The hands-off view of the classical school rests on which of the following two simple propositions about markets?
a. Demand creates its own supply and markets are basically competitive.
b. Industrial policy is inevitable and all prices are flexible.
c. Market failure occurs and prices are rigid.
d. Wages are sticky downward and market failure is inevitable.
e. Markets are basically competitive and prices are flexible.
e
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In June 2009 the Bureau of Labor Statistics reported an adult population of 234.9 million, a labor force of 154 million and employment of 141.6 million. Based on these numbers the unemployment rate was
a. 93.3/234.9. b. 12.4/234.9. c. 93.3/154. d. 12.4/154.
Give an example that shows price elasticity of supply. Avoid using examples from the text.
What will be an ideal response?
Antibiotics may be ________ since people consider only the ________.
Fill in the blank(s) with the appropriate word(s).
___________ is a tendency or a disposition to expect the best outcome or to think hopefully about a situation
a. Negativism b. Capitalism c. Optimism d. Accommodation