The rate of adjustment between the long run and short run Phillips curve will be determined by a. the rate of adjustment of price expectations. b. the rate of money growth. c. the level of wage flexibility in labor markets. d. both a and c. e. all of the above. ANSWER D
Date: September 10th, 2020
Many researchers blame the severity and length of the Great Depression on the breadth and depth of government interference in private market affairs. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
By 1913, the dominant method of making basic steel was the open-hearth furnace. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
From 1860 to 1910, U.S. mobility between social classes and occupations (a) distracted immigrants. (b) increased the potential migrant’s opportunity cost of staying in Europe. (c) attracted immigrants to the U.S. (d) decreased foreign investment in the U.S. ANSWER (b)
Date: September 10th, 2020
Under perfect capital mobility, monetary policy has the largest impact on the income under: a. floating exchange rates. b. fixed exchange rates. c. dollarization. d. a currency union. ANSWER A
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
