Classical Economists Believed That in the Long Run the Economy

question 267

Multiple Choice

Classical economists believed that in the long run the economy would fix itself,thus there was no need for any government action.Which of the following economists disagreed,saying,"In the long run,we are all dead."

• A)Milton Friedman
• B)Arthur Laffer
• C)George Lucas
• D)John Maynard Keynes

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Definitions:

Frontal Lobes

Lobes at the front of the brain’s cerebral cortex; they contain areas involved in short-term memory, higher-order thinking, initiative, social judgment, and (in the left lobe, typically) speech production.

Cerebral Cortex

is the outer layer of neural tissue of the cerebrum of the brain, playing a key role in memory, attention, perception, cognition, awareness, thought, language, and consciousness.

Adrenal Glands

Small glands located on top of each kidney that produce a variety of hormones including adrenaline and cortisol, which help control heart rate, blood pressure, and other important bodily functions.

Moderate Amounts

Refers to quantities that are neither too small nor too large, often considered to be within a healthy or reasonable range.