Prior to the Time of John Maynard Keynes, Most Economists

Multiple Choice

Prior to the time of John Maynard Keynes, most economists stressed that

A) low levels of aggregate demand would lead to prolonged periods of unemployment.
B) market economies were inherently unstable because of fluctuating aggregate demand.
C) market adjustments would automatically direct an economy to full employment within a relatively brief period of time.
D) budget deficits and surpluses were necessary for the control of economic fluctuations.