Which of the following statements would a Classical economist of the 1930s most likely disagree with?
A) The market, left to its own devices, is self-adjusting.
B) Wages and prices will adjust to eliminate unemployment.
C) In the short-run the economy might experience some problems.
D) Unions do not impede wage and price adjustment.
Correct Answer:
Verified
Q1: The difference between the long-run and short-run
Q2: Keynesian economists believe:
A)government policies do not affect
Q3: The laissez-faire policy prescription to eliminate unemployment
Q4: Laissez-faire economists favor government intervention in the
Q5: Laissez-faire economists believe:
A)government policies are largely ineffective
Q8: Before the Great Depression the popular view
Q9: Policy issues of business cycles are considered
Q10: The four phases of the business cycle
Q11: Keynesian economists tend to focus their analysis
Q18: Cyclical unemployment is caused by fluctuations in
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