Which group of economists argues that the stock market crash of 1929 significantly reduced wealth, causing consumption to fall and resulting in a significant downturn in residential construction and investments?
(a) Classical economists.
(b) Keynesian economists.
(c) Monetarists.
(d) Austrians.
(b)
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How does the textbook distinguish between coercion and persuasion? Coercion induces cooperation by
A) making only a majority better off, persuasion by making everyone better off. B) making nearly everyone better off, persuasion by making only a few people better off. C) threatening to reduce people's options, persuasion by promising to increase their options. D) using force, persuasion by using rational argument.
A price ceiling caused the gasoline shortage of 1973 in the United States
a. True b. False Indicate whether the statement is true or false
Monetary policy
a. can be implemented quickly and most of its impact on aggregate demand occurs very soon after policy is implemented. b. can be implemented quickly, but most of its impact on aggregate demand occurs months after policy is implemented. c. cannot be implemented quickly, but once implemented most of its impact on aggregate demand occurs very soon afterward. d. cannot be implemented quickly and most of its impact on aggregate demand occurs months after policy is implemented.
Which of the following would most likely have a price elasticity coefficient greater than 1?
A. Electricity. B. Airline travel in the long run. C. Gasoline in the short run. D. Cigarettes.