Mainstream Economists Think That

question 105

Multiple Choice

Mainstream economists think that:

• A) Market participants change their actions in response to anticipated price-level changes such that no change in real output occurs
• B) The economy self-corrects when unanticipated events divert it from its full-employment level of real output
• C) The downward inflexibility of wages and prices may leave the economy stuck in a costly recession for long periods
• D) Significant changes in technology and resource availability cause macroeconomic instability

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Definitions:

Encoding Step

The process by which information is transformed into a format that can be stored, transferred, or processed, especially in communication and data storage.

Basic Communication Process

The fundamental process involving a sender transmitting a message through a channel to a receiver, potentially including feedback.

Agenda

is a list or plan of items to be discussed, actions to be taken, or objectives to be achieved during a meeting or event.

Training

The act of teaching or developing in oneself or others any skills and knowledge that relate to specific useful competencies.