New Classical Economists Believe That the Potential Output of the Economy

question 5

True/False

New classical economists believe that the potential output of the economy is stable.

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Definitions:

Intuition

Rapidly formed judgments based on “gut feelings” or “instincts.”

Attitudes

Psychological tendencies expressed by evaluating a particular entity with some degree of favor or disfavor.

Stereotypes

Widely shared beliefs about the characteristic traits, attitudes, and behaviors of members of various social groups (racial, ethnic, or religious), including the assumption that the members of such groups are usually all alike.

Cognitions

The mental action or process of acquiring knowledge and understanding through thought, experience, and the senses.