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Tax Cuts and Economic Effects: Analyzing the Phillips Curve in the United States

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Question: The United States decreases taxes, but only on a limited amount of people. How will this affect either the: Long Run Phillips Curve, or Short Run Phillips Curve. Question 17 options: Long Run Phillips Curve Shifts Right. Long Run Phillips Curve Shifts Left. Movement along the Short Run Phillips Curve up and left. Movement along the Short Run Phillips Curve down and right. Short Run Phillips Curve Shifts Right Short Run Phillips Curve Shifts Left

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The Phillips Curve depicts the relationship between inflation and unemployment. A cut in taxes for a limited number of people would put more money into their hands, which could lead to an increase in demand for goods and services. This could potentially lead to a decrease in unemployment and an increase in inflation in the short term. Therefore, the appropriate answer is: Movement along the Short Run Phillips Curve down and right.

Answered by gpt-4

April 17, 2024, 6:52 a.m.

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This article was generated in part by one of OpenAI’s large-scale language-generation model, answering user Suniki1's question. Images were generated with OpenAI's AI model, DALL·E 2. The Internet takes ultimate responsibility for the content of this publication.
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Published: Wednesday, April 17, 2024

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