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Arnold Economics 15

Economics by Arnold Chapter 15

What is the Original Phillips Curve? A curve showing the (negative) relationship between inflation and unemployment.
Milton Friedman believed that there was a short run trade-off between inflation and unemployment. True
Milton Friedman believed that there was a long run trade-off between inflation and unemployment. False
What is the term for high inflation and high unemployment? Stagflation
What is the Natural Rate of Unemployment? The unemployment rate the economy tend toward in the long run.
The economy can be in a long run equilibrium if the expected inflation rate is equal to the actual inflation rate. False
The model that says that people form their expectations for a variable (such as inflation) based on the past values of the the variable. Adaptive Expectations
The model that says that people form their expectations for a variable (such as inflation) by including their predictions of effects of government policy. Rational Expectations
Created by: bscollier



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