Classical Economists Believed That the Forces of Supply and Demand

question 161

True/False

Classical economists believed that the forces of supply and demand in the market would keep the economy at full employment.

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Definitions:

Self-Awareness

Recognition of one's personal attributes, feelings, drives, and goals.

Norms

Socially accepted rules or standards that guide behavior in various situations.

Social Loafing

The phenomenon where individuals exert less effort to achieve a goal when working in a group compared to when working alone.

Art History

The study of objects of art in their historical development and stylistic contexts, including genre, design, format, and style.