Which of the Following Is Not True About Classical Economists

question 27

Multiple Choice

Which of the following is not true about classical economists?

• A)They criticized mercantilism as an economic system.
• B)They advocated laissez-faire policies to promote economic growth.
• C)They believed the economy would naturally tend toward full employment.
• D)They believed prices and wages react slowly to market changes.
• E)They discouraged government intervention in markets.

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Definitions:

Rethinking

The process of revising or reconsidering previously held beliefs, ideas, or strategies.

Framing

A cognitive bias in which people react to a particular choice in different ways depending on how it is presented.

Concept

A mental category that is used to group objects, events, and characteristics.

Heuristic

A simple, efficient rule, whether hard-coded by evolutionary processes or learned, used to make decisions or solve problems.