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When considering the Phillips Curve, which statement below is the most accurate? During a recession when unemployment is high, inflation is also high in the
When considering the Phillips Curve, which statement below is the most accurate?
- During a recession when unemployment is high, inflation is also high in the income-expenditure model.
- In the income-expenditure model, inflation is low when GDP is below potential.
- The short-run Phillips Curve and Aggregate Supply curves are upward sloping.
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