiscal policy?
The Phillips curve actually does not technically exist, although a modified, expectations Phillips curve does hold empirically. Moreover, the curve demonstrates a trade-off between unemployment and inflation. Essentially, the premise is that fiscal policy cannot solve inflation and unemployment. However, the curve does not hold after the 1960s, and many case studies show fiscal policy can solve both issues to a degree, or at least increase both at the same time.
A popular model used to illustrate the concept of opportunity cost is?
The Production Possibilities frontier/curve
