Friedman and Phelps Believed That the Natural Rate of Unemployment

question 221

True/False

Friedman and Phelps believed that the natural rate of unemployment was constant.

---

Definitions:

Pressure

The psychological experience produced by urgent demands or expectations for a person’s behavior that come from an outside source.

Norms

Shared expectations or rules that guide behavior within a group or society.

Conformity

The action of aligning one's attitudes, beliefs, or behaviors to match those of a group or societal norms, often due to real or perceived social pressure.

Asch's Studies

A series of experiments conducted by Solomon Asch examining how peer pressure to conform would influence an individual's judgment.