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Which of the following statements is true of the U.S. experience with regards to the Phillips curve hypothesis?
I. Values of inflation and unemployment rates during the 1960s generally conformed to the tradeoff implied by the Phillips curve.
II. Annual observations of inflation and unemployment from 1961 to 2015 do not
Seem consistent with a Phillips curve.
III. Annual observations of inflation and unemployment from 1961 to 2015 seem consistent
With a Phillips curve.
Fair Coin
A hypothetical coin that has an equal probability of landing on heads or tails when flipped.
Fair 6-Sided Die
An unbiased die with six faces, each representing one of the numbers from 1 to 6, with an equal probability of landing on any number.
Equally Likely
A situation or event that has the same probability of occurring as not occurring.
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A sequence or listing of genders, often reflecting societal, biological, or personal identification classifications.
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