Adam Smith noted that people are adept at pursuing their own self-interests, and that ____ harnesses this self-interest remarkably well.

A. a totalitarian regime
B. a market system
C. a democratic government
D. a closed system


Answer: B

Economics

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Macroeconomic stabilization involves

(a) reduction of inflation. (b) reduction of government budget deficits. (c) reduction of trade deficits. (d) all of the above. (e) none of the above.

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What do many economists blame for the severity of the Great Depression?

A) The collapse of the banking system. B) A rapid increase in the money supply. C) The issuing of an excessively large amount of currency by the Federal Reserve. D) The collapse of the electronic funds transfer system.

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The "stagflation" of the 1970s ________ Keynesian macroeconomics until the Keynesians started to build the consequences of changing inflationary expectations and ________ shocks into their models

A) reinforced the dominance, supply B) reinforced the dominance, demand C) deepened the eclipse, supply D) deepened the eclipse, demand

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Monetarists believe that discretionary monetary policy, and not discretionary fiscal policy, should be used to correct disequilibrium

a. True b. False Indicate whether the statement is true or false

Economics