Author Question: The classical economists attacked the mercantilist propositions that a. state action was ... (Read 53 times)

Sufayan.ah · **on:** Jun 30, 2018

The classical economists attacked the mercantilist propositions that

a. state action was necessary to direct the capitalist system.
b. money had no intrinsic value.
c. output was completely supply-determined.
d. the wealth of a nation was closely linked to the country's stock of precious metals.
e. Both a and d

Question 2

The concept of rational expectations is consistent with the notion of

a. utility maximization.
b. profit maximization.
c. strong mechanisms towards equilibrium in markets
d. auction markets.
e. all of the above.