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
In which case did the U.S. Supreme Court’s review powers extend to actions by the other two branches of the federal government and not merely to the laws of the states? (a) Marbury v. Madison (1803) (b) McCulloch v. Maryland (1819) (c) Gibbons v. Ogden (1824) (d) Dartmouth College v. Woodward (1819) ANSWER (a)
Date: September 10th, 2020
What do diseconomies of cities include? (a) Pollution (b) Crime (c) Congestion (d) All of the above ANSWER (d)
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
The growth and development of the U.S. economy during its period of rapid industrialization was largely influenced by centralized economic planning. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Which of the following threatens the future of the U.S. economy? (a) A strengthening of private property rights (b) Effectively preventing some individuals and organizations from pursuing noncompetitive market legislation (c) Racism, discrimination and sexism (d) Increased private consumption and investment and reduced government expenditures ANSWER (c)
Date: September 10th, 2020
The Bank Act of 1935 restructured the Federal Reserve System (FRS) in which of the following ways? (a) The FRS Board of Governors gained discretionary control over bank reserves and margin requirements for loans against securities. (b) The Governor’s Committee was renamed the Federal Open Market which was comprised of 12 members, 7 of whom […]
Date: September 10th, 2020
