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:

Legal Custody

The legal authority granted to a parent or guardian to make significant decisions regarding a child's welfare, including education, medical care, and religious upbringing.

Physical Custody

A legal term referring to with whom a child lives and who is responsible for the daily care and decision-making for the child.

Kinship Care

A type of caregiving situation where a child is raised by relatives or close family friends when the biological parents are unable to do so.

Same-sex Families

Households led by couples of the same gender, either with or without children.