Lesson 7-9 Quizzes

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You have completed the Lesson 7 Quiz.
Assessment Score
Attempt Score: 19.00 out of a possible 19.00 (100.0%)
Assessment Score: 19.00 out of a possible 19.00 (100.0%)
Assessment Time: 25 minutes
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Question 1:| Adam Smith’s ___________ economics is the idea that an economy with less government restriction serves people best for allowing free allocation of resources.  | Type:| Multiple Choice|

Points awarded:| 1.00 / 1.00 |
Your answer(s): | •laissez faire|
Correct answer(s): | ceteris paribus
carpe diem
 laissez faire 
none of the above|
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Question 2:| According to Say’s Law: If production is created then there _______ be sufficient funds from this creation to purchase everything that is produced.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •will|
Correct answer(s): | will not
will sometimes
 will 
none of the above|
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Question 3:| The Law of Markets (Ricardo, Mill, et al) extended the Classical Theory and dominated the field of Economics from the mid 1800’s until the __________.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •1930’s|
Correct answer(s): | 1990’s
1970’s
1950’s
 1930’s |
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Question 4:| In the Classical Bathtub Model the water flowing out of the tub (leakage) includes ______________ .| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •Savings|
Correct answer(s): | Government
Net Export
 Savings 
None of the above|
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Question 5:| According to _____________ Theory, an economy is assumed to always be at full employment (or very quickly returning to that level).| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •Classical|
Correct answer(s): | Keynesian
Smithian
 Classical 
Traditional|
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Question 6:| In the Classical Theory, if businesses want fewer funds, the interest rate will _________ and people will save less money and consume more.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •decrease|
Correct answer(s): |  decrease 
increase
stay the same in the Bathtub
none of the above|
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Question 7:| Competition and ____________ forces will drive the economy to continuous adjustments in the allocation of resources toward full production.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •laissez-faire|
Correct answer(s): | ceteris paribus
adrenaline
endorphin
 laissez-faire |
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Question 8:| In the Classical Theory if Aggregate Demand increases only an increase in the __________ level is possible since the assumption is for a constant level of full employment.| Type:| Multiple Choice|

Points awarded:| 1.00 / 1.00 |
Your answer(s): | •price|
Correct answer(s): |  price 
endorphin
adrenaline
unemployment|
|
Question 9:| Classical Theory was questioned in the ___________ with the onset of the Great Depression in the United States and other industrialized nations.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •1930’s|
Correct answer(s): | 1990’s
1970’s
1950’s
 1930’s |
|
Question 10:| In the Great Depression, the formula GDP = C + I + G + Xn became an interactive exercise for a(n) _______________ economy.| Type:| Multiple Choice|
Points awarded:| 1.00 / 1.00 |
Your answer(s): | •contracting |
Correct answer(s): | expanding
 contracting  
growing
vigorous|
|
Question 11:| As ______________ continued to expand in the early 1930’s, Aggregate Supply continued to be greater than Aggregate Demand prompting businesses to further cuts in employment and output. | Type:| Multiple Choice|

Points awarded:| 1.00 / 1.00 |
Your answer(s): | •inventories |
Correct answer(s): | Investment
Exports
 inventories  
Imports|
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Question 12:| Even though interest rates were lower in...
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