Milton Friedman and Edmund Phelps ______ of the Phillips curve.
a. questioned the short-term validity
b. questioned the long-term validity
c. proved the basic principle
d. created the general concept
b. questioned the long-term validity
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Changes in the federal funds rate:
A) change the long-run expected interest rates in the same direction. B) change the long-run expected interest rates in the opposite direction. C) can change the long-run expected interest rate either in any direction depending on the magnitude of the change in the federal funds rate. D) have no effect on the long-run expected interest rate.
The result that the growth rate of output per worker is equal to 1.43 × is ________
A) true of the Solow model only B) true of both the Solow model and the Romer model C) true of the Romer model only D) true under the common-law legal system only