ECON 350 Test 2 - Question 1 1.5 out of 1.5 points In...

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Question 1 1.5 out of 1.5 points In defending Say’s law, who argued that “Men err in their productions” and “there is no deficiency of demand”? Selected Answer: David Ricardo Question 3 1.5 out of 1.5 points 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 ______” Selected Answer: Minimum wage laws Question 5 1.5 out of 1.5 points Adam Smith opposed government deficit spending and saw the heavier taxation to serve the national debt as Selected Answer: A serious disincentive to efficient production Question 7 1.5 out of 1.5 points 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 ________ Selected Answer: “Production is no excessive, but merely ill-assorted” Question 8 1.5 out of 1.5 points
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