The Classical Economists Believed in All of the Following Except

question 97

Multiple Choice

The classical economists believed in all of the following except

• A)wages and prices are flexible downward.
• B)insufficient aggregate demand could keep an economy in a depression for an extended period of time.
• C)recessions were temporary because the economy is self-correcting.
• D)laissez faire was the best policy a government could pursue.

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Definitions:

Test Reliability

The degree to which the results of a test are consistent over time and an accurate reflection of the variable being measured.

Correlation Coefficient

A statistical measure that describes the size and direction of a relationship between two or more variables, typically on a scale from -1 to 1.

Measures

Quantitative or qualitative tools and techniques used to assess or quantify variables of interest in various fields, including psychology.

Poor Reliability

The lack of consistency in a measurement, test, or evaluation, indicating that it cannot be depended on to yield the same results upon repetition.