The "Stagflation" of the 1970s ________ Keynesian Macroeconomics Until the Keynesians

question 10

Multiple Choice

The "stagflation" of the 1970s ________ Keynesian macroeconomics until the Keynesians started to build the consequences of changing inflationary expectations and ________ shocks into their models.

• A)reinforced the dominance,supply
• B)reinforced the dominance,demand
• C)deepened the eclipse,supply
• D)deepened the eclipse,demand

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Definitions:

Price Falls

A decrease in the market price of goods or services, often due to increased supply, decreased demand, or external economic factors.

Technological Advance

Progress in the development and application of scientific knowledge and tools that improve efficiency, productivity, and quality of life.

Production Costs

The expenses directly associated with the manufacture of goods or services, including labor, materials, and overhead.

Prices

The amount of money required to purchase a good, service, or asset.