During the 1970s, demand-management policy:
a. continued to be highly successful in curing the economy's economic problems.
b. was found to be highly unsuitable in periods of stagflation such as the decade of the 1970s.
c. was so unsuccessful that economists advised a return to the pre-World War II philosophy of fiscal policy.
d. was unsuccessful because automatic stabilizers no longer influenced the economy.
e. was unsuitable because it affected aggregate supply more than aggregate demand.
Question 2
Which of the following will be excluded from the measurement of gross domestic product (GDP)?
a. The market value of automobiles purchased by the federal government
b. The market value of California wine purchased by a Canadian firm
c. The payment of employees' medical insurance
d. The market value of computers purchased by state governments
e. The market value of transactions in the underground economy
Successful biological control of leafy spurge.
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