A Vertical Aggregate Supply Curve Was Postulated by the Classical

question 223

Multiple Choice

A vertical aggregate supply curve was postulated by the classical economists because they believed that

• A)the economy almost always had a large quantity of unemployed resources.
• B)the economy could come to equilibrium at any level of output,not necessarily that level required to fully employ society's resources.
• C)the economy naturally tended toward that level of output which would fully employ all resources.
• D)it would be possible to increase output without driving up prices by putting unemployed resources to work.

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Definitions:

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Jose Marti

A Cuban national hero and an important figure in Latin American literature who was a poet, essayist, and journalist, playing a key role in the fight for Cuban independence from Spain.

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Spain

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