Exam 19: Principles of Economic Behavior Microeconomics and Macroeconomics

Symbolic analysts are:

In the current administration:

The study of individual behavior in the economy is called macroeconomics.

Which is true?

Some of the advantages of a market economy include:

When the supply and demand curves intersect, the final, lasting price is achieved. This is called:

Congestion, pollution, urban decay and similar side effects of the market system are termed:

Adam Smith's "invisible hand" is"

"Laissez-faire" is a policy that appeals to:

Public, governmental agencies are:

Firms sell their products in:

The circular nature of the economic process occurs from:

The exchange system is based on:

A demand-side theory that focuses on the role of money to finance aggregate demand is termed:

Which of the following groups determine market transactions?

All consumers are recipients to an equal extent of the goods and services produced by the economic system.

One by one, the centrally-planned economies of the communist countries have collapsed, and the remaining communist nations are either tilting strongly toward the market system--China--or are on the verge of collapse --Cuba. Yet, the market system, even though it seems to have emerged as the winner, is based on morally dubious values--greed, desire for profit, competition. It leaves in its wake many victims. How can the market system be reformed to make it more humane? Or should the economy be concerned with morality in the first place? What can we do with those who fall by the wayside, for whom the market system does not work?

Income received by firms from sources other than households is called:

The condition of an increase in prices NOT triggered by an increase in demand is called:

In order to raise the GNP and the GDP per capita, one must: