What Is the Consensus Among Most Economists Today with Respect

question 208

Multiple Choice

What is the consensus among most economists today with respect to the management of unemployment?

• A) Government can't do anything about it.
• B) Expansionary policy can be used to achieve permanently low unemployment.
• C) Unemployment cannot be kept below the natural rate.
• D) Unemployment cannot be kept anywhere near the natural rate.

---

Definitions:

Total Costs

The aggregate of all expenses associated with manufacturing products or services, which includes fixed and variable costs.

Most Efficient Output

The level of production at which a firm achieves the lowest possible cost per unit, maximizing productivity and minimizing waste.

Short Run

A period in economic analysis where at least one input is fixed and cannot be adjusted by firms, contrasting with the long run where all inputs are variable.

Total Profit

The amount of financial gain made by a business or individual after accounting for all expenses and costs.