In the 1960s, Many Economists and Policy Makers Considered the Trade-Off

question 182

Multiple Choice

In the 1960s, many economists and policy makers considered the trade-off between inflation and unemployment revealed in the Phillips curve to be permanent.This belief was challenged by ________, who argued that there is no trade-off between inflation and unemployment in the long run.

• A)Robert Lucas and Thomas Sargent
• B)Finn Kydland and Edward Prescott
• C)Paul Samuelson and James Tobin
• D)Milton Friedman and Edmund Phelps
• E)Paul Krugman and Joseph Stiglitz

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Definitions:

Boreal Forests

Vast biomes consisting primarily of coniferous trees, located in the northern regions across the taiga zone, known for cold climates and long winters.

Ice Cap

A mass of ice that covers less than 50,000 square kilometers but blankets land completely, often found in polar and subpolar regions.

Broadleaf Trees

Trees characterized by wide, flat leaves as opposed to needle-like leaves, common in deciduous forests.

Dormant

A state of physical or biological inactivity or rest, during which growth, development, and physical activity are temporarily stopped.