The Open Market Committee is composed of a. the 7 members of the Board of Governors. b. the 7 members of the Board of Governors and the president of the Federal Reserve Bank in New York. c. 12 voting members, and of these, 5 are presidents of regional Federal Reserve banks and the other 7 […]
Date: September 10th, 2020
Regarding the privilege of incorporation (the right to organize an enterprise in the corporate form), all of the following are true except (a) It gives a business firm limited liability, perpetual life and the rights of a citizen. (b) It is not provided for directly by the Constitution because, apart from state governments, the Constitution […]
Date: September 10th, 2020
By 1913, steel making by Bessemer converter had been completely surpassed by (a) continuous casting integrated mills. (b) the Basic Oxygen furnace. (c) electric furnaces. (d) open hearth furnaces. ANSWER (d)
Date: September 10th, 2020
Why does the history of the U.S. matter? (a) Historical knowledge helps us understand the forces that shaped the current economy. (b) The lessons of the past help us avoid future mistakes. (c) Historical knowledge helps us identify who or what is most likely to fuel future economic prosperity. (d) All of the above. […]
Date: September 10th, 2020
A government fulfills a protective function when it (a) gives cash payments to the poor. (b) provides funds for flood control projects and builds highways. (c) prevents illegal seizure of private property. (d) redistributes income. ANSWER (c)
Date: September 10th, 2020
The National Labor Relations Act of 1935 and the Fair Labor Standards Act of 1938 forced employers to (a) negotiate with unionized labor. (b) keep hours at a minimum. (c) pay maximum wages. (d) do all of the above. ANSWER (a)
Date: September 10th, 2020
Historically, the U.S. governmental structure and political system (a) changes in the presence of a system of checks and balances as circumstances change. (b) is a fixed structure and, therefore, provides the stability needed to support productive activities. (c) guarantees that only the qualified can vote. (d) strongly protects the economic interests of capitalists identified […]
Date: September 10th, 2020
If the Habakkuk thesis had been correct—unamended by Rosenberg, David and others—a long-run decline in the supply of agricultural productivity west of the Appalachians would be matched by a proportional (a) decline in the productivity growth in eastern manufacturing. (b) increase in productivity in eastern manufacturing. (c) rise in American food imports. (d) rise in […]
Date: September 10th, 2020
The form of property ownership rights inherited from the colonial period was characterized by which of the following? (a) Property ownership was almost ideal as the base for a free-market economy. (b) Property ownership established property, including land, as a “commodity” that could be easily bought and sold. (c) Property ownership proved to be an […]
Date: September 10th, 2020
The federal funds market is the market for a. loans from the federal government. b. loans from the Federal Reserve. c. government borrowing and lending. d. interbank lending. e. all of the above. ANSWER D
Date: September 10th, 2020
