According to Classical Economists, Which of the Following Would Cause

question 17

Multiple Choice

According to classical economists, which of the following would cause an increase in output?

• A) an increase in the price level
• B) an increase in physical capital
• C) a reduction in labor supply
• D) a decrease in the price level

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Definitions:

Household

An individual or group of people living together in a single dwelling, often functioning as a single economic and domestic unit.

Urban Population

Refers to the segment of a country's population that resides within cities and towns, as opposed to rural areas.

Indentured Workers

Laborers bound by contract to work for a specific employer for a set period in exchange for passage, accommodation, and food.

American Elite

A term that refers to the group of individuals or families possessing the highest level of influence, power, or wealth in American society.