Multiple Choice
In 1968, economist Milton Friedman published a paper that was critical of the Phillips curve. On what grounds did Friedman criticize the Phillips curve?
A) It seemed to work for wages but not for inflation.
B) Monetary policy was ineffective in combating inflation.
C) The tradeoff illustrated by the Phillips curve did not apply in the long run.
D) Phillips had made errors in collecting his data.
Correct Answer:
Verified
Correct Answer:
Verified
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