Adam Smith (1776) is primarily associated with the theory that industrialization proceeds at the expense of the working class. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The income tax levied during the Civil War (1861–65) was declared constitutional in Springer v U.S. (1881) because it was not a direct tax. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
The classical labor supply function is shown as a. Ns = g(P/W). b. Ns = g(W/P). c. Ns = t(W/Pe). d. Ns = t(Pe/W). ANSWER B
Date: September 10th, 2020
In the Keynesian view, a reduction in the marginal income tax rate would cause a. output to rise and the price level to fall. b. both output and the price level to rise. c. output to rise with the price level unchanged. d. the price level to rise with output unchanged. ANSWER B
Date: September 10th, 2020
To what can we attribute the relatively high population growth in colonial America, compared with growth in England? (a) The relatively advanced medicine in the colonies (b) Better climate, food and water (c) Better hygiene and preventive care (d) All of the above ANSWER (b)
Date: September 10th, 2020
The Bretton Woods Systems established (a) the International Monetary Fund. (b) the International Bank for Reconstruction and Development (the World Bank). (c) the International Trade Organization (WTO). (d) all of the above. ANSWER (d)
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
When all else is held constant, during recessions government (a) revenues and expenditures increase. (b) revenues increase and expenditures decrease. (c) revenues decrease and expenditures rise. (d) revenues and expenditures decrease. ANSWER (c)
Date: September 10th, 2020
Engerman’s (1971) studies of the Civil War (1861–1865)’s impact on industrialization (a) support the previous work of Hacker and Beard. (b) showed that the War sped up the ongoing processes of industrialization. (c) showed that the War effort slowed down industrialization. (d) restricted the real cost of the War to the South. ANSWER (c)
Date: September 10th, 2020
In a political democracy, (a) only the voting majority is protected but the minority is coerced to protect the majority. (b) the population minority is free to organize and to lobby to achieve goals. (c) there is no unequal distribution of income or wealth. (d) the minority can elect officials. ANSWER (b)
Date: September 10th, 2020
