What Can Be Concluded from Milton Friedman and Edmund Phelps

question 40

Multiple Choice

What can be concluded from Milton Friedman and Edmund Phelps' expectations-augmented Phillips curve?

• A)that there is a long run tradeoff between unemployment and inflation
• B)that there is a short run tradeoff between unemployment and inflation
• C)that inflation is positively related to the unemployment gap
• D)all of the above
• E)none of the above

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Definitions:

Sociocultural Theory

A theory of development that stresses the importance of social interaction and the cultural context in which people live and how these factors affect individual learning and behavior.

Operant Conditioning

A pedagogical strategy that aims to alter the robustness of a behavior by deploying either incentives or punitive measures.

Classical Conditioning

A type of learning in which a neutral stimulus comes to evoke a response after being paired with a stimulus that naturally brings about that response.

Exposure And Response Prevention

A cognitive-behavioral therapy technique for treating anxiety disorders that involves repeated exposure to an anxiety source without acting on compulsive behaviors.