"Every Major Contraction in the U

question 194

Multiple Choice

"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." Which of the following economists made this statement?

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

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Definitions:

Taxable Income

The amount of income subject to tax, after all deductions and exemptions have been subtracted from total income.

CCA Rate

Stands for Capital Cost Allowance rate, which is the rate at which a business can claim depreciation on capital assets for tax purposes in Canada.

UCC

An abbreviation for the Uniform Commercial Code, a set of laws governing sales and commercial transactions in the United States.

Depreciation Expense

The allocation of the cost of a tangible asset over its useful life, representing how much of the asset's value has been used up during the period.