Even though reliable data is lacking, the Beard-Hacker Thesis maintains that the Civil War (1861–1865) (a) was more costly to the South than to the North. (b) ended Southern prosperity through the abolition of slavery. (c) increased immigration to the U.S. (d) sped up the industrialization of the U.S. ANSWER (d)
Date: September 10th, 2020
During the 20th century, the percentage of unskilled laborers in the U.S. rose steadily. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The position of the Keynesian aggregate demand schedule does not depend on the a. level of government spending. b. level of tax collections. c. level of autonomous investment expenditures. d. quantity of money. e. the price of inputs such as oil. ANSWER E
Date: September 10th, 2020
With regard to incomes at the time of the Revolution, (a) colonial incomes before taxation were high, but because of heavy taxation, after-tax incomes were lower than those of the British. (b) there is no data available that provide any information on the subject. (c) both before-tax and after-tax colonial incomes were lower than those […]
Date: September 10th, 2020
Which of the following statements is (are) correct? In the classical system, a. aggregate demand is the primary determinate of the natural rate of output and employment. b. both output and employment are self-adjusting towards the natural rates of output and employment. c. changes in aggregate supply drives changes in output in the short-run and […]
Date: September 10th, 2020
The United States and other industrialized countries experienced rising inflation accompanied by a recession during the 1970s. This phenomenon was described as (a) a. hyperinflation. b. stagnation. c. stagflation. d. depression. ANSWER C
Date: September 10th, 2020
The Keynesian economists do not believe that a cut in the marginal income tax rate will have strong effects on aggregate supply because they a. do not believe that business investment will respond strongly to changes in the after-tax rate of return to capital. b. do not believe that labor supply will respond strongly to […]
Date: September 10th, 2020
Which of the following methods was NOT used to help the North finance the Civil War (1861–1865)? (a) Selling large amounts of bonds (b) Issuing fiat Federal paper money (c) Raising taxes (d) Selling confiscated property ANSWER (d)
Date: September 10th, 2020
Keynes believed that a. perceived that declines in real wages caused by price-level increases would be resisted by labor, whereas an equivalent fall in the real wage from a money wage cut would be accepted. b. perceived that declines in real wages caused by price-level increases would be more readily accepted by labor than an […]
Date: September 10th, 2020
Regarding the regional distribution of population, (a) New England as a whole continued to increase in its population base faster than the Middle Colonies throughout the colonial period. (b) Virginia had the smallest population of any colony at the time of the Revolution. (c) at the end of the colonial period, nearly half the total […]
Date: September 10th, 2020
