The Classical Economists' Conclusion That Nominal Income Is Determined by Movements

question 108

Multiple Choice

The classical economists' conclusion that nominal income is determined by movements in the money supply rested on their belief that ________ could be treated as ________ in the short run.

• A)velocity;constant
• B)velocity;variable
• C)money;constant
• D)money;variable

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Definitions:

Promissory Estoppel

The legal enforcement of an otherwise unenforceable contract due to a party’s detrimental reliance on the contract.

English Rule

A legal principle where the losing party in a lawsuit is required to pay the winning party's legal costs.

American Rule

A legal principle stating that each party in a lawsuit typically pays their own attorney's fees, regardless of who wins.

First-Assignment-In-Time Rule

A principle stating that, in case of a conflict, the rights to a property or asset are granted to the first party to receive assignment or claim to it.