The Flaws of Laissez-Faire Economics

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Questions and Answers

According to Say's Law, supply and demand is a self-regulating process due to the interaction of two factors. What are these two factors?

  • Labor and capital (correct)
  • Technology and innovation
  • Science and nature
  • Supply and demand

What does technological change or innovation do to the input mix in production?

  • Shifts labor input to consumption
  • Increases labor input
  • Does not affect labor input
  • Decreases labor input (correct)

Who benefits the most from technological change according to the text?

  • Those who create technological change
  • Those who own capital (correct)
  • Those who work with labor
  • Those who work with capital

What does Say's Law assume about the distribution of productive power?

<p>It assumes a democratic distribution of productive power (C)</p> Signup and view all the answers

According to Isaiah Berlin's essay, the fox and the hedgehog are symbols of a divide between thinkers and writers based on:

<p>Their single central vision (A)</p> Signup and view all the answers

Louis Kelso is described as:

<p>A hedgehog (D)</p> Signup and view all the answers

The enigmatic fragment by the ancient Greek poet Archilochus suggests that:

<p>The hedgehog knows one big thing (A)</p> Signup and view all the answers

Louis Kelso understood the corporate form of organization because he

<p>designed corporations (D)</p> Signup and view all the answers

Louis Kelso's favorite law clients were

<p>inventors and entrepreneurs (C)</p> Signup and view all the answers

Louis Kelso's collaboration with the hedgehog produced a large and remarkable body of theory and practice, including

<p>Employee Stock Ownership Plan (ESOP) (C)</p> Signup and view all the answers

Louis Kelso's aim was to

<p>save the capitalist system (A)</p> Signup and view all the answers

What did Say and his followers believe would happen if the government adopted a hands-off policy?

<p>The market economy would automatically correct its imbalances (D)</p> Signup and view all the answers

What did President Hoover remind the American people about depressions?

<p>Depressions are not new experiences (D)</p> Signup and view all the answers

What is an 'anomaly' in the context of the Great Depression?

<p>A phenomenon that the dominant paradigm cannot fully explain (A)</p> Signup and view all the answers

What was Louis Kelso's approach to studying economic arrangements?

<p>As an outsider and amateur (A)</p> Signup and view all the answers

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