Which sector consists of services traded for food, shelter, housing or other services? (a) tertiary (b) secondary (c) primary (d) international ANSWER (a)
Date: September 10th, 2020
Railroad competition was the primary cause of canal failures. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Throughout U.S. history, entrepreneurial activity would occur when (a) centralized economic planning was involved (b) distributed rights to profits were clear and protected (c) government intervention was pervasive (d) all of the above ANSWER (b)
Date: September 10th, 2020
The three acts that form the basic machinery behind the U.S. anti-trust laws are the Sherman Act of 1890, the Federal Trade Commission Act of 1914, and the Robinson Patman Act of 1836. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Which of the following variables that affect the money stock are outside the direct control of the Federal Reserve? a. Currency/deposit ratio b. Excess reserve/deposit ratio c. Required reserve/deposit ratio d. The speed of the money creation process. e. Both a and b ANSWER E
Date: September 10th, 2020
If the money supply is $1 billion, the reserve requirement is 10%, and currency holding $50 million, then reserves are a. $50 million. b. $100 million. c. $20 million. d. $40 million. e. none of the above ANSWER A
Date: September 10th, 2020
The early U.S. canals and railroads were built by private enterprise without the aid of governments. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Between 1860 and 1914, the growth rate in industrial production (a) fell behind the growth in the overall U.S. population. (b) outpaced the growth rates in the labor force and population. (c) was less than the growth rate in agricultural production. (d) fell behind both the growth rate in agricultural production and that of the […]
Date: September 10th, 2020
During the industrialization of the U.S., wealth was (a) unequally divided among the population but accumulating. (b) a product of a federal plan for economic development and growth. (c) the sum of all revenue earned by U.S. households and businesses. (d) none of the above. ANSWER (a)
Date: September 10th, 2020
Between 1860 and 1910, the labor force in agriculture (a) dwindled to historic lows. (b) decreased at a slow steady pace. (c) increased but not at the same rate as the total labor force. (d) stayed the same. ANSWER (c)
Date: September 10th, 2020
