Econ 2

Where was John Maynard Keynes from?

What is the name Marx used for the working class?

Karl Marx believed in the "invisible hand of the market."

According to Keynes, how do you increase demand in the economy?

Equilibrium

What will naturally happen to prices when there is a surplus?

Keynes was a Marxist.

Who taught that command economies lead to tyranny?

The best way to allocate scarce resources that have alternative uses is through prices.

Where was Adam Smith from?

When supply does not meet demand.

When prices rise, demand drops.

Who listened to Art Laffer's supply-side economic theories?

Adam Smith believed that prices should be determined by the

Which philosopher influenced Marx?

Who taught that the Great Depression was caused by a contraction of the money supply?

The Austrian School of Economics promoted government involvement in the economy.

Karl Marx believed the bourgeoisie must be overthrown, by force if necessary.

The best way to allocate resources is by distributing equally to all.

Karl Marx was a Russian.