In the 1970s, the U

Multiple Choice

In the 1970s, the U.S. economy experienced both inflation and unemployment. This led economists to recognize that
I. stabilization was a much more difficult task than many economists anticipated.
II. the Keynesian doctrine correctly asserts that reducing inflation and unemployment can be addressed by fiscal policies.
III. shifts in aggregate demand could frustrate policymaking efforts whereas shifts in the short-run aggregate supply were more easily addressed.

A) I only
B) II only
C) I and III only
D) III only