Economics · Classical Theory of Employment
Consider the following statements regarding the Classical Theory of Employment: Statement I: Classical economists believed that voluntary and frictional unemployment were consistent with a full employment level. Statement II: Classical theory assumes that workers and firms have perfect information about prices and that wages and prices are completely flexible. Which of the above statements is/are correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Both Statement I and Statement II are false.
- 2Both Statement I and Statement II are true.✓
- 3Only Statement II is true.
- 4Only Statement I is true.
Correct answer
Both Statement I and Statement II are true.
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