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Both Milton Friedman and Edmund Phelps Argued That

Question 96

Multiple Choice

Both Milton Friedman and Edmund Phelps argued that


A) there was no trade-off between inflation and unemployment in the long run.
B) the Phillips curve represented a menu of policy choices in the long run.
C) permanently higher inflation was the cost of permanently lower unemployment in the long run.
D) permanently higher unemployment was the cost of permanently lower inflation in the long run.

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