While the Classicists Believed That Both Velocity and Output Are

Multiple Choice

While the classicists believed that both velocity and output are stable, Keynesians believe:

A) velocity is stable and output is variable.
B) velocity and output are both variable.
C) output is stable and velocity is variable
D) the same as the classical economists that both output and velocity are stable
E) at low levels of income both velocity and output are stable, but at high levels of income velocity becomes variable.