Overall, U. S. citizens and foreign-born residents embrace change that promises overall growth. This is evidenced by which of the following? (a) Innovation (b) The growth of new industries and the demise of others (c) Population migration from one part of the U.S. to another (d) All of the above ANSWER (d)
Date: September 10th, 2020
If the Federal Reserve raises the discount rate, the market rate of interest a. will rise but the monetary base will be unchanged. b. will rise and the monetary base will fall. c. and the monetary base will both rise. d. will fall and the monetary base will rise. ANSWER B
Date: September 10th, 2020
The change from prescriptive rights to priority rights meant all of the following except (a) Entrepreneurial costs of economic development, such as river and lake pollution, had to be paid by those who were responsible for the costs. (b) The courts encouraged entrepreneurial activity by judicial interpretation. (c) Amenity rights to scenery, clear air and […]
Date: September 10th, 2020
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
During the New Deal, the structure of capitalism in the U.S. changed forever in each of the following areas except for one. Which one? (a) The relation between government and markets changed in the sense that government interventions of one sort or another occurred. (b) The Federal Reserve System began to control actively the money […]
Date: September 10th, 2020
Tertiary employment tended to require generalized education and/or training and, therefore, it was found primarily in rural areas. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Court rulings in the 19th century (a) tended to favor business and profit-making activities. (b) tended to protect traditional amenity rights of property, such as the right to clean air, clean water, scenery and quiet enjoyment of property. (c) tended to favor small business activities over big business corporate activities. (d) tended to promote worker […]
Date: September 10th, 2020
The U.S. system of property rights (a) is strictly private. (b) is influenced by a mix of private and public forces. (c) does not permit governmental seizure of property under any circumstances. (d) does not permit the government to seize earned income through taxation. ANSWER (b)
Date: September 10th, 2020
President Franklin D. Roosevelt’s first action regarding the run on banks was to (a) close all banks. (b) increase the money supply. (c) prohibit bank foreclosures. (d) provide federal guarantees to depositors. ANSWER (a)
Date: September 10th, 2020
