Friedman and Phelps Argued

question 54

Multiple Choice

Friedman and Phelps argued

• A)that in the long run,monetary growth did not influence those factors that determine the economy's unemployment rate.
• B)that the Phillips curve could be exploited in the long run by using monetary,but not fiscal policy.
• C)that the short-run Phillips curve was very steep,but not vertical.
• D)that there was neither a short-run nor long-run tradeoff between inflation and unemployment.

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Definitions:

General Lineage Species Concept

The general lineage species concept is the idea that species are metapopulations of organisms that exchange alleles frequently enough that they constitute the same gene pool and therefore the same evolutionary lineage.

Biological

Pertaining to the science of life and living organisms, including their structure, function, growth, origin, evolution, and distribution.

Asexually

Reproduction without the fusion of gametes, leading to offspring genetically identical to the parent.

Archaea

A category of single-celled organisms, distinct in genetics from both bacteria and eukaryotes, frequently located in environments of extreme conditions.