Principles of Economics and Global Business

Keynesian Economics emerged in response to:

According to Say’s Law in classical economics, which of the following statements is true?

The concept of laissez-faire in classical economics promotes:

Keynesian economists believe that wages and prices do not adjust quickly enough to restore equilibrium in the labor market or the overall economy. This is referred to as:

What is the business cycle?

What represents a trough in the business cycle?

Which of the following is a characteristic of a market economy? 

Which of the following countries is an example of a market economy?

In a command economy, the means of production, such as factories and land, are primarily owned and controlled by: 

In a mixed economy, the balance between market forces and government intervention:

Which of the following principles best exemplifies the concept of individual decision making?

Which of the scenarios best illustrates the principle of supply and demand?

Which principle emphasizes that individuals must consider the value of the best alternative foregone when making choices?

Which principle suggests that individuals assess the marginal opportunity cost of their choices by comparing the additional cost and benefit?

Which principle of market dynamics explains the balance between the quantity supplied by producers and the quantity demanded by consumers?

Which principle of market dynamics emphasizes the role of competitive forces in shaping market outcomes?

According to Principle 6 of Market Dynamics, what is the role of markets in organizing economic activity?

Which of the following is a primary reason for government intervention in economics?

Which of the following is a characteristic of market competition that governments aim to promote through intervention?