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
Most surveyed economists support Fogel and Engerman’s (1974) position that plantation owners were largely rational and treated slaves in their best profit interest. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Under the bimetallic system, when did the U.S. experience a depletion in its reserve species? (a) When imports exceeded exports (b) When exports exceeded imports (c) When the U.S. closed its borders to all international trade (d) When the trading partners of the U.S. refused all U.S. imports ANSWER (a)
Date: September 10th, 2020
Contrary to Fogel and Engerman’s (1974) claim, most surveyed economists believed that slavery was on the verge of extinction on the eve of the Civil War. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Prior to the establishment of the Federal Reserve System (1913), reserve requirements (a) limited the banks’ ability to lend. (b) did not restrict the amount of paper-money issued by banks. (c) freed banks to create as much money as the market could bear without regard for risk and withdrawal rates. (d) forced banks to place […]
Date: September 10th, 2020
