According to Hughes and Cain (2011), after the Civil War (1861–1865) the freed slaves were (a) left to fend for themselves without property, money or skills. (b) provided with 40 acres and a mule to get a start in life as free people. (c) provided with some monetary compensation for the centuries-long oppression and exploitation […]
As the U.S. economy expanded and entered the 20th century, its federal government’s need for renewable revenue sources grew. Expenditures significantly increased for all of the following reasons except (a) Military (b) Expanding regulatory agencies (c) Public works, education and sanitation (d) Foreign interventionism ANSWER (c)
How did laborers benefit from World War I (1914–18)? (a) Their nominal take-home pay rose more than prices increased. (b) They were placed in military jobs that paid wages higher than private sector jobs. (c) High-paying jobs in the private sector were created to support the war effort. (d) Real GNP and national income fell […]
If everyone expects prices to fall but they do not, then a. nothing happens. b. the IS curve shifts to the left and the AD curve shifts to the right. c. both IS and AD shift to the right. d. both IS and AD shift to the left. e. the IS curve shifts to the […]
The transformation in labor has dramatically impacted the distribution of income in the U.S. Indicate whether the statement is true or false ANSWER FALSE
The American Revolution, the Civil War (1861–65) and World War I (1914–18) (a) diverted U.S. resources from peace-time, private uses and toward war-related uses. (b) encouraged the efficient allocation of resources. (c) increased long-term investment opportunities. (d) resulted in the excessive contraction of money to finance war efforts. ANSWER (a)
According to Hughes and Cain (2011), today’s growth in white-collar jobs is fueled by investments in education and does not depend on apprentice-style training or land holdings. Indicate whether the statement is true or false ANSWER TRUE
In the years immediately following the Civil War (1861–1865), a “unique” pattern of social and economic life formed in the South. It included: (a) High productivity (b) An increase in wealth among all groups (c) Social advancement among former slaves and whites (d) Racism ANSWER (d)
In the face of an increase in oil prices, if the government’s primary objective is to keep prices from falling, then policymakers should a. reduce taxes. b. reduce the money supply. c. increase government spending. d. increase aggregate supply through regulation. ANSWER B
By almost every measure of social and economic well-being, for how long after the Civil War (1861–1865) did the South lag behind the rest of the country? (a) For almost a century (b) For almost a decade before it adapted to life without slavery (c) For only two decades (d) Right down to the present […]
