From the economic perspective, needs are defined as "states of lack", and have different characteristics; they can be present or future, individual or collective, primary or secondary, among others. According to the above, which of the following alternative(s) is/are correct with respect to the CLASSICAL THEORY? I. They are variable. II. They are infinite. III. They are indecipherable. Select one: a. Only I. b. Only II. c. Only III. d. I and II. e. I, II and III.
From the economic perspective, needs are defined as "states of lack", and have different characteristics; they can be present or future, individual or collective, primary or secondary, among others. According to the above, which of the following alternative(s) is/are correct with respect to the CLASSICAL THEORY?
I. They are variable.
II. They are infinite.
III. They are indecipherable.
Select one:
a. Only I.
b. Only II.
c. Only III.
d. I and II.
e. I, II and III.
Classical theory is defined the characteristics of a self-regulating economy. There is no government control over the economy. The market in classical theory automatically comes to equilibrium. People use money for their own self-interest spurs. Supply creates demand, saving and investment are equal, and full employment is one of the features of classical theory.
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