The quantity theory of money originated under
A. classical economics.
B. Keynesian economics.
C. monetarism.
D. supply-side economics.
A. classical economics.
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Consider a situation in which a utility company emits high levels of sulfur dioxide and the company is not liable for the damages its pollution causes
According to the Coase theorem, government action is ________ to achieve an ________ amount of pollution. A) not necessary; efficient B) necessary; efficient C) necessary; equitable D) not necessary; equitable
Marginal cost pricing is a system of pricing in which the price charged equals the marginal cost of:
a. the first unit produced. b. each unit produced. c. the last unit produced. d. the profit-maximization unit.
The vicious circle of poverty refers to the fact that in LDCs,
a. low living standards lead to declines in population growth b. consumption goods are preferred to capital goods c. people are poor because land is scarce d. there are too many older people e. poverty leads to low investment in capital goods
Firms with market power must decide all of the following except
A. how to produce it. B. how much to supply in each input market. C. what price to charge for their output. D. how much to produce.