Classical Economists Believed I. There Could Be Temporary Periods of Unemployment

question 88

Multiple Choice

Classical economists believed
I. there could be temporary periods of unemployment.
II. emphasis should be placed on the long run, and in the long run all would be set right
Because of the smooth functioning of the price system.
III. the Great Depression would be a short-run aberration.

• A) I only
• B) I and II only
• C) II only
• D) I, II, and III

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Definitions:

Foreign Policy Goals

Foreign Policy Goals refer to strategic objectives set by a country to guide its international relations and diplomatic efforts with other nations and international organizations.

Human Rights

Universal rights that are believed to belong to all individuals, including civil, political, economic, social, and cultural rights, regardless of nationality, race, sex, ethnicity, religion, or any other status.

Isolationism

A policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries.

Geographic Distance

The physical space between two or more points on the earth's surface, often affecting communication, transport, and social relationships.