The idea that "supply creates its own demand" is attributed to which of the following economists?
A) Adam Smith B) David Ricardo C) A. C. Pigou D) J. B. Say
D
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An increase in the minimum wage for unskilled labor tends to
A) generate unemployment among unskilled laborers. B) increase the quantity supplied of unskilled laborers. C) decrease the quantity demanded for unskilled laborers. D) encourage employers to seek substitutes for unskilled labor. E) accomplish all of the above.
Store clerks are known to have low wages. This is likely to reflect the fact that
a. store clerk jobs are perceived to be relatively easy, thus attracting low-skill workers. b. store clerk jobs are perceived to be relatively difficult, thus attracting high-skill workers. c. many people perceive the job of store clerk as having significant risk of death on the job. d. store clerks are required to have a college degree.
If the structural stagnation hypothesis is correct, demand-side government policy has been far too expansionary since the mid:
A. 1970s. B. 1990s. C. 1980s. D. 2000s.
Identify the economist who first addressed the environmental problem in terms of externalities.
A. Joseph Schumpeter B. Maynard Keynes C. A.C. Pigou D. J.B. Say