The mental and physical capacity of workers to produce goods and services is known as:
A. labor.
B. entrepreneurship.
C. value judgment.
D. product sensitivity.
Answer: A
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Which of the following is a valid reason to consider government regulation?
A. Seeking some social objective that markets do not achieve. B. Fear that capitalism will prove too productive. C. Desire on the part of government to be useful. D. Requests for protection for an industry. E. All of the responses are correct.
A temporary supply shock, such as a bumper crop, would
A) shift the FE line to the right and leave the IS curve unchanged. B) shift the FE line to the left and shift the IS curve up and to the right. C) shift the FE line to the left and leave the IS curve unchanged. D) have no effect on the FE line.
A severe and prolonged recessionary phase of a business cycle is sometimes described as
a. an inverted peak b. a trough c. a recession d. a depression e. nominal GDP
According to Adam Smith's invisible hand doctrine:
A. self-interest best serves the interests of society. B. laissez faire must be improved by government intervention. C. producers should serve the best interests of society. D. only laissez faire mercantilism best serves the interests of society.