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
Date: September 10th, 2020
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 […]
Date: September 10th, 2020
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
Date: September 10th, 2020
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 […]
Date: September 10th, 2020
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
Date: September 10th, 2020
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 […]
Date: September 10th, 2020
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
Date: September 10th, 2020
Which is considered fiat money? (a) Greenbacks (b) Gold coins (c) Silver dollars (d) Silver certificates ANSWER (a)
Date: September 10th, 2020
There is evidence to suggest that slaves were commonly sold and families were often separated. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
According to the Quantity Theory of Money, the excessive printing of currency (the issuance of greenbacks and national bank notes) generated the post-Civil War increases in (a) productivity. (b) prices. (c) production. (d) rising real wages and incomes for all individuals. ANSWER (b)
Date: September 10th, 2020
