Which of the following statements accurately describes a commonality between the classical and Keynesian schools of thought?
a. Prolonged unemployment is impossible over the long run.
b. Wages, prices, and interest rates adjust quickly in the short run.
c. In the long run an economy returns naturally to its potential output level.
d. Prolonged recessions are due to wage inflexibility.
c. In the long run an economy returns naturally to its potential output level.
Economics
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Critically evaluate the following statement. "The presence of risk and uncertainty poses a problem for the workings of the market."
What will be an ideal response?
Economics
If workers become more productive as a result of a new technology, the demand for these workers will decrease because the firm will not need to hire as many
Indicate whether the statement is true or false
Economics