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The NAIRU hypothesis of Friedman and Phelps is based on: Differences between actual real wages and expected real wages Differences between actual real wages and

The NAIRU hypothesis of Friedman and Phelps is based on:

Differences between actual real wages and expected real wages

Differences between actual real wages and expected real wages
Changes in the absolute level of money prices.

Changes in the absolute level of money prices.
Government intervention in the labour market.

Government intervention in the labour market.
The assumptions underlying the Philips Curve.

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