A Person Following a Liberal Ideology Would Likely Approve of

question 29

Multiple Choice

A person following a liberal ideology would likely approve of

• A) a low degree of state autonomy.
• B) increased levels of state capacity.
• C) reduced rights of public association.
• D) reduced competition among individuals.

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Definitions:

Aggregate Supply

The total supply of goods and services that firms in an economy are willing and able to sell at a given overall price level in a specified time period.

Classical Economists

Economists from the 18th and 19th centuries who focused on developing theories about the functioning of markets and economies.

Recessions

Times of short-term economic downturn characterized by a decrease in commerce and industrial operations, usually recognized by a decrease in Gross Domestic Product (GDP) for two consecutive quarters.

Depressions

Extended periods of significant decline in economic activity across an economy, characterized by high unemployment, low consumer spending, and reduced industrial output.