Classical economics is the:
Correct answer: A. Supply side economics
- A. Supply side economics
- B. Demand side economics
- C. Both (A) & (B)
- D. None of these
Explanation
Classical economics emphasizes flexible prices, market clearing and the productive capacity of the economy, making it associated with supply-side analysis. Demand-side economics is more closely linked with Keynesian economics.
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The economy is studied as a whole through national income, gross domestic product, inflation, unemployment, economic growth and business cycles. Coverage includes aggregate demand and supply, consumption and investment, money and banking, fiscal and monetary policy, exchange rates and balance of payments, which distinguishes macroeconomics from the study of individual markets.
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