Modern union leaders are (a) generally much more conservative than their predecessors in the late 19th and early 20th centuries. (b) generally more radical than their predecessors in the late 19th and early 20th centuries. (c) neither more conservative nor more radical than their predecessors. (d) more radical on issues such as wages and working […]
The value of the output produced in an economy reflects the value of the income generated by the factors of production used to produce that output. Indicate whether the statement is true or false ANSWER TRUE
What did the Economic Act of 1946 require the U.S. government to do? (a) Keep its “hands off” the economy (b) Present an annual “Economic Report of the President” (c) Let market forces determine equilibrium quantities of labor hired and wages paid (d) Maintain a current account surplus where U.S. exports exceeded imports each year […]
Which of the following theories favor(s) a simple money growth rate rule? a. real business cycle theory b. The monetarist theory c. new classical theory d. All of the above e. None of the above ANSWER D
During the late 1800s and early 1900s, (a) American society clearly recognized the value of labor in the profit process. (b) U.S. legislation and courts of law appeared hostile to the interests of organized working employees. (c) society, at large, generally favored the efforts of workers to combine into unions to negotiate with employers. (d) […]
Of the 1790 colonist population, over 80 percent was of European origin while about 20 percent was of African origin. Indicate whether the statement is true or false ANSWER TRUE
According to the contract theory of wages, firms and workers agree on a contract that fixes a. money wages. b. real wages. c. money wages and employment. d. real wages and employment. ANSWER A
Which of the following is the most likely cause of a recession according to the real business cycle model? a. an unanticipated change in the money supply. b. an increase in taxation, government spending, and regulation. c. a fall in expected profits. d. an anticipated change in the money supply. e. none of the above. […]
During the 2000s, the Federal government’s deficit rose because of a. large tax cut in 2001 and 2004.. b. large increases in government spending. c. increases in both the cyclical and structural deficits. d. a recession in 2001. e. all of the above. ANSWER E
Between 1870 and 1920, the total labor force increased by threefold while (a) the total number of people employed in agriculture increased by almost twofold and the total number of people employed in manufacturing and other non- agriculture increased fivefold. (b) the total number of people employed in agriculture increased by almost fivefold and the […]
