Which of the following was NOT a reason given for opposing the renewal of the charters of the Banks of the United States? (a) The Banks of the United States made too many bad loans. (b) The Banks of the United States were unconstitutional. (c) The Banks of the United States hindered the development of […]
Date: September 10th, 2020
According to the Keynesians, a. an easy-fiscal tight-monetary policy reduces the trade deficit, such as what occurred during the 1980s. b. an easy-fiscal tight-monetary policy mix affects the composition of output by encouraging imports of foreign goods and discouraging U.S. exports, as was experienced during the 1980s. c. there was not a link between the […]
Date: September 10th, 2020
For the late 19th and the first half of the 20th century, which of the following did NOT occur? (a) The demand for foreign goods declined relatively as domestic income expanded. (b) Population soared. (c) Government intervention in market affairs slowed considerably. (d) The competitive economy fueled industrialization in the U.S. ANSWER (c)
Date: September 10th, 2020
Which of the following was NOT a function of the First and Second Banks of the United States? (a) Handling government finances (b) Promoting growth of state banks (c) Helping establish uniform paper currency in the U.S. (d) Keeping state banks in line by presenting their notes ANSWER (b)
Date: September 10th, 2020
During World War II (1941–45) which of the following fell? (a) Real GDP per capita (b) Private consumption expenditures (c) Private investment (d) Government expenditures ANSWER (c)
Date: September 10th, 2020
The Mint Act of 1792 failed to provide for a stable domestic hard currency for the U.S. because (a) the supply of gold and silver was inadequate. (b) the federal government failed to make the coins legal tender. (c) gold was undervalued, while silver was exported. (d) the notes of the U.S. government were not […]
Date: September 10th, 2020
New Keynesian economists believe that a. movements in unemployment can be explained by voluntary movements in and out of the labor market.. b. everyone who is not working is involuntary unemployed. c. labor markets clear in the long-run. d. the new classical model has merit, but recessions cannot be adequately explained in a model of […]
Date: September 10th, 2020
Which of the following are arguments that have been and currently are used to justify protectionism? (a) The infant industry argument (b) Tariffs create lower profits, generate fewer jobs, and reduce wages in the U.S. (c) Countries should not operate on the basis of comparative advantage. (d) All of the above ANSWER (a)
Date: September 10th, 2020
The economy of the northern colonies, in particular New England, was largely based on (a) small-scale farming. (b) slave trade. (c) cotton production. (d) all of the above. ANSWER (a)
Date: September 10th, 2020
Economic growth ________. A) is driven by different elements in different economies B) is driven primarily by digital technology C) is driven primarily by labor growth D) cannot be explained using economic models ANSWER A
Date: September 10th, 2020
