Capitalists like Henry Ford welcomed the Fair Labor Standards Act of 1938 . It relieved them of the responsibilities associated with contracting wages, hours and working conditions. Indicate whether the statement is true or false ANSWER False Using the economic way of thinking and holding all else constant, choose the best answer among those […]
According to the theory of hysteresis, a prolonged recession will: a. decrease the natural rate of unemployment. b. increase cyclical unemployment. c. decrease the sacrifice ratio. d. increase the natural rate of unemployment. ANSWER D
Internal and external economies positively contributed to U.S. industrialization. Indicate whether the statement is true or false ANSWER TRUE
Assuming perfect perfect capital mobility, the BP schedule is a. vertical. b. horizontal. c. upward sloping. d. downward sloping. e. flat. ANSWER B
The founders of the U.S. Constitution clearly understood how to write a document capable of producing the amount of wealth presently accumulated in the U.S. Indicate whether the statement is true or false ANSWER FALSE
The objections to the Walsh-Healy Act of 1936, which mandated “prevailing wages” in government employment, (a) concerned the tendency of government wages to undercut those of the private sector. (b) came from the labor unions. (c) held that unemployment would be maintained artificially high. (d) held that payment of prevailing wages would reduce the national […]
Which of the following factors would increase capital mobility? a. fixed exchange rates. b. differences in tax laws between countries. c. different accounting standards between countries. d. both a and b. e. All of the above. ANSWER A
The American Revolution changed the basic structure of private property rights inherited during the colonial period. Indicate whether the statement is true or false ANSWER FALSE
The right to grant charters to incorporated firms is reserved to the federal government, according to the Constitution. Indicate whether the statement is true or false ANSWER FALSE
In an open economy, there should be a close positive relationship between a. budget deficits and interest rates. b. trade deficits and budget deficits. c. savings and investment. d. investment and consumption. e. none of the above. ANSWER E
