Whom among the following was a classical economist?
A) Adam Smith
B) A. C. Pigou
C) David Ricardo
D) all of the above
D
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Banks that suffered significant losses in the 1980s made the mistake of
A) holding too many liquid assets. B) minimizing default risk. C) failing to diversify their loan portfolio. D) holding only safe securities.
In the last twenty-five years, the Yen and German mark and now the Euro have
a. fluctuated widely against the dollar b. appreciated against the dollar and then depreciated against the dollar c. exchanged without restrictions d. all of the above e. none of the above
If a proportion of traded goods (such as oil) are priced in a foreign currency, the real exchange rate becomes:
a. lower. b. higher. c. less responsive to changes in the nominal exchange rate. d. more responsive to changes in the nominal exchange rate.
The view that anticipated changes in the money supply will have no effect on the economy's output would most likely be a proposition of:
A. Mainstream macroeconomics B. Rational expectations theory C. Real-business cycle theory D. Monetarism