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Table An economist working for the Central Bank of Wayne estimates a Phillips curve for Wayne and reports the following points on the estimated curve.
Table An economist working for the Central Bank of Wayne estimates a Phillips curve for Wayne and reports the following points on the estimated curve. Actual Inflation Rate (Percent) Unemployment Rate (Percent) 5 4.0 6 4.5 7 5.0 8 5.5 Refer to Above Table. Which of the following statements is correct? Group of answer choices These points are consistent with both the theoretical short-run and long-run Phillips curves. These points are consistent with the theoretical short-run Phillips curve, but not with the long-run Phillips curve. These points are not consistent with either the theoretical short-run or long-run Phillips curves. These points are consistent with the theoretical long-run Phillips curve, but not with the short-run Phillips curve
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