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10 February, 17:52

Because shifts in aggregate demand are not viewed as being particularly important toaggregate output fluctuations, they do not see much need for activist policy to eliminate highunemployment. "They" refers to proponents ofA) the natural rate hypothesis. B) monetarism. C) the Phillips curve model. D) real business cycle theory.

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  1. 10 February, 17:56
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    D) real business cycle theory.

    Explanation:

    An economy in its lifetime is witness to a number of business cycles. Such business cycles include periods of economic business activity at high or even low levels.

    A business cycle includes periods of economic growth, recession, troughs, and recovery. These stages can differ in length from case to case.

    The real business cycle theory is the fundamental assumption that due to technology surprises, an economy is witnessing all these phases of the business cycle. Technological shocks include developments, poor weather conditions, more stringent safety rules.
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