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Question
The stagflation experienced in the U.S. during the late 1960s and the 1970s showed us that
A) the Phillips curve accurately represents the trade-off between unemployment and inflation.
B) both inflation and economic expansion could exist simultaneously.
C) the relationship between unemployment and inflation was not as clear -cut as presented on the Phillips curve.
D) it is possible to alleviate economic stagflation through the government discretionary fiscal policy.
Answer
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