Which of the following is an assumption used by Classical economists?
A. Wages adjust upward but not downward.
B. Wages are inflexible.
C. Wages adjust downward but not upward.
D. Wages adjust both upward and downward.
Answer: D
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The ________ always equals zero
A) sum of capital and financial account plus official settlements account B) sum of current account plus capital and financial account C) sum of current account plus official settlements account D) sum of current account plus capital and financial account plus official settlements account E) official settlements account
If there is a technology improvement in a unionized labor market, this will
a. decrease the demand for labor, and the union will accept lower wages or fewer workers hired b. increase the demand for labor, and the union will accept lower wages or fewer workers hired c. decrease the demand for labor, and the union will demand higher wages or more workers hired d. increase the demand for labor, and the union will demand higher wages or more workers hired e. not affect the demand for labor, wages, or workers hired