The term "classical" refers to an economic theory which states that over a relatively short period of time, wages and prices will adjust quickly to bring the economy back to full employment

If the marginal utility of a product is diminishing relative to the marginal utility of other products, then _____

a. the consumer is in equilibrium b. the consumer has been purchasing relatively less of the product c. the consumer has been purchasing relatively more of the product d. the price of the product must have increased e. the price of the product must have decreased

The states that were hit hardest by the bank failures of the late 1980s

a. were primarily dependent on agriculture and the oil industry b. were primarily dependent on tourist revenues c. were located on the West coast d. were primarily dependent on fishing e. were located in the Northeast