The primary factor that caused most economists to lose their faith in the classical approach to macroeconomic policy was
A) the high levels of unemployment that occurred during the Great Depression.
B) the presence of both high unemployment and high inflation during the 1970s.
C) the theoretical proof that classical ideas were invalid.
D) the evidence that classical ideas were useful during economic booms, but not during economic recessions.
A
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If the price of a resource reaches the choke price, that means that
a. The physical reserves are zero b. The economic reserves are zero c. The environmental costs have been fully internalized d. Environmental costs need to be internalized e. Prices will continue to fall
Using the Rule of 70, if China's current growth rate of real GDP per person was 7 percent a year, how long would it take the country's real GDP per person to double?
A) 35 years B) 14 years C) 10 years D) 49 years