Friedman and Phelps Argued That the Phillips Curve Could Not

question 39

Multiple Choice

Friedman and Phelps argued that the Phillips curve could not be stable because

• A)it was not consistent with economic theory.
• B)it was not supported by the data.
• C)they thought the relationship was between the unanticipated inflation and unemployment.
• D)they thought the relationship was between the inflation and cyclical unemployment.

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