In the 1960s,many Economists and Policy Makers Considered the Trade-Off

question 106

Multiple Choice

In the 1960s,many economists and policy makers considered the trade-off between inflation and unemployment revealed in the Phillips curve to be permanent.This belief was challenged by ________,who argued that there is no trade-off between inflation and unemployment and the long run.

• A)Robert Lucas and Thomas Sargent
• B)Finn Kydland and Edward Prescott
• C)Paul Samuelson and James Tobin
• D)Milton Friedman and Edmund Phelps

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Definitions:

Expansion

The process of enlarging the scale of operations, increasing the production capabilities, or broadening the scope of a business.

Quick-service Restaurant

A type of eating establishment known for fast food service and minimal table service, often part of a restaurant chain.

Franchising

A method of doing business wherein a franchisor licenses trademarks and proven methods of doing business to a franchisee in exchange for a recurring payment, and often a percentage of the franchisee's revenue.

Franchisors

Individuals or companies that grant a license to others allowing them to operate a business under the franchisor's brand and business model.