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Asked by Haley Althaus on Jun 10, 2024

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Friedman and Phelps believed that the natural rate of unemployment was constant.

Friedman And Phelps

Economists Milton Friedman and Edmund Phelps, known for their work on the natural rate of unemployment and the expectations-augmented Phillips curve.

Natural Rate

The long-term equilibrium rate of unemployment or economic output, unaffected by short-term fluctuations.

Constant

A fixed value or term that does not change in mathematical equations or scientific experiments.

  • Gain an understanding of the natural unemployment rate and what determines it.
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Erika SandovalJun 15, 2024
Final Answer :
False
Explanation :
Friedman and Phelps argued that the natural rate of unemployment is not constant but varies over time due to factors such as changes in labor market dynamics, technology, and institutions.

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