Asked by Tiara Singleton on May 25, 2024
Verified
Which of the following is true?
A) The bible for the classical economists was Adam Smith's The Wealth of Nations.
B) Keynes believed that the problem during recessions was inadequate aggregate demand.
C) Say's law states that supply creates its own demand.
D) All of the statements are true.
Classical Economists
A group of economists in the late 18th and early 19th centuries who believed in the theory that markets function best without government intervention.
Adam Smith
A Scottish economist, philosopher, and author known as the father of modern economics, famous for his work "The Wealth of Nations."
Aggregate Demand
The total demand for all goods and services in an economy at different price levels, during a specific time period.
- Comprehend the differing views of Keynesian and classical economics on various economic issues.
- Identify the role of economic theories in shaping economic policies and the behavior of the economy.
Verified Answer
Learning Objectives
- Comprehend the differing views of Keynesian and classical economics on various economic issues.
- Identify the role of economic theories in shaping economic policies and the behavior of the economy.
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