ECO 350 Test 2

ECO 350 Test 2 Strayer University

  1. In defending Say’s law, who argued that “Men err in their productions” and “there is no deficiency of demand”?
  2. Milton Friedman argued that “the high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest.  Yet it is largely a result of ______”
  3. Adam Smith opposed government deficit spending and saw the heavier taxation to serve the national debt as
  4. Classical economists recognized the existence of depression or unsold goods as effects of production that was internally out of proportion as far as product mix was concerned, but not excessive in the aggregate.  John Stuart Mill stated ________
  5. A series of budgetary surpluses would be invested by the government and the interest and principal would be used to retire the national debt is the theory of
  6. The idea behind increasing the wealth of nations
  7. The minimum wage is the wage set to be  _____ the market determined wage
  8. According to classical economics, the short-run supply curve of labor is
  9. What is the better solution to deal with an economic emergency, such as hurricane according to Thomas Sowell?
  10. Since the imposition of the minimum wage in 1938, the unemployment rates for tees, blacks, and particularly for black teenagers have _______ dramatically above the rates for the total labor force
  11. Ricardo recognized that besides the transaction demand for money, people may also demand for money for
  12. Classical economists view money was only a “veil” because it
  13. If the money wage rates lagged behind rising prices, causing a short-run increase of the profit rate and the rate of savings, this was called
  14. The quantity theory of money argues that an increase in money supply will
  15. The U.S. first established a minimum wage with the Fair Labor Standard Act of
  16. Who was the first major classical economist to equate excess demand for money with an excess supply of goods?
  17. The impact of raising the minimum wage would _____ the employment of unskilled workers
  18. The classical economists tended to regard a paper money as the road to inflation due to
  19. According to classical economics, how to keep the actual wages above the subsistence level?
  20. Critics of free markets
  21. What is Say’s Identity?
  22. What is the main concern of classical economics?
  23. According to Jonah Goldberg notes, “…, that establishing a minimum wage above the value of unemployables’ worth would
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