The classical economists believed that wages, prices, and interest rates were flexible in both the upward and the downward direction
Indicate whether the statement is true or false
True
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The quantity theory of money ________
A) is the product of classical economists B) links total income to a country's supply of money C) is derived from the equation of exchange D) all of the above E) none of the above
The shift from wanting to own all to owning only what is needed is an example of a _________________
a. Paradigm shift b. Goal re-evaluation c. Reformation d. Retro-change
As the economy declines into recession, the collection of personal income tax revenues automatically falls. This phenomenon best illustrates how a progressive income-tax system:
A. Increases crowding out in the economy B. Decreases real interest rates in the economy C. Offsets the timing problem for fiscal policy D. Serves as an automatic stabilizer for the economy
Secure rights to land provided colonists with incentive to use the land productively, conserve it and invest in it
Indicate whether the statement is true or false