ECON 350 Quiz 2

The quantity theory of money argues that an increase in money supply will
According to classical economics, how to keep the actual wages above the subsistence level?
Classical economists view money was only a “veil” because it
Who was the first major classical economist to equate excess demand for money with an excess supply of goods?
In contrast to Ricardian’s comparative statics analysis, the proponents of general glut theories use _______ analysis.
According to classical economics, the short-run supply curve of labor is
Milton Friedman argued that “the high rate of unemployment among teenagers, and especially black teenagers, is both a scandal and a serious source of social unrest. Yet it is largely a result of
What is the better solution to deal with an economic emergency, such as hurricane according to Thomas Sowell?
If the money wage rates lagged behind rising prices, causing a short-run increase of the profit rate and the rate of savings, this was called
The quantity theorists argued that a rapid increase in the quantity of money will cause the velocity of money to
The minimum wage is the wage set to be _____ the market determined wage
Since the imposition of the minimum wage in 1938, the unemployment rates for tees, blacks, and particularly for black teenagers have _______ dramatically above the rates for the total labor force
According to Jonah Goldberg notes, “…, that establishing a minimum wage above the value of unemployables’ worth would
Adam Smith opposed government deficit spending and saw the heavier taxation to serve the national debt as
The U.S. first established a minimum wage with the Fair Labor Standard Act of
Critics of free markets
The quantity theorists postulated the velocity of money in the long run was
Which of the following propositions of Say’s Law is in dispute among economists during the classical period?
What is Say’s Identity?
What is the main concern of classical economics?
Ricardo recognized that besides the transaction demand for money, people may also demand for money for
The impact of raising the minimum wage would _____ the employment of unskilled workers
Classical economists recognized the existence of depression or unsold goods as effects of production that was internally out of proportion as far as product mix was concerned, but not excessive in the aggregate. John Stuart Mill stated
The classical economists tended to regard a paper money as the road to inflation due to
In a free market, wealth and income are
To prevent foreign competition by imposing tariff by government would
A series of budgetary surpluses would be invested by the government and the interest and principal would be used to retire the national debt is the theory of
In defending Say’s law, who argued that “Men err in their productions” and “there is no deficiency of demand”?
According to classical economics, the long-run supply curve of labor is
The idea behind increasing the wealth of nations

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