A) The history of monetary policy B) The mathematical proof of full employment C) The promotion of classical economic theory D) The repudiation of Say's law
A) Wages must always rise with production B) Government spending drives full employment C) Demand creates its own supply D) Supply creates its own demand
A) They are typically saved in bank vaults B) They are taxed away by the state C) They lead to an inevitable surplus of goods D) They are put back into the economy sustaining demand
A) As a temporary state caused by unionization B) As an impossible goal for a market economy C) As the equilibrium condition of an undistorted labour market D) As a distortion created by government intervention
A) Supply creates its own demand B) Wages are always equal to the marginal disutility of labour C) Employment is determined solely by union contracts D) The wage is equal to the marginal product of labour
A) The refusal of employers to pay higher wages B) An oversupply of labour in the global market C) The total lack of unionization in the economy D) Employment contracts expressed in monetary terms
A) p = y'(N) * W B) y'(N) = W/p C) y(N) = W + p D) W = y(N) * p
A) The wage is fixed by the government minimum wage B) The wage is determined by supply and demand for goods C) The wage is equal to the marginal disutility of labour D) The wage is equal to the marginal product of capital
A) The failure of the state to print enough money B) The movement of workers between different sectors C) The desire of employers to hire more workers D) Unwillingness of workers to accept income reductions
A) Keynes believed they were solely caused by unions B) Keynes viewed them as part of the economic fabric C) Keynes believed they were easily removed by policy D) Keynes denied that they existed at all
A) The government immediately prints more money B) Workers offer labour at less than current wage levels C) Employers automatically increase prices D) The equilibrium condition is abandoned by firms
A) The marginal disutility of labour B) The inflation rate of the economy C) The wage rate in real terms D) The total supply of output
A) Property rights laws B) Minimum wage C) Trade tariffs D) Capital gains tax
A) It allows workers to resist downward pressure on wages B) It ensures that wages always match the marginal product C) It forces wages to remain fixed in real terms D) It eliminates the market distortions of the state
A) Minimum wage legislation B) State-supplied benefits C) Collective bargaining D) Fluctuations in the stock market
A) 1945 B) 1929 C) 1936 D) 1930
A) The Economic Reform B) The Keynesian Revolution C) The Great Depression Theory D) The Classical Shift
A) Automatic equilibrium B) Stable economic growth C) Constant full employment D) Periodic booms and crises
A) The consumption function B) Invisible hand C) The iron law of wages D) Comparative advantage
A) The British Prime Minister B) Adam Smith C) George Bernard Shaw D) His academic peers
A) Two pages B) Ten pages C) Half a page D) One paragraph
A) Classical economics B) Mercantilism C) Keynesianism D) Socialist economics
A) Monetary neutrality B) Supply-side equilibrium C) Perfect competition D) Liquidity preference
A) A non-equilibrium state B) A special case C) Historical periods of recession D) A general case
A) Reduction of government spending B) Strict gold standard adherence C) Counter-cyclical policies D) Elimination of all taxes |