Chapter 11: Problem 4
People work, according to Jean Baptiste Say, so that they can (LO1) a) consume c) stay busy b) save d) none of these
Chapter 11: Problem 4
People work, according to Jean Baptiste Say, so that they can (LO1) a) consume c) stay busy b) save d) none of these
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Get started for freeThe classical economists believed in (LO2) a) strong government intervention b) laissez-faire c) a rapid growth in the money supply d) none of these
To end a bad recession, we need to (LO7) a) go to war b) spend a lot of money c) balance the federal budget
According to the classical economists, if the amount of money people are planning to invest is greater than the amount that people want to save, (LO3) a) interest rates will rise and saving will rise b) interest rates will fall and saving will fall c) interest rates will fall and saving will rise d) interest rates will rise and saving will fall
"Our economy is always at full employment" was a claim made by ( \(\mathrm{O} 4)\) a) both Keynes and the classicals b) neither Keynes nor the classicals c) Keynes but not the classicals d) the classicals but not Keynes
Keynes considered full-employment GDP to be (LO5, 6) a) the normal state of economic affairs b) a rare occurrence c) an impossibility d) none of these
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