Which of the Following Is an Assumption Used by Classical

question 5

Multiple Choice

Which of the following is an assumption used by Classical economists?

• A) Wages adjust downward but not upward.
• B) Wages adjust upward but not downward.
• C) Wages are inflexible.
• D) Wages adjust both upward and downward.

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Definitions:

Bequeath

The act of leaving personal property to someone through a will.

Personal Representative

A personal representative is an individual appointed to administer the estate of a deceased person under a will or through a court process.

Nonprobate

Refers to assets or property that will pass to survivors by means other than a will, such as through trust or designated beneficiary.

Ambulatory

A term pertaining to the ability of a will to be changed by a testator.