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The term neoclassical economics was coined in 1900. Understanding Neoclassical Economics . What is price-wage rigid Classical economists believe that savings is _____, while Keynesian economists believe that savings is _____. Classical economics is a broad term that refers to the dominant school of thought for economics in the 18th and 19th centuries. Question 2 2 out of 2 points Use the following graph to answer the questions that follow. If the supply is high and there is inadequate demand for it, it is a temporary situation. Fiscal Policy. Followers of neo-classical economics believe strongly that markets must be free. One of the reasons why the Great Depression was so … Most consider Scottish economist Adam Smith the … Keynesian economists believe that: the economy needs help in moving back to full employment. Classical economists belief that prices and quantities adjust to the changes in the forces of supply and demand and that the economy produces its potential output in the long run. Physics Chemistry Statistics Economics Accounting Computer Science. crucial to growth; a drain on demand After year 2 of the Great Recession, the United States began to experience _______ in real GDP and _______ in the unemployment rate. This means that the state should refrain from creating too many rules and regulations. Chegg study. For example, they receive better wages and have a longer average life expectancy. Classical economists believe that savings is crucial for economic growth because. On the contrary, Keynesian economists believe because of price and wage rigidities the economy’s equilibrium output in the long run may be less than its potential output. Classical economics places little emphasis on the use of fiscal policy to manage aggregate demand. According to the classical economists, _____.a) people will ... Get solutions . savings leads to investment spending, which increases output. Textbook Solutions Expert Q&A Study Pack Practice Learn NEW! Classical theory is the basis for Monetarism, which only concentrates on managing the money supply, through monetary policy. Classical economists believe that the commodities markets will also always be in equilibrium, due to flexible prices. C) degenerate into pure monopolies in most industries. (Keynesian economics is a justification for the ‘New Deal’ programmes of the 1930s.) 29) Which of the following changes shifts the long-run aggregate supply curve to the right? Find solutions for your homework or get textbooks Search. The iron law of wages is a proposed law of economics that asserts that real wages always tend, in the long run, toward the minimum wage necessary to sustain the life of the worker.The theory was first named by Ferdinand Lassalle in the mid-nineteenth century.   Neoclassical economists believe that a … Chapter 18 quiz Question 1 1 out of 1 points Classical economists believed that: Selected Answer: C. wages and prices were flexible, and as a result, the aggregate supply curve was vertical. Question 1 2 out of 2 points Classical economists believe that when aggregate demand changes, the economy remains at full employment because: Selected Answer: a. prices are very flexible. 28) Classical economists believe that a market economy will normally 28) A) eliminate the problem of economic scarcity. B. wages and prices were flexible, and as a result, the aggregate supply curve was vertical. They say that if government intervention is minimal, citizens enjoy a higher standard of living. On the contrary, Keynesian economists believe because of price and wage rigidities the economy’s equilibrium output in the long run may be less than its potential output. 29) D) suffer from extended periods of sustained unemployment. Answers: A. wages and prices were inflexible, and as a result, the aggregate supply curve was vertical. 2. Classical economists belief that prices and quantities adjust to the changes in the forces of supply and demand and that the economy produces its potential output in the long run. . The prices for the commodity in question, decrease, to equate the demand and supply and bring the situation back to equilibrium. B) achieve full-employment output. C ) degenerate into pure monopolies in most industries commodity in question decrease. Aggregate supply curve to the classical economists, _____.a ) people will... get solutions of points... Use of fiscal policy to manage aggregate demand for Monetarism, which only concentrates on the... Money supply, through monetary policy economics is a broad term that refers to the dominant school of for. Monetary policy decrease, to equate the demand and supply and bring the situation back to full employment through... 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classical economists believe that chegg