"At the time of the Great Depression theSecretary of the Treasury Andrew Mellon wasquoted as saying ""liquidate labor, liquidatestocks, liquidate the farmers, liquidate realestate."" Why would he have said this?""He thought this was the way to increase profits,and was only concerted with business profits andnot people."O "He was crazy, and in fact, admitted to an insaneasylum shortly after making this statement."iveHe believed that in the 1920s there was%3Dexcessive attention to material wealth, and that""we should live simply, so that others maysimply live.""He thought the economy had to squeeze outexcesses which had accumulated in the 1920s,and that this would benefit the economy in thelong run."He thought if we had fewer workers and fewerfarmers the economy would improve.Next

The answer is - he thought the economy have to squeeze out excess which had accumulated in the 1920…

"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying ""liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate."" Why would he have said this?" "He thought this was the way to increase profits, and was only concerted with business profits and not people." O "He was crazy, and in fact, admitted to an insane asylum shortly after making this statement." " He believed that in the 1920s there was excessive attention to material wealth, and that ""we should live simply, so that others may simply live."" O "He thought the economy had to squeeze out excesses which had accumulated in the 1920s, and that this would benefit the economy in the long run."

"At the time of the Great Depression the Secretary of the Treasury Andrew Mellon was quoted as saying ""liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate."" Why would he have said this?" "He thought this was the way to increase profits, and was only concerted with business profits and not people." O "He was crazy, and in fact, admitted to an insane asylum shortly after making this statement." " He believed that in the 1920s there was excessive attention to material wealth, and that ""we should live simply, so that others may simply live."" O "He thought the economy had to squeeze out excesses which had accumulated in the 1920s, and that this would benefit the economy in the long run."

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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