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
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 […]
Date: September 10th, 2020
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
Date: September 10th, 2020
Internal and external economies positively contributed to U.S. industrialization. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
When output is held constant, inflation does which of the following? (a) Increases real GDP (b) Increases real income (c) Increases government spending (d) Reduces the purchasing power of individuals living on fixed incomes. ANSWER (d)
Date: September 10th, 2020
Both Horwitz (1973) and Scheiber (1975) emphasize the restraining effects of judicial formalism on U.S. economic growth in the antebellum period. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Policies aimed at reducing the natural rate of unemployment are referred to as a. stabilization policies. b. structural policies. c. macroeconomic policies. d. labor policies. ANSWER B
Date: September 10th, 2020
The short-run Phillips curve shifts upward whenever: a. inflation rises. b. a negative supply shock occurs. c. unemployment rises. d. all of the above. ANSWER B
Date: September 10th, 2020
According to Thomas (1954), increased immigration provided incentive to invest in capital that was (a) labor-using, resulting in capital widening. (b) labor-using, resulting in capital deepening. (c) labor-saving, resulting in capital widening. (d) labor-saving, resulting in capital widening. ANSWER (a)
Date: September 10th, 2020
One way to characterize technological change is “creative destruction,” which basically means that today’s innovation will productively destroy yesterday’s capital investment. This destruction creates new job opportunities, boosts production and offers a greater variety or more goods and services than in the past. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
