Classical Economists Held the View That in the Economy

question 4

Multiple Choice

Classical economists held the view that in the economy:

• A) Demand creates its own supply
• B) Unemployment is temporary and is soon eliminated
• C) There is an imbalance between saving and investment
• D) It is difficult for an economy to adjust because wages and prices are inflexible

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Definitions:

Rock Units

Distinct volumes of rock or strata that are identifiable by specific characteristics, serving as the basic mapping divisions in geology.

Geologic Features

Natural formations and structures on the Earth's surface, such as mountains, valleys, and rivers, formed through geological processes.

Institutional Theory

A theory on the deeper and more resilient aspects of social structure, considering the processes by which structures, schemes, rules, norms, and routines become established as authoritative guidelines for social behavior.

Stakeholder Orientation

A business approach that considers the interests and concerns of everyone impacted by the company's activities.