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 economic terms incomes are distributed according to________________?
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
The Great Depression_________________?
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
Total “laissez-faire” is impossible because________________?
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
When the supply and demand curves intersect the final lasting price is achieved This is called_____________?
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
Participants in the market system________________?
Participants in the market system________________?
A. are totally free to pursue their goals
B. are affected by prices and incomes
C. try to maximize their worth
D. try to maximize their labor
Firms sell their products in________________?
Firms sell their products in________________?
A. factor markets
B. resource markets
C. product markets
D. abstract markets
Maintaining full employment stabilizing the economy and pursuing economic growth are issues analyzed in the context of_______________?
Maintaining full employment stabilizing the economy and pursuing economic growth are issues analyzed in the context of_______________?
A. super economics
B. microeconomics
C. microeconomics
D. hyper economics
Total planned OR desired spending in the economy as a whole within a given period is called_____________?
Total planned OR desired spending in the economy as a whole within a given period is called_____________?
A. pent-up demand
B. aggregate demand
C. elastic demand
D. excess demand
Without stabilized prices_______________?
Without stabilized prices_______________?
A. product market demand is problematic
B. resource market demand is problematic
C. the distribution of income becomes more inequitable
D. all of the above