Which of the following is the free market economist Adam Smith no know for?
(A) The Wealth of Nations
(B) The concept of the invisible hand.
(C) Explaining the idea of laissez faire.
(D) The circular flow model of a mixed economy.
Ans: (D) The circular flow model of a mixed economy.
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In terms of aggregate supply, the short run is a period in which:
A. the price level is constant. B. employment is constant. C. real output is constant. D. nominal wages and other resource prices are unresponsive to price-level changes.
Samuelson's theory of public expenditure demonstrates that
A. government is inefficient and will always engage in too much spending. B. an efficient mix of public goods is produced when local land/housing prices and taxes come to reflect consumer preferences. C. an optimal (or most efficient) level of output exists for every public good. D. through government regulation of private industry, the optimal level of public good provision is achieved.