The Defining Feature of the Classical View of Macroeconomics Is

question 120

Multiple Choice

The defining feature of the classical view of macroeconomics is that the economy is

• A)driven by expectations called "animal spirits."
• B)constantly bombarded by shocks that arise from the uneven pace of technological change.
• C)self- regulating and always at full employment.
• D)the most significant influence on aggregate demand is expectations.
• E)rarely at full employment.

Identify different views on competition and entrepreneurship in profit theories.

Relate the concept of usury laws to interest rates and their impact on borrowers and lenders.

Understand the economic and ethical arguments surrounding the rent of land.

Discern the effect of external regulations on price mechanisms.

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Definitions:

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A state of well-being where an individual recognizes their abilities, can cope with the normal stresses of life, can work productively, and is able to contribute to their community.

Peak Experiences

Moments of extreme joy, creativity, or fulfillment that are often transforming in an individual's life.

Creative

Relating to the use of imagination or original ideas to create something; inventiveness.

Self-actualized People

Individuals who have realized and fulfilled their potential, achieving the highest level of Maslow's hierarchy of needs.