One of the Ideas That Found a Permanent Place in Macroeconomics

question 15

Multiple Choice

One of the ideas that found a permanent place in macroeconomics after Milton Friedman's presidential address to the American Economic Association in 1967 was that

• A) there is not only a temporary tradeoff between inflation and unemployment,but a permanent tradeoff as well.
• B) the tradeoff between unemployment and inflation exists only in the long run,but not in the short run.
• C) people's expectations about economic events affect economic outcomes.
• D) a and b

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Definitions:

Peer-to-peer Processing

A method of computing where each participant in a network can act as both a supplier and consumer of resources, sharing their computing power and data directly with others without the need for centralized control.

Internet Backbone

A core network of high-capacity data transmission lines and routers that provides the foundation for high-speed internet access across different regions and countries.

Fiber-optic

Refers to the technology that uses thin, flexible fibers of glass or plastic to transmit data as pulses of light.

Client/server Computing

A computing architecture that divides tasks between servers that provide resources or services and clients that request them.