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4. According to the Phillips curve model, if the actual inflation rate exceeds the expected inflation rate, which of the following statements is true? There
4. According to the Phillips curve model, if the actual inflation rate exceeds the expected inflation rate, which of the following statements is true?
There is no frictional unemployment.
There is no structural unemployment.
The equilibrium real output is greater than the potential real output.
The economy is operating in its long-run equilibrium.
There is a recessionary gap in the economy's output.
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