Chapter_34 - YourResultsfor:"SelfStudyQuiz"...

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Your Results for: "Self-Study Quiz" Print this page Site Title: Principles of Economics, Eighth Edition Book Title: Principles of Economics, 8/e Book Author: Case/Fair Location on  Site: Chapter 34 > Self-Study Quiz Date/Time  Submitted: February 9, 2012 at 6:28 AM  (UTC/GMT) Summary of Results 30% Correct  of 40 Scored items: 12 Correct:  30% 28 Incorrect:  70% 1 question not scored. 40 scored questions. More information about scoring 1. The main subject of  macroeconomics deals with: Your Answer: The reasons behind the flexibility  tendency of prices to adjust towar supplied equals quantity demande Correct Answer: The sum of individual decisions, o consumers, firms, and the econom   Incorrect. Unlike microeconomics, some prices in the macroeconomy do not  adjust rapidly to maintain the equality between quantity demanded and  quantity supplied. Such prices are called “sticky” prices. 2. Which of the following statements is  correct? Your Answer: Macroeconomics examines the be Correct Answer: Both macroeconomics and microe the decisions of households and f   Incorrect. Microeconomics examines the functioning of individual industries  and the behavior of individual decision-making units, typically business firms  and households.
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3. The period of severe economic  contraction and high unemployment  known as the Great Depression took  place in this decade: Your Answer:   Correct. The period of severe economic contraction and high unemployment,  known as the Great Depression, began in 1929 and continued throughout the  1930s. 4. Classical models  of the economy  are also known as: Your Answer: Models of government interventio demand. Correct Answer: Market clearing models.   Incorrect. It was Keynes who believed that governments could intervene in  the economy and affect the level of output and employment. 5. The prolonged period of  unemployment that existed during  the Great Depression gave rise to  the following thinking in the  economics discipline: Your Answer:   Correct. The works of John Maynard Keynes were a critique of classical  economics. One of the most important works in the history of economics,  The General Theory of Employment, Interest and Money, by John Maynard 
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Keynes, was published in 1936. Building on what was already understood  about markets and their behavior, Keynes set out to construct a theory that  would explain the confusing economic events of his time. 6.
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Chapter_34 - YourResultsfor:"SelfStudyQuiz"...

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