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

---

Definitions:

Rebreathing

Rebreathing is the process of inhaling the air that has been exhaled, which can lead to an increase in carbon dioxide and a decrease in oxygen levels in the body.

Bicarbonate Ions

Chemical ions (HCO3-) that act as a major component of the blood's buffering system, helping to maintain the body's pH balance.

Carbonic Acid

A weak acid formed when carbon dioxide dissolves in water, playing a vital role in regulating pH in the blood.

Respiratory Acidosis

A condition occurring when the lungs cannot remove all of the carbon dioxide the body produces, causing body fluids, especially the blood, to become too acidic.