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Questions and Answers
According to Say's Law, in a free market economy, supply would create its own ____.
According to Say's Law, in a free market economy, supply would create its own ____.
- monopoly
- competition
- demand (correct)
- inflation
Who agreed upon condemning Say's Law for different reasons?
Who agreed upon condemning Say's Law for different reasons?
- Karl Marx and Aristotle
- Aristotle and John Maynard Keynes
- Karl Marx and John Maynard Keynes (correct)
- Adam Smith and Jean Baptiste Say
Why do free market policies have seldom been supported by a broad political constituency?
Why do free market policies have seldom been supported by a broad political constituency?
- Monopolization of economic power
- Historical exceptions
- Perceived institutional barriers (correct)
- Lack of economic power and privilege
According to Marx, why would Say's Law not work in a market economy?
According to Marx, why would Say's Law not work in a market economy?
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According to Marx, what would be the result of a market economy expanding under pure 'laissez-faire capitalism'?
According to Marx, what would be the result of a market economy expanding under pure 'laissez-faire capitalism'?
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According to Keynes, why did a 'free market' economy fail to provide sufficient 'elasticity' in prices and wage rates?
According to Keynes, why did a 'free market' economy fail to provide sufficient 'elasticity' in prices and wage rates?
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According to Kelso, how could Say's Law be made to work in a world of automation, robotics, and artificial intelligence?
According to Kelso, how could Say's Law be made to work in a world of automation, robotics, and artificial intelligence?
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