Milton Friedman and Edmund Phelps Contributed Which Insight(s)to Phillips Curve

question 20

Multiple Choice

Milton Friedman and Edmund Phelps contributed which insight(s) to Phillips curve analysis?

• A)that firms and workers care about nominal,not real wages
• B)that wages have a one-to-one relationship with inflation
• C)that,in the long run,the level of unemployment is independent of inflation
• D)all of the above
• E)none of the above

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Definitions:

Dorsolateral Prefrontal

An area of the prefrontal cortex involved in executive functions such as working memory, cognitive flexibility, planning, inhibition, and abstract reasoning.

Visual Memory

The ability to remember or recall information such as objects, symbols, or scenes, processed by the visual system.

Left Frontal

Pertaining to the left front part of the brain, which is associated with functions such as reasoning, planning, parts of speech, and movement.

Right Temporal

Pertains to the area in the brain's temporal lobe on the right hemisphere, often associated with visual memory, processing of music, and spatial navigation skills.