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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