In Smith’s view, gold and silver are: A) Wealth B) Mediums of exchange C) Necess

Question

In Smith’s view, gold and silver are:
A) Wealth B) Mediums of exchange C) Necessary for exchange to occur D) None of the above

According to Hazlitt, the bad economist:
A) considers how economic policies impact all groups B) looks beyond the immediate into the future C) considers only the direct consequences of a proposed course D)none of the above

According to Hazlitt, what is the single lesson that the whole of economics can be reduced to:
A) consider how policies indirectly impact trade among all groups B) consider how policies impact trade among all groups C) consider the direct effects of any policy and all groups it impacts D) consider the longer effects of any policy and all groups it impacts

Explanation / Answer

Ans

1 medium of exchange. He did not consider it wealth

2 Considers only immediate effects. So answer is c

3 D is right. Here he mentions that we have to see longs effects and its impact on all

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