Exam 19: Principles of Economic Behavior Microeconomics and Macroeconomics

In a market economy, those with inherited fortunes or special talents are at an advantage with respect to those who have neither.

The behavior of an individual firm is part of:

Which of the following is NOT a predominant goal of American society?

When demand is elastic, it means that consumers are buying more of a product because its price has been cut.

The marginal productivity of labor:

The participants in an economic system are withdrawals and injections.

In economic growth, it is important to consider:

Engineers, lawyers, investment bankers, top CEOs, entertainers, and so on, are described as:

Manipulation of taxation and spending levels is:

Adequate growth of the economy refers to the goals of:

The Keynesian revolution acknowledged:

Full employment is the first and predominant goal of the society and its economic system.

When cars are offered at low prices but people still do not buy them, the situation is one in which:

Economic policies do not work as well as they should because of obstacles posed by:

The competition between the public and the private sectors results in huge deficits, eventually increasing interest rates.

The Department of Health and Human Services has summarized the "correct" mix of goods and services through:

The quality of the labor force has nothing to do with economic growth.

With the economy in a transition from industrial to postindustrial and from national to global, some social commentators have suggested that no new jobs are likely to be created. This would leave a large proportion of people who lack the training necessary to become symbolic analysts--as well as the opportunity to obtain such training--forever unemployed. What social problems would such a phenomenon create? How can these problems be solved? Can we rethink the institution of the economy in totally different terms, so that jobs and income from jobs will no longer be paramount to our lives? Which institution would have to take the lead in this rethinking process?

The GNP and the GDP are measures of inflation.

A way of calculating the total output of the economy regardless of where resources are located is: