The Phillips Curve Originally Appeared to Demonstrate a Trade-Off Between

question 23

Multiple Choice

The Phillips curve originally appeared to demonstrate a trade-off between inflation and unemployment.This was later thought to be deficient because

• A)it was later recognized that inflation and unemployment were unrelated.
• B)the influence on aggregate demand had not been incorporated.
• C)changes in unemployment had not been incorporated.
• D)the effects of fiscal policy on aggregate demand had not been incorporated.
• E)inflationary expectations had not been incorporated.

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Definitions:

Evaluation Procedures

Formal methods and processes used to assess the effectiveness or performance of employees, projects, or programs.

Justice View

A perspective focusing on fairness in the distribution of rewards and burdens among members of a society or organization.

Utilitarian View

An ethical perspective that suggests actions are right if they are beneficial or bring the greatest good to the greatest number of people.

Ethical Behaviour

Conduct that is in accordance with accepted principles of right or wrong governing the conduct of a profession.