In Economic Terms, Equilibrium Refers to a State of the Economy

question 42

Multiple Choice

In economic terms, equilibrium refers to a state of the economy

• A)from which there is no tendency to deviate from; a state of rest.
• B)when it is at the upper or lower turning point of the business cycle.
• C)when there are both high unemployment and inflation.
• D)when markets fail to clear.

---

Definitions:

Marx

Karl Marx, a 19th-century philosopher, economist, and revolutionary socialist who developed the critical theory of Marxism, analyzing the effects of capitalism on society.

Weber

A German sociologist, economist, and political scientist known for his theory on the process of rationalization in Western society.

Society

A group of individuals involved in persistent social interaction, or a large social grouping sharing the same geographical or virtual territory, subject to the same political authority and dominant cultural expectations.

Estate Systems

A social hierarchy system where land and power are divided among lords and peasants, often inherited and fixed.