Practice Quiz

Praxis II Social Sciences Content Knowledge Exam Prep

Category - Macroeconomics

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Structural rate of unemployment is also referred to as the natural rate of unemployment and it is consistent with aggregate production. The two economists who developed this concept in the 1960s are:
  1. Phillips & Phelps
  2. Phelps & Adams
  3. Friedman & Phelps
  4. Phillips & Adams
Explanation
Answer - C - Friedman & Phelps are two economists who developed the concept of the natural state of unemployment.

Key Takeaway: The natural rate of unemployment (structural unemployment) is a concept developed by Milton Friedman and Edmund Phelps in the 1960s. According to them, the natural rate of unemployment is consistent with a country’s aggregate production over the long term.
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