When the theory of mercantilism was superseded by the theory of classical liberalism of Adam Smith around the time of the American Revolution,
(a) the colonies had shifted toward laissez faire, governmental noninvolvement in the private economy, but the new nation rejected the philosophy of laissez faire.
(b) governmental involvement in the private economy persisted in both the colonies and the new nation; the U.S. Constitution adopted the common law from England which sanctioned certain types of governmental involvement.
(c) governmental involvement had already been largely abandoned in the colonies and laissez faire was officially adopted by the new nation.
(d) government involvement was strong down to the time of the Revolution; it was then abandoned and laissez faire was enshrined in the Constitution and became part of the law of the land.
Question 2
In the IS-LM model, an easy monetary in conjunction with a tight fiscal policy
a. increases exports and decreases imports.
b. decreases exports and increases imports.
c. encourages foreign capital inflows to the U.S.
d. both b and c.
d. None of the above
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