In the IS-LM-Aggregate Supply model, the natural rate of unemployment is associated with:
Friedman's Expectation Model is based on the idea that individuals form their expectations of future inflation based on:
Which concept suggests that individuals form their expectations of future economic conditions based on past experiences and past information?
Test your understanding of the IS-LM model, aggregate demand curve, determination of equilibrium national income and price level, long run Phillips curve, Friedman's expectation model, Tobin's modified Phillips curve, adaptive expectations, and rational expectations.
Make Your Own Quiz
Transform your notes into a shareable quiz, with AI.Get started for free