A Fundamental Feature of Early Classical Macroeconomics Is That

question 80

Multiple Choice

A fundamental feature of early classical macroeconomics is that

• A) aggregate demand and aggregate income are usually unequal.
• B) prices of inputs and outputs are relatively rigid.
• C) the economy's level of employment can remain substantially below its natural level over a prolonged period of time.
• D) the economy can achieve full employment on its own, though there could be temporary periods in which employment falls below the natural level.

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Definitions:

Core Values

Fundamental beliefs or principles that are considered inherently important by an organization, guiding its behavior and decision-making.

Long-Term Benefit

Advantages or gains that accrue over a extended period of time, often seen as a result of strategic planning or investments.

Human Resource Management

The strategic approach to the effective management of an organization's workers so that they help the business gain a competitive advantage, including recruitment, training, and employee development strategies.

Limited Resources

The situation in which the availability of resources (such as time, money, and human skills) is restricted or not sufficiently available to meet demand.