According to Friedman and Phelps, Which of the Following Statements

question 269

Multiple Choice

According to Friedman and Phelps, which of the following statements is a correct characterization of unemployment and inflation in the United States since the 1950s?

• A) A trade-off between inflation and unemployment as pictured in the Phillips curve existed over the entire time period.
• B) A trade-off between inflation and unemployment as pictured in the Phillips curve existed in the 1970s and 1980s, but not over the entire period.
• C) The relationship between inflation and unemployment is very different from the Phillips curve. A positive relationship is evident rather than an inverse relationship.
• D) There is no clear relationship between unemployment and inflation.

---

Definitions:

Osmium

A dense, hard, bluish-white transition metal in the platinum group that is the most dense naturally occurring element.

Isotope

A variant of a particular chemical element which differs in neutron number, though it shares the same number of protons.

Electrons

Negatively charged subatomic particles with a very small mass, found orbiting the nucleus of an atom.

Oxygen

A chemical element with symbol O, essential for respiration in many organisms and important in various industrial processes.