Which Economist Made the Following Statement: "Every Major Contraction in the U.S

question 203

Multiple Choice

Which economist made the following statement: "Every major contraction in the U.S. economy has either been created or greatly exacerbated by monetary instability. Every major inflation has been caused by monetary expansion."

• A) Milton Friedman
• B) John Maynard Keynes
• C) Adam Smith
• D) Paul Samuelson

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Definitions:

Consolidated

Combined into a single entity, typically referring to the financial statements of a group of companies acting as a single economic entity.

Financial Statements

Summarized records of a company's financial activities and condition, including the balance sheet, income statement, statement of cash flows, and statement of retained earnings.

United Kingdom

A sovereign country located off the northwestern coast of mainland Europe, comprising England, Scotland, Wales, and Northern Ireland.

Prepaid Insurance

An asset account representing insurance payments made in advance, which are expensed over the term of the insurance coverage.