Download Guided Strayer University ECO 350 Test 2 

Download Guided Strayer University ECO 350 Test 2

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 a 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 money for
12. Classical economists view money as only a “veil” because it
13. If the money wage rates lagged behind rising prices, causing a short-run increase in the profit rate and the rate of savings, this was called
14. The quantity theory of money argues that an increase in the 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. Classical economists tended to regard 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, “…, establishing a minimum wage above the value of unemployables’ worth would.

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