Which of the following did NOT contribute to “internal economies” in the industrialization process? (a) Diminishing returns to scale (b) Central power sources (c) Managerial improvements (d) Transportation networks ANSWER (a)
Date: September 10th, 2020
The nature of contracts changed in the 19th century through judicial instrumentalism and had what effect? (a) Facilitating free-market determinations of wages and prices. (b) Allowing factory owners to contract with masses of employees for wages, hours and working conditions if the terms were made known and the laborers agreed to them. (c) Advancing the […]
Date: September 10th, 2020
In the process described as Schumpeterian economic growth (involving Schumpeter’s ideas about growth), (a) recessions are the object of countercyclical policy designed to minimize the waste of unemployed labor and other resources. (b) expansions are considered wasteful because of the tendency for inflation to be generated near the cyclical peaks. (c) recessions are considered to […]
Date: September 10th, 2020
Governmental policy decisions have (a) only social benefits. (b) no private costs. (c) intended and unintended effects. (d) no social costs. 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
Sustained economic growth in the U.S. has been primarily a product of which of the following factors? (a) War and exploitation of natural resources (b) Capital accumulation, increases in capital and labor productivity, and technological advancements (c) Restricted trade (d) Government policies and market interventions ANSWER (b)
Date: September 10th, 2020
Assuming the required reserve ratio is 20 percent and total reserves are set at $20 billion, then the maximum amount of deposits would be a. $100 billion. b. $40 billion. b. $4 billion. d. $60 billion. e. $120 billion. ANSWER A
Date: September 10th, 2020
The appearance of “classical American capitalism” in the middle and late 19th century includes all of the following except (a) An industrial labor force concentrated in manufacturing centers (b) The commercialization of agriculture and extractive industries (c) The rise of big-time finance and giant transportation systems (d) The strengthening of small scale family farm enterprises […]
Date: September 10th, 2020
The percentage of people living in urban areas decreased surprisingly between 1860 and 1910. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Those closest to fomenting a real revolution during the early years of the Great Depression were (a) bankers. (b) farmers. (c) industrial workers. (d) the middle class. ANSWER (b)
Date: September 10th, 2020
