"The Fed is obsessed with inflation. As a result, they have kept unemployment rates excessively high for the past fifteen years." A person with this view most likely believes in:

a constant natural rate of unemployment.
a stable, downward-sloping Phillips Curve.
a vertical long run aggregate supply curve.
perfectly flexible prices and wages.

As a result of what happened in the 1970s, most economists came to believe that macroeconomic policy could, in the long run, control:

both unemployment and inflation.
only unemployment, but not inflation.
only inflation, but not unemployment.
neither inflation nor unemployment.

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