US Presidents' Reading Habits
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Questions and Answers

What might Adam Smith claim about his devotion to moral economy?

  • He advocated for total laissez faire.
  • He supported the US Treasury's proposal to allocate more money to buying bad debts.
  • He proposed deficit spending to resolve the economic crisis.
  • He was appalled at sub-prime loans to fiscally insecure people. (correct)

    • How might Marx react to modern financial capitalism?

  • He would be pleased to see its success.
  • He would take pleasure in its foundering on its contradictions. (correct)
  • He would be devastated by its failure.
  • He would be indifferent to its outcomes.

    • What might Schumpeter lecturing us about the current economic crisis?

  • The importance of austerity measures.
  • The need for immediate government intervention.
  • The benefits of nationalizing key industries.
  • The necessity of swallowing another decade of serious depression. (correct)

    • What might Keynes be uneasy about in the current economic situation?

    <p>The allocation of more money to buying bad debts than investing in job creation.</p> Signup and view all the answers

    What is a concern about the proposed US Treasury plan?

    <p>Who will purchase the $1,750bn of US Treasuries to be offered to the market this year.</p> Signup and view all the answers

    What is a primary concern for Keynes regarding the US Treasury's proposal?

    <p>The uncertainty about who will purchase the $1,750bn of US Treasuries</p> Signup and view all the answers

    What is a likely consequence of the US Treasury's plan, according to the passage?

    <p>The US will plunge into unprecedented levels of indebtedness</p> Signup and view all the answers

    What is implied about the economic situation of the east Asian quartet?

    <p>They are experiencing catastrophic collapses in production</p> Signup and view all the answers

    What is a possible consequence of the current economic crisis, according to Schumpeter?

    <p>A decade of serious depression before a newer, leaner form of capitalism emerges</p> Signup and view all the answers

    What is a characteristic of Marx's response to the current economic crisis, according to the passage?

    <p>He is still reeling from the perversion of his theories by Lenin and Stalin</p> Signup and view all the answers

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