During the Late 1970s, Households, Businesses, and Policymakers Shifted to the Opinion

Multiple Choice

During the late 1970s, households, businesses, and policymakers shifted to the opinion that

A) higher inflation was acceptable provided it resulted in higher employment.
B) higher inflation was acceptable provided it resulted in higher output.
C) reducing inflation was necessary even if it resulted in lower levels of employment and output.
D) a reduction in inflation should take place provided it did not result in disinflation.