If a Group of Economists Believes the Following Points Are

question 45

Multiple Choice

If a group of economists believes the following points are true, which is likely to be their policy making stance?
∙ Aggregate demand shocks have no long run effect on real Gross Domestic Product (GDP) or unemployment.
∙ Pure competition is widespread throughout the economy.
∙ Real wages are flexible.
∙ The Phillips Curve trade-off does not exist in the long run.

• A)They will support active policy making.
• B)They will support passive policy making.
• C)They will support discretionary policy making.
• D)They will argue that any attempt at economic policy making is futile.

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