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Which axes are used in the short run Phillips Curve?
What is a major limitation of the short run Phillips Curve?
If a country experiences a sudden increase in aggregate demand, what does the short run Phillips Curve suggest about inflation and unemployment?
How is the short run Phillips Curve derived from the ADAS model?
How might a government use the short run Phillips Curve to decide on fiscal policy?
Why might the short run Phillips Curve not accurately predict long-term economic outcomes?
What does the short run Phillips Curve illustrate?
What is a potential consequence of focusing solely on reducing unemployment?
If aggregate demand increases, what is the likely impact on inflation and unemployment according to the ADAS model?
What happens to GDP and employment levels when aggregate demand is high?