A graphical representation of the relationship between inflation and unemployment.

A graphical representation of the relationship between inflation and interest rates.

A graphical representation of the relationship between unemployment and interest rates.

A graphical representation of the relationship between inflation and economic growth.

A downward-sloping curve.

An upward-sloping curve.

A horizontal line.

A vertical line.

A vertical line at the natural rate of unemployment.

A horizontal line at the natural rate of unemployment.

A downward-sloping curve that intersects the vertical line at the natural rate of unemployment.

An upward-sloping curve that intersects the vertical line at the natural rate of unemployment.

A downward-sloping curve that intersects the vertical line at the natural rate of unemployment.

A horizontal line at the natural rate of unemployment.

A vertical line at the natural rate of unemployment.

An upward-sloping curve that intersects the vertical line at the natural rate of unemployment.

The rate of unemployment that is consistent with stable inflation.

The rate of unemployment that is consistent with full employment.

The rate of unemployment that is consistent with zero inflation.

The rate of unemployment that is consistent with maximum employment.

Monetary policy can be used to shift the Phillips curve.

Monetary policy can be used to move the economy along the Phillips curve.

Monetary policy can be used to eliminate the trade-off between inflation and unemployment.

Monetary policy has no effect on the Phillips curve.

Fiscal policy can be used to shift the Phillips curve.

Fiscal policy can be used to move the economy along the Phillips curve.

Fiscal policy can be used to eliminate the trade-off between inflation and unemployment.

Fiscal policy has no effect on the Phillips curve.

The Phillips curve is only valid in the short run.

The Phillips curve is only valid in the long run.

The Phillips curve is only valid in the medium run.

The Phillips curve is only valid in the very long run.

Economic policy should focus on achieving a low rate of inflation and a low rate of unemployment.

Economic policy should focus on achieving a high rate of inflation and a high rate of unemployment.

Economic policy should focus on achieving a low rate of inflation and a high rate of unemployment.

Economic policy should focus on achieving a high rate of inflation and a low rate of unemployment.

The Phillips curve shows the relationship between inflation and unemployment, while the aggregate supply curve shows the relationship between the price level and the quantity of output supplied.

The Phillips curve shows the relationship between inflation and unemployment, while the aggregate supply curve shows the relationship between the price level and the quantity of output demanded.

The Phillips curve shows the relationship between inflation and the quantity of output supplied, while the aggregate supply curve shows the relationship between the price level and the quantity of output demanded.

The Phillips curve shows the relationship between inflation and the quantity of output demanded, while the aggregate supply curve shows the relationship between the price level and the quantity of output supplied.

The Phillips curve shows the relationship between inflation and unemployment, while the NAIRU shows the natural rate of unemployment.

The Phillips curve shows the relationship between inflation and unemployment, while the NAIRU shows the non-accelerating inflation rate of unemployment.

The Phillips curve shows the relationship between inflation and the quantity of output supplied, while the NAIRU shows the natural rate of unemployment.

The Phillips curve shows the relationship between inflation and the quantity of output demanded, while the NAIRU shows the non-accelerating inflation rate of unemployment.

The Phillips curve shows the relationship between inflation and unemployment, while the Beveridge curve shows the relationship between unemployment and job vacancies.

The Phillips curve shows the relationship between inflation and unemployment, while the Beveridge curve shows the relationship between unemployment and the labor force participation rate.

The Phillips curve shows the relationship between inflation and the quantity of output supplied, while the Beveridge curve shows the relationship between unemployment and job vacancies.

The Phillips curve shows the relationship between inflation and the quantity of output demanded, while the Beveridge curve shows the relationship between unemployment and the labor force participation rate.

The Phillips curve shows the relationship between inflation and unemployment, while Okun's law shows the relationship between unemployment and output.

The Phillips curve shows the relationship between inflation and unemployment, while Okun's law shows the relationship between unemployment and the labor force participation rate.

The Phillips curve shows the relationship between inflation and the quantity of output supplied, while Okun's law shows the relationship between unemployment and output.

The Phillips curve shows the relationship between inflation and the quantity of output demanded, while Okun's law shows the relationship between unemployment and the labor force participation rate.

The Phillips curve shows the relationship between inflation and unemployment, while the Friedman-Phelps curve shows the relationship between inflation and expected inflation.

The Phillips curve shows the relationship between inflation and unemployment, while the Friedman-Phelps curve shows the relationship between inflation and the natural rate of unemployment.

The Phillips curve shows the relationship between inflation and the quantity of output supplied, while the Friedman-Phelps curve shows the relationship between inflation and expected inflation.

The Phillips curve shows the relationship between inflation and the quantity of output demanded, while the Friedman-Phelps curve shows the relationship between inflation and the natural rate of unemployment.