Milton Friedman and Edmund Phelps Argued in the Late 1960s

Multiple Choice

Milton Friedman and Edmund Phelps argued in the late 1960s that in the long run the Phillips curve is

A) downward-sloping, which implies that monetary and fiscal policies can influence the level of unemployment in the long run.
B) downward-sloping, which implies that monetary and fiscal policies cannot influence the rate of inflation in the long run.
C) vertical, which implies that monetary and fiscal policies cannot influence the level of unemployment in the long run.
D) vertical, which implies that monetary and fiscal policies cannot influence the rate of inflation in the long run.