Each of the Following Is Something That Economists Know About

Multiple Choice

Each of the following is something that economists know about the making of macroeconomic policy except

A) that shifts in economic policy have uncertain and delayed effects on spending.
B) that economic policy affects output and prices with long and variable lags.
C) that fiscal policy is the most useful discretionary stabilization policy tool.
D) that peacetime inflation at a level high enough that it becomes an important part of voters' . consciousness is politically unacceptable in modern industrial democracies.