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Assume there is a large decrease in consumption spending due to increases in tax rates. Which of the following statements is correct regarding the Phillips

Assume there is a large decrease in consumption spending due to increases in tax rates. Which of the following statements is correct regarding the Phillips curve graph? The data point for the economy would move up/left in the Phillips curve graph. The data point for the economy would move down/right in the Phillips curve graph. The data point for the economy would move up/right in the Phillips curve graph. The data point for the economy would move down/left in the Phillips curve graph

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