Milton Friedman and Edmund Phelps Contributed Which Insight(s)to Phillips Curve

question 20

Multiple Choice

Milton Friedman and Edmund Phelps contributed which insight(s) to Phillips curve analysis?

• A)that firms and workers care about nominal,not real wages
• B)that wages have a one-to-one relationship with inflation
• C)that,in the long run,the level of unemployment is independent of inflation
• D)all of the above
• E)none of the above

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Definitions:

Nature

All aspects of the material world such as animals, plants, landscapes, and earth's own creations, excluding human-made objects and structures.

Nurture

The process of caring for and encouraging the growth or development of someone or something, often emphasizing the environmental influences on development.

Authoritative

Pertaining to a style of parenting or leadership that is firm, fair, and nurturing, balancing demands with responsiveness.

Demanding

Requiring much time, effort, or attention, often in a way that is challenging or strenuous.