Previous Page Question 40 (1.25 points) Suppose the public had believed the statement by Bank of Canada Governor John Crow in 1988 that inflation would be reduced to zero. What would have happened to the short-run Phillips curve and the sacrifice ratio? the short-run Phillips curve would have shifted left, and the sacrifice ratio would have been low the short-run Phillips curve would have been unchanged, and the sacrifice ratio would have been high the short-run Phillips curve would have shifted left, and the sacrifice ratio would have been high the short-run Phillips curve would have been unchanged, and the sacrifice ratio would have been low Previous Page Next Page Page 40 of 49 Submit Quiz 0 of 49 questions saved