Microeconomics Ch 35
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A curve that shows the short-run trade-off between inflation and unemployment
The claim that unemployment enventually returns to its normal, or natural, rate, regardless of the rate of inflation
An event that directly alters firms' costs and prices, shifting the economy's aggregate-supply curve and thus the Phillips curve
The number of percent age ponts of annual output lost in the process of reducing inflation by 1 percentage point
The thoery that people optimally use all the information they have, including information about government policies, when forecasting the future
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