Which of These Was a Lesson That Economists Learned from the Battle

question 26

Multiple Choice

Which of these was a lesson that economists learned from the battle with stagflation in the late 1970s and early 1980s?

• A)The money supply matters and has a very real impact on economic activity.
• B)Unemployment rates and inflation rates move in opposite directions.
• C)High inflation rates are more devastating to a society than high unemployment rates.
• D)Interest rates are more important than the money supply at a national level.

Comprehend the legal concept of performance standards in contracts.

Distinguish between anticipatory repudiation and actual breach of contract.

Grasp the concept of impracticability and impossibility in contract law.

Understand the doctrine of good faith and fair dealing in contractual relationships.