Milton Friedman and Edmund Phelps questioned
A) the use of expectations in the Phillips curve.
B) the stability of the relationship between inflation and unemployment.
C) the existence of a natural rate of unemployment.
D) the existence of a full-employment level of output.
B
You might also like to view...
A modified version of utilitarianism proposed by John Rawls states that
A) the distribution of the economic pie is fair if the rules are fair. B) the distribution of the economic pie is fair if it achieves the greatest happiness for the greatest number of people. C) the fair distribution of the economic pie is the one that makes the poorest person as well off as possible. D) goods may be transferred from one person to another only by voluntary exchange.
Stock markets transactions involve
A. exclusively in newly issued stocks. B. purchases and sales of previously issued stocks. C. in both newly issued and previously issued stocks, but they do not deal in bonds. D. in large amounts of both newly issued and previously issued stocks and bonds.
According to the text, what is not a pre-condition for factory production and industrialization?
a. Standardized parts b. Sufficient power and energy c. Continuous process production d. A sufficiently centralized administrative structure
To prevent inflation caused by holding so much foreign currency, China must
A. Allow a floating yuan to cause it to appreciate. B. Allow the dollar to float. C. Allow the yuan to float with supply and demand and cause it to depreciate. D. Fix its exchange rate lower.