The post-World War II prosperity (1945–1949) was due in large part to Harry Truman’s commitment to maintaining high levels of federal expenditures after World War II (1941–45). Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Between 1790 and 1860, wholesale prices charged by producers of commodities (a) grew steadily over the period. (b) declined steadily. (c) exhibited wild variations but increased, on average. (d) exhibited wild variations but declined, on average. ANSWER (d)
Date: September 10th, 2020
Business cycles are best categorized as (a) fluctuations in the production and employment levels in the business sector of the economy. (b) major upswings and downturns in most sectors of the economy. (c) variations in international trade. (d) all of the above. ANSWER (b)
Date: September 10th, 2020
Like the two world wars, the Korean War (1950–53) produced shortages of resources, labor and output due to large-scale foreign military deployments and demands for the production of war-related goods and services. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
In England, a system of established markets, the market overt and fairs, had been established. The purpose was to (a) provide an organized means for the exchange of produced goods or movable property such as livestock. (b) allow government officials to inspect the quality of the goods and regulate business activities. (c) provide for the […]
Date: September 10th, 2020
Automatic stabilizers drive changes in a. the total deficit. b. the cyclical deficit. c. the structural deficit. d. monetary policy. e. both b and c. ANSWER B
Date: September 10th, 2020
Consistent with the mercantilist theory, the colonies had (a) a trade deficit with England. (b) a trade surplus with England. (c) a balance of trade with England. (d) about an equal number of annual trade deficits and surpluses over the years. ANSWER (a)
Date: September 10th, 2020
The label ‘Asian Tigers’ describes the following economies ________. A) China, South Korea, Singapore and Taiwan B) Hong Kong, Taiwan, South Korea and Singapore C) Singapore, Taiwan, Hong Kong, and China D) South Korea, Singapore, China and Hong Kong ANSWER B
Date: September 10th, 2020
Menu costs suggest that sticky prices are ____ for firms but _____ for the economy as a whole. a. optimal; suboptimal b. bad; good c. natural; unnatural d. suboptimal; optimal. e. suboptimal; suboptimal ANSWER A
Date: September 10th, 2020
Eisenhower’s conservative policies were characterized by budget surpluses that produced further declines in price levels. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
