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the longrun Phillips curve would shift right, and the longrun aggregate supply curve would shift left.
C. the longrun Phillips curve would shift right, and the longrun aggregate supply curve would shift left. D. the longrun Phillips curve would shift left, and the longrun aggregate supply curve would shift right. ANSWER: c. the longrun Phillips curve would shift right, and the longrun aggregate supply curve would shift left. TYPE: M DIFFICULTY: 2 SECTION: 17.2 54. Which of the following is upward sloping? A. both the longrun and the shortrun Phillips curve b. neither the longrun nor the shortrun Phillips curve c. only the longrun Phillips curve d. only the shortrun Phillips curve ANSWER: b. neither the longrun nor the shortrun Phillips curve TYPE: M DIFFICULTY: 1 SECTION: 17.2 55. Which of the following is downward sloping? A. both the longrun and the shortrun Phillips curve b. neither the longrun nor the shortrun Phillips curve c. only the longrun Phillips curve d. only the shortrun Phillips curve ANSWER: d. only the shortrun Phillips curve TYPE: M DIFFICULTY: 1 SECTION: 17.2 56.
