The Idea That the Long-Run Phillips Curve Is

question 118

Multiple Choice

The idea that the long-run Phillips curve is

• A)vertical stems from the analysis of Samuelson and Solow.
• B)vertical stems from the analysis of Friedman and Phelps.
• C)vertical was disproved by the experiment that monetary and fiscal policymakers inadvertently created in the 1970s.
• D)downward-sloping can be correct if unemployment responds very quickly to unexpected inflation.

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Definitions:

Addiction

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Solomon

Richard L. Solomon was an American psychologist known for his work on the opponent-process theory of emotions, which explains complex emotional and motivational states.

Withdrawal Symptoms

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A psychological and neurological model that explains how the perception of colors is controlled by the operation of opposing neural systems.