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