Imperfect information is a critical assumption in the a. classical model. b. Keynesian model. c. monetarist model. d. new Keynesian model. e. real business cycle model. ANSWER C
Date: September 10th, 2020
According to the party cycle theory, recessions a. will be nonexistent in the near future. b. are most apt to occur when a liberal president is elected. c. are most likely to occur during the first couple of years following the election of a conservative president. d. are here to stay. ANSWER C
Date: September 10th, 2020
What produced the European Payments Union? (a) The Schumann Plan (b) The Monet Plan (c) The Spaak Plan (d) The Marshall Plan ANSWER (d)
Date: September 10th, 2020
The absence of the Southern economy’s ability to earn foreign exchange and its markets severely impacted all non-local trade in the U.S. after the Civil War. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Assume that the total deficit is $100 billion and the economy is above potential output. Now the level of economic activity falls back to its potential level output, leading to an decrease in tax revenues increase by $50 billion an increase in transfer payments fell by $10 billion. Then, what is the structural deficit? a. […]
Date: September 10th, 2020
According to Keynesian theory, the profit-maximizing firm demands labor up to the point at which a. the real wage is equal to the marginal productivity of labor. b. the money wage paid to labor is just equal to the money value of the marginal product of labor. c. labor and capital costs are equal. d. […]
Date: September 10th, 2020
The money value of all trading activity (Q) at market prices (P) is called Gross Domestic Product for a given year. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Which of the following best describes the Employment Act of 1946? (a) A piece of New Deal legislation that had to be postponed until after the war (b) An effort to stabilize the U.S. balance of payments as the world moved toward using the U.S. dollar as the main reserve currency (c) An attempt to […]
Date: September 10th, 2020
The Civil War’s (1861–1865) impact on the growth and development of the U.S. economy was negative. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Unions have been protected since 1935 by a federal law, the National Labor Relations Act (NLRA), which contains provisions for (a) elections by workers to choose their bargaining agents. (b) employers’ recognition of union bargaining agents in interstate commerce for union representation and collective bargaining purposes. (c) arbitration of disputes that cannot be resolved through […]
Date: September 10th, 2020
