When the supply and demand curves intersect the final lasting price is achieved This is called_____________?

A. Clearance price
B. Equilibrium price
C. Pressure price
D. A buyer’s market

Total “laissez-faire” is impossible because________________?

A. The market does not provide for satisfying public needs
B. The market is not equitable favoring those with more resources
C. The market makes no provision for protecting smaller participants
D. All of the above

The Great Depression_________________?

A. Resulted from the greed of the robber barons
B. Resulted from insufficient demand
C. Was the worst case of massive unemployment
D. Only b and c

In economic terms incomes are distributed according to________________?

A. A person’s marginal productivity
B. Whom one knows
C. Which skills one has
D. Innate talent

A way of calculating the total output of the economy regardless of where resources are located is________________?

A. The gdp
B. The gnp
C. The nnp
D. The spqr

In order to raise the GNP and the GDP per capita one must____________?

A. Earn more money
B. Increase productivity
C. Increase absenteeism
D. Decrease productivity

The inordinate growth of government is a side effect of________________?

A. The increasing poverty of individual states
B. Government intervention in the economy
C. The political apathy of public
D. The willingness of individuals to give up traditional freedoms

Which is/are the policy option(s) to counteract business cycles ?

A. Shift the demand curve
B. Shift the supply curve
C. Do noting
D. All of the above

The argument that in some situations the government had to “prime the pump” was advanced by________________?

A. Karl marx
B. Adam smith
C. John maynard keynes
D. Milton friedman

Supply-side theories claim that__________________?

A. Business cycles are caused by insufficient supply
B. A decline in aggregate supply is responsible for economic downturns
C. An increase in aggregate supply causes output and employment to decline
D. None of the above