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9 Cards in this Set
- Front
- Back
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1.What are the effects of short-run demand-pull inflation versus its effects in the long-run?
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P358 figure 18.3
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2.What are the effects of short-run cost-push inflation versus its effects in the long-run?
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P358 Figure 18.4
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3.What is the Philips Curve? What variables was it attempting to find a correlation between?
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P361
a curve showing the reelationship between the unemployment rate(on horizonal axis) and the annual rate ofincrease in the price level (on the vertical axis) It suppose to show a trade off between inflation and unemployement. |
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4.What is stagflation?
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P
Inflation accompanied by stagnation in the rate of growth of output and an increase in unemployment in the economy; simultaneous increase in the inflation rate |
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5.What are “supply shocks”?
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P
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6.What is the Misery Index?
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P
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7.What is disinflation?
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P
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8.Identify the major factors that were the core concepts of supply-side economics.
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P
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9.What was the basic premise of the Laffer Curve? Identify some of the arguments for and against it.
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P
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