The classical economists espoused
A. the crude version of the quantity theory of money.
B. the sophisticated version of the quantity theory of money.
C. both the crude and sophisticated quantity theories of money.
D. neither the crude nor sophisticated quantity theories of money.
A. the crude version of the quantity theory of money.
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In the economic way of thinking, money is
A) the root of all evil. B) what makes the world go round. C) a general medium of exchange. D) an institution, which tends to increase transaction costs. E) the source of scarcity in commercial society.
A country with an undervalued currency
A. will have a balance of payments deficit. B. will accumulate reserves of foreign currencies. C. will suffer losses of foreign reserves. D. must intervene in the foreign-exchange market to buy its own currency.
If the government enacts contractionary fiscal policy, it could:
A. reduce its spending. B. decrease personal income taxes. C. decrease corporate income taxes. D. All of these are contractionary.
Suppose there is proposed legislation that would subsidize the domestic commercial aircraft manufacturing industry in the U.S., to be funded with a new 1 percent national sales tax. Which of the following categories best fits this proposed legislation?
a. Traditional public goods legislation b. Special-interest legislation c. Competing-interest legislation d. Populist legislation