Milton Friedman Argued That There

question 90

Multiple Choice

Milton Friedman argued that there

• A) are two Phillips curves,a short-run one and a long-run one.
• B) are three Phillips curves,a short-run one,a long-run one,and one in stagflation.
• C) is one Phillips curve,and it is vertical.
• D) is one Phillips curve,and it is nearly flat or horizontal.

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Definitions:

Allocation

The process of assigning indirect costs to specific cost objects, such as products or departments.

Journal Entry

A record in accounting that logs a transaction and shows the affected accounts in debit and credit form.

Predetermined Overhead Rate

A rate used to allocate estimated manufacturing overhead costs to individual units of production, based on a particular activity base.

Direct Labor-Hours

The totality of hours devoted by workers directly engaged in the fabrication of products.