[单项选择]

Deflation is an economic theory relating changes in the price levels to changes in the quantity of money. In its developed (1) , it constitutes an analysis of the (2) underlying inflation and deflation. As (3) by the English philosopher John Locke in the 17th century, the Scottish (4) David Hume in the 18th century, and (5) , it was a weapon (6) the mercantilists, who were thought to equate wealth with money. If the (7) of money by a nation merely raised (8) , argued the quantity theorists, then a "favourable" balance of trade, (9) desired by mercantilists, would increase the supply of money but would not in-crease (10) . In the 19th century the quantity theory (11) to the ascendancy of free trade over protectionism. In the 19th and 20th centuries it played a part in the (12) of business cycles and in the theory of foreign (13) rates.
The (14) A. where
B. what
C. when
D. which