In Comparing the Views of Economists on Stabilization Policy in the 1960s

question 61

Multiple Choice

In comparing the views of economists on stabilization policy in the 1960s with the current views of economists on stabilization policy, one can say

• A)few economists in the 1960s favored stabilization policy, while most economists currently favor stabilization policy.
• B)economists' views on stabilization policy have changed very little since the 1960s.
• C)fewer economists currently believe it is possible to use stabilization policy to fine-tune the economy than in the 1960s.
• D)almost no economists in the currently believe stabilization policy should be used.

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Definitions:

Input

refers to the resources, materials, or labor used in the production of goods and services.

Units

Basic quantities or measurements used to express variables in various contexts, such as items, people, or currency.

Labor Demand Curve

A graphical representation showing the quantity of labor that firms are willing and able to hire at different wage levels, typically downward sloping.

Imperfectly Competitive

A market structure where individual sellers have some control over the market price due to product differentiation or other factors.