What did the Lever Food Control Act of 1917 give the U.S. federal government the power to do? (a) Take over factories during periods of war (b) Inspect meat-packing plants and control the quality of work completed (c) Buy, sell and distribute food during times of peace (d) Seize Congressional control over food-related production […]
Southern plantation owners benefited from British policies on tobacco production in the United Kingdom. Indicate whether the statement is true or false ANSWER TRUE
King James of England granted the Virginia Company all land “from sea to sea.” The Proclamation Line of 1763 supported this grant. Indicate whether the statement is true or false ANSWER FALSE
The U.S. transfer system takes funds from the rich and distributes them to the poor. This transfer has significantly impacted income equality in the U.S. Indicate whether the statement is true or false ANSWER TRUE
The after-tax rate of return is defined as the pretax profit rate a. minus the rate at which profits are taxed. b. multiplied by 1 minus the rate at which profits are taxed. c. divided by 1 minus the rate at which profits are taxed. d. plus investment credits. e. None of the above […]
World War I (1914–18) caused inflation because (a) war production stressed an economy already operating close to full employment. (b) fiscal policy mandated it. (c) the Federal Reserve System required it. (d) inflation always occurs in times of war. ANSWER (a)
The system of sharecropping that emerged after the Civil War (1861–1865) (a) gave neither the owners of land nor the sharecroppers strong incentives to make improvements in agricultural production. (b) gave both the owners of land and the sharecroppers strong incentives to make improvements in agricultural production. (c) gave the owners of land but not […]
Which of the following explains why the AD curve is downward sloping? a. a lower price level forces the government to reduce taxes, shifting the IS curve to the right and increasing income. b. A lower price level forces the central bank to increase the money supply, shifting the LM curve to the right and […]
During the period in which the Navigation Acts guided colonial trade, international trade was safe and many countries fairly engaged in commercial trade. Indicate whether the statement is true or false ANSWER FALSE
Which of the following classical views is (are) accepted by supply-side economists? a. In the intermediate run, growth of capital, labor, and technology determine output. b. The dislike of government intervention in the economy c. changes in output are primarily driven by changes in the natural rate of output. d. Both a and b. e. […]
