Economic opinions on the Phillips curve have changed since the 1960s, the standard curve shows an inverse relationship between inflation and unemployment, the 1970s curve displays stagflation, and determining the current position on the graph requires recent unemployment and inflation rate comparison.
a) Economic opinion regarding the Phillips curve has evolved since the 1960s. Initially, there was a belief in a stable trade-off between inflation and unemployment. However, as economic conditions changed, many economists began to question the curve's reliability.
b) A standard Phillips Curve typically shows a downward-sloping curve, indicating the inverse relationship between inflation and unemployment.
c) The Phillips Curve for the 1970s showed a shift, deviating from the previous trade-off as stagflation occurred, indicating high inflation coupled with high unemployment.
d) To determine the current position on the Phillips Curve graph, you would need to compare the current unemployment and inflation rates. Depending on these rates, we would be located at a point indicating the current relationship between inflation and unemployment.
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