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Answer and Explanation:
Phelps criticized Friedman's position, because he said it was totally irrelevant to analyze the tax functions of inflation without assessing product demand, as Friedman suggested in his theory. He stated that this would only be possible if there was a way to predict an optimal rate of inflation in different situations of demand and supply, otherwise, in Phelps' words it would be the same as "Professor Friedman gave us Hamlet without a prince".
Phelps' positioning would be better considered by the RBC model, since this model is based on real and not imaginary facts.
The sectors of an economy are interdependent and are vital in measurement of economy for reason that includes:
- they evaluate the PCI
- they evaluate GDP that equals the sum of value of final goods and services in each sector
<h3>What caused an economic interdependence?</h3>
The creation of economic interdependence was caused by factors such as the industrialization, economic advancement, labor specialization, regional production etc.
In the modern times, an economic Interdependence also leads to globalization which triggers international relations and an efficient trading system among economies.
Hence, the sectors of an economy are interdependent and are vital in measurement of economy for reason that includes evaluates the PCI and GDP that equals the sum of value of final goods and services in each sector.
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Answer: A method of protection.
Explanation: The Northern Rockies Ecosystem Protection Act is a method of protecting the large amount of endangered species, such as grizzly bears and bull trout. It also helps provide jobs, such as restoring old roads.