According to classical economists, market-driven economies
A. Are inherently unstable.
B. Require government intervention.
C. Are always in long-run equilibrium.
D. Are typically self-adjusting.
Answer: D
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A labor intensive production process is one in which:
A. a lot of labor is hired relative to the total inputs needed to produce the good. B. highly skilled labor is needed to produce the good. C. a part of the production process must be done by labor and cannot be substituted. D. total costs will be minimized if labor is the primary factor of production used.
Which of the following is true?
a. When workers are more productive, the demand for their services will be higher. b. In order to earn a large income, one must provide large benefits to others. c. High productivity (a large output per hour worked) is the key to high earnings for both individuals and countries. d. All of the above are true.
For example, let's say consumers receive a tax cut of 50
What will be an ideal response?What will be an ideal response?
Diminishing marginal product occurs when
a. the increases to total output are declining. b. marginal product is negative. c. total output is decreasing. d. All of the above are correct.