Milton Friedman attributed the Great Depression primarily to
A) the government's failure to respond to an increase in the budget deficit.
B) a reduction in the money supply.
C) economists' and policy-makers' failure to acknowledge their limited knowledge.
D) the failure of wages to rise.
E) inaccurate expectations by consumers and firms.
B
You might also like to view...
Refer to the figure above. Which of the following statements is true?
A) Ryan has a comparative advantage in the production of Good 1, whereas Tom has a comparative advantage in the production of Good 2. B) Ryan has a comparative advantage in the production of Good 2, whereas Tom has a comparative advantage in the production of Good 1. C) Ryan has a comparative advantage in the production of both the goods. D) Tom has a comparative advantage in the production of both the goods.
Refer to the given data. Assume now that the prices of a and b are $15 and $20 respectively. To maximize profits, what combination of a and b should the employer hire?
Answer the question on the basis of the following marginal product data for resources a and b. The output of these independent resources sells in a purely competitive market at $1 per unit.
A. 3 of a and 5 of b.
B. 5 of a and 7 of b.
C. 7 of a and 7 of b.
D. 6 of a and 2 of b.