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- Economics
71. which of the following is not a feature of classical school ? 71. (1) treating money only as medium of exhange (2) belief in wage and price inlexibility (3)
71. Which of the following is NOT a feature of classical school ? 71. (1) Treating money only as medium of exhange (2) Belief in wage and price inlexibility (3) Assumption of perfect competition (4) Both (2) and (3
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Nidhi taparia Best Answer
71. The correct answer is (2). The classical school is based on the assumption of flexibility of wages, interest and prices. This means that wage rate, interest rate and price level change in their respective markets according to the forces of demand and supply. Changes in these variables automatically adjust the economic system in such a way as to ensure full employment.