Banking failures result when (a) banks do not hold 100 percent of their customers’ deposits in their vaults. (b) banks make loans. (c) bank withdrawals exceed their reserves. (d) all of the above occur. ANSWER (c)
According to Hughes and Cain (2011), what did the Populists want? (a) To use the federal government to redistribute income and wealth (b) A more direct democracy that limited the powers of state legislatures (c) A secret voting ballot and public education (d) All of the above ANSWER (d)
A strong majority of economists support the proposition that the material, not psychological, conditions of the slaves compared favorably with those conditions faced by industrial workers before the Civil War. Indicate whether the statement is true or false ANSWER FALSE
Davis (1963) compares U.S. and British industrialization. What does he note in each country during industrialization? (a) A rise in the number of giant banks in both countries (b) A rise in the number of small banks in the U.S. but a rise in the number of giant banks in Great Britain (c) A rise […]
A fundamental criticism of Time on the Cross is that economics cannot be used to simply compare the welfare of the slaves to their free, white counterparts. Indicate whether the statement is true or false ANSWER TRUE
According to Davis (1963), industrial firms need capital to expand, grow and develop. They will seek the most efficient means to finance this capital. In the U.S. during its period of industrialization, industrialists raised the resources needed to invest in capital accumulation by (a) tapping into the lending power of giant commercial banks. (b) utilizing […]
Rational slave owners had economic incentive to adequately clothe, feed and care for their slaves. Indicate whether the statement is true or false ANSWER TRUE
How do banks and financial intermediation support economic growth and development? (a) By helping businesses secure the funds needed for capital accumulation and technology advancements (b) By assisting customers in buying durable and nondurable goods and services (c) By financing government expenditures when tax revenue falls below planned spending (d) By granting loans to foreign-born […]
Slaves had incentives to remain docile, not resist their work demands and continue to depend on slavery as an institution according to Elkins (1959). Indicate whether the statement is true or false ANSWER TRUE
Which is considered fiat money? (a) Greenbacks (b) Gold coins (c) Silver dollars (d) Silver certificates ANSWER (a)