In the 1980s, U

question 88

Multiple Choice

In the 1980s, U.S.economists acknowledged that, it was not possible to exploit the tradeoff suggested by the Philips curve of the 1960s.This realization led to more stable macroeconomic policy, which in turn contributed to:

• A)more volatility in real output.
• B)less volatility in real output.
• C)complete removal of unemployment.
• D)more volatility in the price level.
• E)short business cycles.

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Definitions:

Spanish Inquisition

An institution established by the Catholic Monarchs of Spain in 1478 to maintain Catholic orthodoxy within their kingdoms and used for the persecution of heretics and other religious minorities.

Dutch Revolt

The 16th-century rebellion in the Netherlands against the Spanish Empire, leading to the independence of the Dutch Republic.

Economic Reasons

The motivations or factors related to financial gains, economic stability, or the pursuit of wealth that influence decisions or policies.

Religious Reasons

Motivations or justifications for actions, policies, or beliefs based on religious faith, doctrines, or interpretations.