Final answer:
The analysis of Friedman and Phelps argues that any change in expected inflation has no impact on the unemployment rate.
Step-by-step explanation:
The analysis of Friedman and Phelps argues that any change in inflation that is expected has no impact on the unemployment rate. This statement is true. According to the neoclassical view of the long-term Phillips curve tradeoff, there is a temporary trade-off between inflation and unemployment, but there is no permanent trade-off.
In other words, any short-term gains in lower unemployment due to inflation will eventually vanish, and active policy will only result in more inflation.