Who Argued That the Economy Should Be Left to Itself

question 61

Multiple Choice

Who argued that the economy should be left to itself to close a contractionary gap?

• A)John F.Kennedy
• B)John Maynard Keynes
• C)the mercantilists
• D)the classical economists
• E)the socialists

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Definitions:

Allowance for Doubtful Accounts

An accounting concept referring to an estimate of the amount of receivables that may not be collected, which is used to reduce the total accounts receivable reported on the balance sheet.

Prior-Period Adjustments

Adjustments made to the financial statements to correct errors or omissions in previously issued financial statements from prior periods.

Trade Receivables

The amounts owed to the business by customers for products or services that have been delivered or used but not yet paid for.

Sales Discount

A reduction in the price of goods or services offered to customers, typically to prompt early payment or bulk purchases.