Which of the following labor organizations was limited to skilled craft workers and emphasized that unions should control the place of employment; stick to wages, hours, and working conditions in their negotiations; win strikes; and, in politics, “reward our friends and punish our enemies”? (a) The National Labor Union (b) The Knights of Labor (c) […]
Which of the following schools of thought are policy interventionists favoring activist aggregate demand management to stabilize output and employment? a. Keynesians b. Monetarism c. The new classical economics d. The classical economics e. None of the above ANSWER A
The roots of the Civil War (1861–1865) can be traced to the colonial period of U.S. history. The ratification of the 10th amendment of the U.S. Constitution brings all issues connected to the Civil War to an end. Indicate whether the statement is true or false ANSWER FALSE
Which of the following best describes typical employer attitudes toward organized labor (unions) during the 19th century? (a) Positive—unions could promote cooperation with management to achieve more efficient operations (b) Negative—union-promoted labor gains seized profits and encouraged inefficient behavior (c) Indifferent—unions had little impact on business profitability (d) Mixed—about half of employers favored unions and […]
The Keynesian labor supply function is shown as a. Ns = g(W/P). b. Ns = g(P/W). c. Ns = t(W/Pe). d. Ns = t(Pe/W). ANSWER C
According to Keynes’ fixed money wage theory, when the price level is higher than expected the real wage is ____ than expected and unemployment is ______ than expected. a. lower; lower b. higher, higher c. lower; higher d. higher; lower ANSWER C
What was the World Bank designed to do? (a) Serve as a long-term lender (b) Serve as a short-term lender (c) Make both short and long-term loans (d) Make grants-in-aid, but not to be a lending institution ANSWER (a)
Modern research suggests that colonial Americans experienced positive rates of economic growth but not a high quality of life. Indicate whether the statement is true or false ANSWER FALSE
According to the new classical economics, predictable changes in aggregate demand a. affect the level of real output. b. will not affect the level of real output. c. may or may not affect the level of real output. d. None of the above ANSWER B
Sharecropping successfully replaced the slavery system. Indicate whether the statement is true or false ANSWER FALSE
