Economists and policy makers questioned the effectiveness of discretionary fiscal policy during the 1970s for all the following reasons except:
a. the difficulty of estimating the natural rate of unemployment
b. the time lags involved in implementing fiscal policy.
c. the existence of possible feedback effects of fiscal policy on aggregate supply.
d. the distinction between current and permanent income.
e. the possible feedback effects of fiscal policy on aggregate demand.
e
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Indicate whether the statement is true or false
In the United States, the working-age population refers to the:
A. civilian, noninstitutional population aged 16 and over. B. population of those aged 16 and over. C. civilian, noninstitutional population of those between age 16 and age 64. D. noninstitutional population of those between ages 16 and 64.