While the classicists believed that both velocity and output are stable, Keynesians believe:
a. velocity is stable and output is variable.
b. velocity and output are both variable.
c. output is stable and velocity is variable
d. the same as the classical economists that both output and velocity are stable
e. at low levels of income both velocity and output are stable, but at high levels of income velocity becomes variable.
b
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In a market system, the primary instruments used to coordinate economic activity are
A. plans. B. prices. C. input-output analyses. D. quantities.
Refer to the table above. If Tom has a taxable income of $62,000, he faces a marginal tax rate of ________
A) 10% B) 15% C) 20% D) 30%
The comparative advantage in a specific good can shift over time from one country to another, as the other countries can produce it at a cheaper cost after imitating the technology
a. True b. False Indicate whether the statement is true or false
U.S. imports rise when income in the United States increases.
Answer the following statement true (T) or false (F)