The most prominent classical economist was
A. Karl Marx.
B. Adam Smith.
C. John Maynard Keynes.
D. Milton Friedman.
B. Adam Smith.
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In calculating gross domestic product, the Bureau of Economic Analysis uses the sum of the market value of final goods and services produced. This means that the BEA
A) values goods at their market prices, multiplies them by the quantity produced, and then adds them up. B) values goods and services at their market prices, multiplies them by the quantity produced, and then adds them up. C) simply counts the total number of goods and services produced in the marketplace and then adds them up. D) simply counts the total number of goods produced in the market place and then adds them up.
Economists assume that most people a. act purposefully
b. make decision with some expected outcome in mind. c. make choices that are not random and chaotic. d. all of the above.
The real interest rate represents: a. the additional buying power received by a lender or an investor. b. the capital gains of a lender or an investor
c. the opportunity cost of lending the money. d. the purchasing power of the money received by a borrower.
How did the price change in the long run when DSR shifted to DLR?
a. It fluctuated.
b. It remained constant.
c. It decreased.
d. It increased.