Multiple choice

The empirical relationship between the rate of unemployment and the rate of inflation in the short run was formalized by

  1. A. W. Phillips

  2. James Tobin

  3. Paul Samuelson

  4. John Maynard Keynes
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A Correct answer
Explanation

A.W. Phillips formalized the Phillips Curve, which shows an inverse short-run relationship between unemployment and inflation. John Maynard Keynes founded macroeconomics, Paul Samuelson developed neoclassical synthesis, and James Tobin contributed to portfolio theory - but none formalized this specific relationship.

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