The Classical Model

The classical model

A) is another name for the short-run macro model
B) was developed to explain the long period of poor economic performance during the Great Depression
C) is an attempt to explain why the economy tends to perform rather well over long periods of time
D) is believed by most economists to be a better explanatory model for short-term,rather than long-term,economic performance
E) was not really accepted as a legitimate economic theory until the 1950s