Friedman and Phelps Concluded That

question 119

Multiple Choice

Friedman and Phelps concluded that

• A)in the long run the Phillips curve is downward sloping,which is consistent with classical theory.
• B)in the long run the Philips curve is downward sloping,which is inconsistent with classical theory.
• C)in the long run the Phillips curve is vertical,which is consistent with classical theory.
• D)in the long run the Phillips curve is vertical,which is inconsistent with classical theory.

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Definitions:

Job Evaluation Results

The outcomes derived from a systematic process of determining the relative worth of various jobs within an organization, often influencing compensation.

Point Method

A job evaluation system where different aspects of a job are broken down into factors, each of which is then assigned a score or point value to determine relative worth.

Point Scores

A method used in job evaluation that assigns numeric scores to different aspects of a job's requirements to assess its relative worth.

Correlation Coefficient

A numerical measure that indicates the degree and direction of a relationship between two or more variables, with values ranging between -1 and 1.