In Macroeconomics, the Term "Classical" Refers to a School of Economics

question 117

Multiple Choice

In macroeconomics, the term "classical" refers to a school of economics that believed that

• A) the economy is never at full employment.
• B) over a short period of time, wages and prices will adjust to bring the economy back to full employment.
• C) over a short period of time, wages alone and not prices, will adjust to bring the economy back to full employment.
• D) over along period of time, wages and prices will adjust to bring the economy back to full employment.

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