The Friedman-Phelps Critique of the Phillips Curve Focused on the Observation

question 119

Multiple Choice

The Friedman-Phelps critique of the Phillips curve focused on the observation that ________.

• A)workers care primarily about nominal wages and therefore higher inflation would induce them to supply more labour
• B)workers care primarily about nominal wages and therefore higher inflation would induce them to supply less labour
• C)workers care primarily about real wages and therefore higher inflation would induce them to demand higher nominal wages which would result in higher aggregate output
• D)workers care primarily about real wages and therefore higher inflation would induce them to demand higher nominal wages which would result in no increase in aggregate output

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