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

question 66

Multiple Choice

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

• A)that inflation is directly related to expectations of future inflation
• B)that inflation is negatively related to the unemployment gap
• C)that in the long run unemployment will be at the natural rate
• D)all of the above
• E)none of the above

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Definitions:

Humanist

A person or scholar who focuses on the study of the humanities, emphasizing the value and agency of human beings.

Behaviorist

A psychologist or researcher who studies behavior through the lens of behaviorism, a theory of learning based on the idea that all behaviors are acquired through conditioning.

Psychodynamic

A psychological theory or approach that emphasizes the interplay of unconscious psychological processes in shaping feelings, thoughts, and behaviors.

Collectivist

Pertaining to cultures or societies that prioritize the group over individual interests, emphasizing community, cooperation, and interdependence.