Classical economists believe that a market economy will normally
A) suffer from extended periods of sustained unemployment.
B) achieve full-employment output.
C) degenerate into pure monopolies in most industries.
D) eliminate the problem of economic scarcity.
B
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A new government study reveals that daily consumption of peanut butter increases life expectancy by 10 years. What will this do to the input markets for peanuts and peanut butter factory workers? Assuming bologna is a substitute for peanut butter, what will happen in the market for bologna factory workers?
An industrial union is a union composed of
A. workers in numerous occupations but working in the same industry. B. workers in manufacturing industries, rather than in the commercial, service, or government sectors. C. workers sharing a similar industrial job. D. high-wage workers.