Classical Economists Did NOT Believe That

question 250

Multiple Choice

Classical economists did NOT believe that:

• A) there could be temporary periods of unemployment.
• B) emphasis should be on the long run, and in the long run all would be set right because of the smooth functioning of the price system.
• C) the Great Depression would be a short-run aberration.
• D) monetary policy could tame the business cycle.

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Definitions:

Phallic Stage

A phase in Freudian psychosexual development, typically occurring from ages 3 to 6 years, where the child's libido centers upon their genitalia.

Electra Complex

A psychoanalytic theory suggesting a girl's psychosexual competition with her mother for possession of her father, considered parallel to the Oedipus complex in boys.

Oedipus Complex

The unconscious desire of young boys to replace their fathers and win their mothers’ exclusive love.

Superego Development

The phase in early child development where the sense of morality and conscience begins to form, influenced by parental and societal norms.