The Classical Approach to Macroeconomics Assumes That

question 14

Multiple Choice

The classical approach to macroeconomics assumes that

• A)wages, but not prices, adjust quickly to balance quantities supplied and demanded in markets.
• B)wages and prices adjust quickly to balance quantities supplied and demanded in markets.
• C)prices, but not wages, adjust quickly to balance quantities supplied and demanded in markets.
• D)neither wages nor prices adjust quickly to balance quantities supplied and demanded in markets.

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Definitions:

Inheritance of Acquired Characteristics

An outdated scientific theory that proposed individuals can pass on traits acquired during their lifetime to their offspring.

Lamarck

Lamarck, Jean-Baptiste, was a French naturalist known for his early theory of evolution, proposing that organisms could pass on traits acquired in their lifetime to their offspring.

Hardy-Weinberg Equilibrium

A principle that states allele and genotype frequencies in a population will remain constant from generation to generation in the absence of evolutionary influences.