Olson (1971) argues that the gains from private competition cannot be exceeded by the gains from collective action. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Keynesian and classical theories agree that: a. AS is upward sloping in the short-run. b. AS is vertical in the long-run. c. sustained AD shocks can also shift AS in the long-run. d. all of the above. ANSWER B
Date: September 10th, 2020
Incorporated firms first began appearing in the 1850s. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The National Industrial Recovery Act (1933) (a) did not permit businesses to set prices and production quotas. (b) established three advisory boards composed of government, Webb-Pomerene firms and members of the Federal Reserve System. (c) was thrown out by the Supreme Court in May 1935. (d) prohibited collective bargaining. ANSWER (c)
Date: September 10th, 2020
Schumpeter maintains that recessions provide businesspeople with incentives to advance technologically. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Historically, the U.S. government has been used to overcome crises, redistribute income and wealth and address negatively received market outcomes. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
The New Deal allowed the federal government to reorganize and pursue economic planning. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
The BP curve shifts to the left when: a. the exchange rate falls. b. interest rates rise. c. income rises. d. imports increase. ANSWER A
Date: September 10th, 2020
Entrepreneurship results in an equal distribution of wealth and income. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
During the antebellum period, rapid economic growth was accompanied by significant changes in public economics and policy-making. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
