Friedman and Phelps Argued

question 54

Multiple Choice

Friedman and Phelps argued

• A)that in the long run,monetary growth did not influence those factors that determine the economy's unemployment rate.
• B)that the Phillips curve could be exploited in the long run by using monetary,but not fiscal policy.
• C)that the short-run Phillips curve was very steep,but not vertical.
• D)that there was neither a short-run nor long-run tradeoff between inflation and unemployment.

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Definitions:

Logical Fallacy

False reasoning that occurs when someone attempts to persuade without adequate evidence or with arguments that are irrelevant or inappropriate.

Bandwagon

A phenomenon where people do something primarily because others are doing it, regardless of their own beliefs.

Training

A type of informative speaking, in which a trainer seeks to develop specific skills in listeners to help them perform a specific job or task more effectively.

Informative Speaking

The act of delivering speeches aimed at educating the audience on a specific topic, enhancing their knowledge or understanding.