While the classical economists believed that both velocity and output are stable, Keynesians believe:
a. velocity and output are both variable.
b. output is stable and velocity is variable.
c. the same as the classical economists that both output and velocity are stable.
d. velocity is stable and output is variable.
a
You might also like to view...
Which of the following best defines economics?
A) Economics teaches how to limit our wants. B) Economics studies how to choose the best alternative when coping with scarcity. C) Economics helps you earn as much money as possible. D) Economics analyzes all aspects of human behavior in general. E) Economics is concerned with prices and quantities of goods and services, both at the individual level and at the industry level.
Gross Domestic Product (GDP) is defined as the market value of all goods and services purchased in the economy during a particular year
Indicate whether the statement is true or false