Friedman and Phelps Argued

question 54

Multiple Choice

Friedman and Phelps argued

• A)that in the long run,monetary growth did not influence those factors that determine the economy's unemployment rate.
• B)that the Phillips curve could be exploited in the long run by using monetary,but not fiscal policy.
• C)that the short-run Phillips curve was very steep,but not vertical.
• D)that there was neither a short-run nor long-run tradeoff between inflation and unemployment.

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Definitions:

Anxiety

A feeling of worry, nervousness, or unease about something with an uncertain outcome.

Baseline Physical Condition

An individual's state of physical health and capability before undergoing treatment, exercise, or a health intervention.

Environmental Influence

The impact that surroundings, including social, natural, and built environments, have on an individual's health and behaviors.

Fingerstick Glucose Testing

A method of monitoring blood glucose levels by obtaining a small blood sample from the fingertip.