Exam 4: Classical Economic Theory

An Essay on the Nature and Significance of Economic Science was written by

The classical economists believed that the demand for labour is a function of:

The deductive method is also called

The word 'Micro Economics and Macro Economics' were first coined by

In the Cambridge equation of M = kPR, the value of k is:

In the equation MV+ MI VI = PT, 'M 'denotes:

In the classical theory, one of the following is an important assumption:

I classical demand for money, the relationship between money supply and price level is:

The Cambridge version of the quantity theory of money was developed by:

The idea that a general cut in wages will finally lead to a state of full employment was suggested by :

In the Fisher's extended equation of exchange MI VI represents:

The aggregate production function implied under classical theory is :

In classical system which of the following keeps the economy at full employment:

In Fisher's equation of exchange MV=PT, the variation of which produces a proportional change in price:

As per classical theory saving is:

In Fisher's transaction velocity model, one of the following is not an assumption:

The cash balance equation M = KPO was given by:

As a result of an increase in capital, ceteris paribus, ------ the marginal productivity of labour: