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:

Low Birth Weight

A condition where a newborn weighs less than 2,500 grams (5 pounds, 8 ounces) at birth, often associated with preterm birth or poor fetal growth.

Oxygenation

The process of providing or adding oxygen to the body or a biological environment.

Neutral Thermal Environment

A condition in which the environment contributes to maintaining a body's core temperature without needing to increase metabolic heat production.