When supply and demand are essentially equal the economy is said to be in________________?

A. A recession
B. Equilibrium
C. Equivalence
D. Abeyance

Which is NOT a socioeconomic goal _______________?

A. Full employment
B. High and equitably distributed income
C. Reasonable price stability
D. Low prime interest rate

Inflation results when_________________?

A. Demand exceeds supply
B. Supply exceed demand
C. There is control of purchasing power
D. Consumers have no purchasing power

The participants in a market economy cannot pursue their goals freely because they are affected by_________________?

A. The ratio of gold to paper money
B. Economic laws
C. Prices and incomes
D. The religious institution

The behavior of an individual firm is part of_______________?

A. Macroeconomics
B. Macroeconomics
C. Macroeconomics
D. Institutional economics

Income received by firms from sources other than households is called_________________?

A. Incremental
B. Windfalls
C. Injections
D. Incidentals

Income received by firms that is not returned to households or other firms is called________________?

A. Savings
B. Withdrawals
C. Unbalanced exchange
D. Exchange flow

Which of the following is NOT a predominant goal of American society ?

A. A desirable mix of windfall profits
B. A leisure-based society
C. Spectacular growth
D. None of the above are dominant goals

The marginal productivity of labor_________________?

A. Concerns wage rates and labor supply
B. Is a political as well as economic issue
C. Is complicated by overlapping labor markets
D. All of the above

The condition of an increase in prices NOT triggered by an increase in demand is called_______________?

A. Hyperinflation
B. The pigou effects
C. Inflation
D. Restraint of trade