In Practice, Economists

question 50

Multiple Choice

In practice, economists:

• A)agree about what the level of potential output is but disagree about what policies are appropriate.
• B)disagree about what the level of potential output is but agree about what policies are appropriate.
• C)agree about what the level of potential output is and about what policies are appropriate.
• D)disagree about what the level of potential output is and about what policies are appropriate.

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Definitions:

Transformational Leadership

A leadership style that seeks to create significant change in both followers and the organization through vision, inspiration, and challenging the status quo.

Path-Goal Theory

A leadership theory that suggests a leader's role is to guide followers along a path to achieve their goals by selecting specific behaviors that are best suited to the followers' needs and the task at hand.

Locus of Control

A psychological concept referring to individuals' beliefs about the extent to which outcomes of their actions are under their own control (internal locus) or influenced by external factors (external locus).

Skill And Experience

The proficiency gained in performing tasks competently, often accompanied by knowledge acquired through direct participation or practice.