For Many Government Decision Makers, the Original Phillips Curve Implied

Multiple Choice

For many government decision makers, the original Phillips curve implied

A) a trade-off between lowering unemployment at the cost of higher inflation or lowering inflation at the cost of higher unemployment
B) that active stabilization policy will always work if applied correctly
C) that severe recessions were a thing of the past, as unemployment could easily adjust to its natural rate
D) that the natural rate of unemployment can be lowered by expansionary monetary policy
E) all of the above