In the Late 1960s, Milton Friedman and Edmund Phelps Identified

Multiple Choice

In the late 1960s, Milton Friedman and Edmund Phelps identified a major flaw in how economists were looking at the Phillips curve data. Economists were:

A) ignoring the role that is played by employment expectations.
B) giving too much weight to employment expectations.
C) ignoring the role that is played by inflation expectations.
D) giving too much weight to inflation expectations.