According to the classical economists, the only gainers from growth would be ?
Correct answer: A. landlords
- A. landlords
- B. peasants
- C. The army
- D. politicians
Explanation
In classical distribution theory, landlords were expected to gain from growth because expanding production and population raise the demand for land and economic rent. Workers were generally assumed to remain near subsistence wages, while profits could be squeezed.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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