Which of the following statements is correct? Classical economists
a. believe demand as well as supply determines aggregate output.
b. believed in an active role for government in managing the economy through tax policy.
c. gave little explicit attention to factors that determined the overall demand for commodities.
d. were worried about depressions that could come about because of too little government consumption.
C
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One of the strongest motivations for holding the Bretton Woods Conference was to design new international institutions that would
A) contain communism. B) help countries avoid the mistakes of the 1920s and 1930s. C) provide a collective defense security for Western Europe and North America. D) ensure that world prices were not rising too rapidly. E) create a single currency in Western Europe.
Economic profits are found by total revenues minus
A) explicit costs. B) explicit and implicit costs. C) implicit costs. D) all opportunity costs.