ECON350 Quiz 2.docx - ECON 350 \u2013 Quiz 2 Question 1 1.5 out of 1.5 points Which of the following propositions of Say\u2019s Law is in dispute among

ECON350 Quiz 2.docx - ECON 350 u2013 Quiz 2 Question 1 1.5...

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ECON 350 – Quiz 2 Question 1 1.5 out of 1.5 points Which of the following propositions of Say’s Law is in dispute among economists during the classical period? Selected Answer: Disequilibrium in the economy exist not because output is excessive in the aggregate Question 2 1.5 out of 1.5 points The idea behind increasing the wealth of nations Selected Answer: Is to make the poor rich Question 3 1.5 out of 1.5 points To prevent foreign competition by imposing tariff by government would Selected Answer: Only temporarily benefit workers who are directly affected Question 4 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 5 1.5 out of 1.5 points According to classical economics, the short-run supply curve of labor is Selected Answer: Upward sloping Question 6 1.5 out of 1.5 points According to classical economics, how to keep the actual wages above the subsistence level? Selected Answer: Increase the demand for labor Question 7 1.5 out of 1.5 points The impact of raising the minimum wage would _____ the employment of unskilled workers Selected Answer: Decrease Question 8 1.5 out of 1.5 points Ricardo recognized that besides the transaction demand for money, people may also demand for money for
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