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Question
According to Friedman and Phelps, which of the following statements is a correct characterization of unemployment and inflation in the United States since the 1950s?
A) A trade-off between inflation and unemployment as pictured in the Phillips curve existed over the entire time period.
B) A trade-off between inflation and unemployment as pictured in the Phillips curve existed in the 1970s and 1980s, but not over the entire period.
C) The relationship between inflation and unemployment is very different from the Phillips curve. A positive relationship is evident rather than an inverse relationship.
D) There is no clear relationship between unemployment and inflation.
Answer
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