Commonwealth v Hunt was a pivotal case in labor history, since it marked the first time in which unions and some of their activities were not found illegal. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Real business cycle theorists agree with new Keynesian economists that a. agents maximize utility. b. the labor market do not clear. c. AS shocks can play a big role in business cycles. d. Both a and c. ANSWER D
Date: September 10th, 2020
The Marshall Plan (1948–51) brought about the immediate integration of Europe into international markets. Indicate whether the statement is true or false ANSWER False (It did not.)
Date: September 10th, 2020
Moore (1959) finds evidence to suggest that the mild cyclical deviations in employment and output of the Korean War were caused by progressive income taxes and unemployment compensation. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
International trade in the U.S. during the antebellum period (a) benefited the Northern economy more than the Southern economy. (b) benefited England significantly more than the U.S. (c) played an important part in the growth and expansion of the Southern economy. (d) occurred as described in all of the above. ANSWER (a)
Date: September 10th, 2020
According to the concept of rational expectations a. budget deficits are irrelevant to output in the short-run. b. higher deficits should increase output in the short-run if they are expected. c. lower deficits can be used to stabilize output during expansions. d. none of the above. ANSWER A
Date: September 10th, 2020
In the classical model, people hold money because a. it is a way to save. b. it makes trade easier. c. it is the way to measure the value of goods and services. d. it is an asset. ANSWER B
Date: September 10th, 2020
Given the production function Y = A if output grows by five percent, the capital input grows by five percent, and the labor input grows by two percent, calculate the Solow residual. Calculate the growth rates of output per worker and capital per worker. ANSWER The Solow residual = 0.05 – 0.3 × 0.05 […]
Date: September 10th, 2020
Suppose the government want to increase aggregate demand without increasing interest rates. You would recommend a. reducing transfer payments and increasing the money supply. b. increasing government spending and reducing the money supply. c. increasing taxes and the money supply. d. increasing government spending and the money supply. ANSWER D
Date: September 10th, 2020
The Clayton Act of 1914 was labeled “Labor’s Magna Carta.” This act recognized labor as property and deemed that it could not be treated as an article of commerce. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
