Both Milton Friedman and Edmund Phelps Argued That

question 96

Multiple Choice

Both Milton Friedman and Edmund Phelps argued that

• A) there was no trade-off between inflation and unemployment in the long run.
• B) the Phillips curve represented a menu of policy choices in the long run.
• C) permanently higher inflation was the cost of permanently lower unemployment in the long run.
• D) permanently higher unemployment was the cost of permanently lower inflation in the long run.

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Definitions:

Skills

Abilities or expertise developed through practice and training, which enable someone to perform specific tasks effectively.

Maslow's Hierarchy

A psychological theory proposing a hierarchy of human needs, from basic physiological needs to self-actualization, affecting motivation.

Fulfilling Career

Employment that is rewarding and satisfies one's job expectations, interests, and personal goals.

Self-actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.