Lesson 7 9 Quizzes Essay Example

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 | 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 | | 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 | | 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 | | 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 | | 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 | | Question 6: | In the Classical Theory, if businesses want fewer funds, the interest rate will _________ and people will save less