241. The Great Depression_________________?
A. resulted from the greed of the robber barons
B. resulted from insufficient demand
C. was the worst case of massive unemployment
D. only B and C

242. In economic terms incomes are distributed according to________________?
A. a person’s marginal productivity
B. whom one knows
C. which skills one has
D. innate talent

243. A way of calculating the total output of the economy regardless of where resources are located is________________?
A. the GDP
B. the GNP
C. the NNP
D. the SPQR

244. In order to raise the GNP and the GDP per capita one must____________?
A. earn more money
B. increase productivity
C. increase absenteeism
D. decrease productivity

245. Demand and supply are________________?
A. market forces
B. key economic indicators
C. thesis and antithesis
D. causes of inflation

246. A problem with laissez-faire economic policy is that there is___________________?
A. no flexibility
B. no provision for public goods
C. no profit motives
D. responsiveness to demand

247. Liberals and conservatives agree to some extent that economic goals should include________________?
A. full employment
B. price stability
C. adequate economic growth
D. all of the above

248. Adequate growth of the economy refers to the goals of__________________?
A. maintaining current standards of living in spite of increasing population
B. increasing GNP per capita
C. approximately 4% growth rate per year
D. all of the above

249. Exceptions to the circular flow are__________________?
A. incidentals
B. withdrawals
C. injections
D. B and C only

250. In microeconomics the household is defined as_______________?
A. the nuclear family
B. the extended family
C. everyone who lives under one roof
D. all of the above

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