A general criticism of the Kennedy-Johnson guidelines was that they
A) required price reductions equal to the rate of increase in overall productivity.
B) permitted no increases in wages or prices regardless of the rate of inflation.
C) resulted in inefficiency, waste, and a loss of economic freedom over time.
D) applied solely to the steel industry, rather than to the economy at large.
E) were long-run remedies and thus of no help during emergencies.

Question

Quizplus · Accepted Answer

The Kennedy-Johnson guidelines were criticized for resulting in inefficiency, waste, and a loss of economic freedom over time. This criticism suggests that the guidelines limited market forces and imposed too much government control, which can lead to negative economic consequences.

A General Criticism of the Kennedy-Johnson Guidelines Was That They