Which of the Following Macroeconomic Schools of Thought Had Dominated

question 65

Multiple Choice

Which of the following macroeconomic schools of thought had dominated the economics profession from the 1940s through the 1960s?

• A)New classical economics
• B)Classical economics
• C)Keynesian economics
• D)Rational economics
• E)Positive economics

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Definitions:

Market Saturation

A situation in which a product or service has become so widespread that the market is considered fully served, limiting further growth.

Actual Market

The existing market where a company's products or services are currently being sold, as opposed to potential new markets.

Contribution Margin

The amount by which the sale of a product or service exceeds its production and selling costs, indicating how much contributes to covering fixed costs and generating profit.

Variable Cost

A cost that varies with the level of output or production, such as materials and labor costs.