What Can Be Concluded from Milton Friedman and Edmund Phelps

question 73

Multiple Choice

What can be concluded from Milton Friedman and Edmund Phelps' expectations-augmented Phillips curve?

• A)that there is no long run tradeoff between unemployment and inflation
• B)that there is a short run tradeoff between unemployment and inflation
• C)that there are two types of Phillips curves
• D)all of the above
• E)none of the above

---

Definitions:

Motivational Factors

Elements that influence the enthusiasm, direction, and persistence of behavior or actions.

Attitudinal Factors

Components or aspects of attitudes that influence individuals' behavior and perceptions.

Intellectual Functioning

A measure of a person's mental capacity, including abilities such as reasoning, problem-solving, planning, abstract thinking, complex idea comprehension, and learning from experience.

Individual Differences

Variations among individuals in their mental, emotional, and behavioral characteristics, often studied in psychology to understand diversity in human behavior.