I would appreciate the help! Adam Smith Richard Cantilton Thomas Mun J- B. Say I
ID: 1173235 • Letter: I
Question
I would appreciate the help!
Adam Smith Richard Cantilton Thomas Mun J- B. Say If the supply of labor schedule is plotted against the money wage, not the real wage, then an increase in the price level will cause the labor supply schedule to shift to the left an increase in the money wage will cause the labor supply schedule to shift to the right an increase in the money wage will cause the labor supply schedule to shift to the left the labor supply schedule is downward sloping William Anderson claims that supporters of Say's law disagree with critics about whether production provides the buying power in the economy whether recessions occur when peaks and troughs in the business cycle occur the importance of investment in stimulating demand One factor which did not influence the levels of real output and employment in the classical system was the size of the labor force. stock of capital. money supply. level of technology. Francoise Quesnay is known for the development of game theory the economic tableau the labor theory of value his support for Mercantilist views Which of the following statements are true for the classical approach to economics? Full employment is guaranteed by the downward sloping marginal product schedule There is money wage inflexibility because full employment always exists A flexible money wage is a requirement for full employment Full employment requres a flexible real wage According to JB Say, people use money as a store of value to facilitate purchases of goods and services for unforseen contingencies to provide reassurance in uncertain times According to William Anderson, one of Say's controversial propositions is People save only to the extent of their desire to invest and do not hold money beyond their transactions need during the current period The total factor payments received for producing a given volume (or value) of output are necessarily sufficient to purchase that volume (or value) of output A higher rate of savings will cause a higher rate of subsequent growth in aggregate output Investment is only an internal transfer, not a net reduction, of aggregate demand According to Classical theory, the clockwork economy included all of the following except lubricant an oscillator a power source hour and minute hands Which of the following statements is true? Classical economists believed aggregate demand and supply jointly determined the level of aggregate output believed in an active role for government in aggregate production decisions worried that the lack of government production could trigger a recession gave little consideration to factors that determine aggregate demand The classical aggregate supply schedule with price on the vertical axis and output on the horizontal axis slopes up and to the right is horizontal slopes down and to the right is vertical Thomas Mun was a Mercantilist argued that Say's Law was wrong was a Physiocrat was an earlier adherent to the views of Adam Smith William Anderson says that classical economists believed that people desire to be better off and can be relied upon to spend what they earn that general gluts were a major problem for market economies that money demand depends upon both income and interest rates that Say's law was generally incorrect The marginal product of labor is the value of output for an additional dollar's worth of labor the additional output from employing an additional unit of labor output divided by the quantity of labor the price of the output determined by using one more unit of labor The supply-determined nature of output is a critical feature of classical economics monetarism Keynesian analysis Mercantilist thought The classical approach to economics originated with the publication of The General Theory of Employment, Interest and Money The Principles of Political Economy The Wealth of Nations The Moral Sentiments The classical economists attacked the mercantilist propositions that real resources are at the heart of economic wealth money had no intrinsic value state action was necessary to direct the capitalist system output was completely supply determined J B Say is known for creative destruction Pareto optimality the invisible hand supply creates its own demand According to William Anderson, J.B. Say believed that markets corrected and eliminated recessions because supply creates its own demand supply creates its own demand means that investment must always equal saving recessions are always short in duration recessions could not occur because supply creates its own demand Which of the following is not one of Say's noncontroversial propositions according to William Anderson. income equals expenditure investment equals saving supply creates its own demand transactions demand is the primary reason people want moneyExplanation / Answer
12)Thomas Mun (17 June 1571