Classical Economists Assumed

question 107

Multiple Choice

Classical economists assumed:

• A) there is never full employment.
• B) involuntary unemployment exists.
• C) the wage rate cannot adjust to equate the quantity of labor demanded with quantity of labor supplied.
• D) the wage rate adjusts to maintain labor market equilibrium.

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Definitions:

Somatic and Autonomic

Relating to the division of the peripheral nervous system that controls the body's voluntary muscle movements (somatic) and regulates involuntary actions like heart rate and digestion (autonomic).

Autonomic Nervous System

The component of the nervous system responsible for controlling automatic bodily processes, such as the regulation of heart rate, digestion, and breathing rate.

Sympathetic Division

A component of the autonomic nervous system responsible for initiating the response commonly known as fight or flight.

Emergency

A situation that poses an immediate risk to health, life, property, or environment, requiring urgent intervention to prevent a worsening of the situation.