"Speculators may do no harm as bubbles on a steady stream of enterprise. But the position is serious when enterprise becomes the bubble on a whirlpool of speculation.". This is an apt quote by
a. J. M. Keynes about the stock market crash
b. Alan Greenspan about the Asian markets
c. Paul Volcker about runaway inflation
d. Franklin Roosevelt about railroad stock speculators
e. Bill Clinton about his balanced budget
A
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Economies where production and distribution decisions are made by the government are called
A) command economies. B) market economies. C) mixed economies. D) capitalist economies.
Draw a graph showing the typical competitive firm losing money but continuing to operate. Explain why the firm continues to operate rather than shut down.
What will be an ideal response?
Which of the following most likely describes economics?
a. Economics is not a form of moral instruction. b. Economics is a form of moral instruction. c. Economics seeks to describe economic behavior as it should exist. d. Economics does not seek to describe behavior.
A price floor that is set above market equilibrium will cause
A) an excess quantity demanded. B) a shortage. C) a surplus. D) queuing on the part of consumers.