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:

Neolithic

The final stage of cultural evolution or technological development among prehistoric humans, characterized by the transition from nomadic hunting and gathering to settled farming and community living.

Biological Traits

Characteristics or features of organisms that can be observed and are often determined by genetic inheritance.

Gene Flow

The transfer of genetic material from one population to another, enhancing genetic diversity within populations.

Genetic Drift

A mechanism of evolution that results in a change in the frequency of alleles in a population due to random sampling of organisms.