Which of the following was not a solution to the Great Depression favored by Classical economists?
A. Hire unemployed workers for public works programs
B. Let market forces operate
C. Stop government measures that held up wages and prices
D. Break up labor unions
Answer: A
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With the exception of the U.S., the majority of the world's trading partners utilized the gold standard
Indicate whether the statement is true or false
Capital goods
A) are a special type of consumption goods. B) are consumed because they enhance the enjoyment consumers obtain from other goods and services. C) are goods used to make consumer goods and services. D) lead to inward shifts of a production possibilities curve.
According to the law of demand, if:
a. product price increases, quantity demanded will decrease. b. consumer income increases, quantity demanded will increase. c. product price increases, quantity demanded will increase. d. consumer income increases, quantity demanded will decrease. e. supply increases, demand will increase.
A decrease in a supply of oil could ____
a) increase long-run aggregate-supply. b) decrease long-run aggregate-supply. c) have no impact on long-run aggregate-supply. d) increase aggregate-demand.