The Dred Scott v. Sanford decision of the U.S. Supreme Court in 1857 (a) made all persons born in the U.S. citizens. (b) provided U.S. citizenry to the children of U.S. born slaves. (c) permitted slaves to sue others in courts. (d) prevented slaves from being taken away from their owners without due process. […]
Date: September 10th, 2020
What does Simon Kuznet’s (1958) study on the U.S. economy show? (a) Short swings in the U.S. business cycles but steady, stable growth in Real Gross Domestic Product (b) Immigrants to the U.S. were attracted by the secular increases in U.S. real wages and incomes (c) A decrease, not increase, in net U.S. migration from […]
Date: September 10th, 2020
The idea that hysteresis plays a role in macroeconomics implies that a. monetary policy can have an effect on the natural rate of unemployment. b. workers can overreact to changes in monetary policy. c. stabilization policy is ineffective and counterproductive. d. fiscal policy is ineffective and counterproductive. ANSWER A
Date: September 10th, 2020
Which of the following best describes white servitude? (a) It applied to hired labor. (b) It was more costly than slavery. (c) It bound vagrants and orphans into productive employment. (d) It was pervasive on tobacco, indigo and cotton plantations. ANSWER (d)
Date: September 10th, 2020
From 1860 to 1910, (a) The total population grew faster than the workforce. (b) National income grew faster than did total population. (c) The workday increased. (d) Foreign investment in the U.S. dropped continuously. ANSWER (b)
Date: September 10th, 2020
The tradeoff for monetary policy represented by the Phillips curve is a. lower inflation for lower output. b. lower inflation for higher unemployment. c. lower inflation for higher employment. d. higher expected inflation for higher output. e. none of the above. ANSWER B
Date: September 10th, 2020
How much does it cost to tax a dollar of revenue away from the private sector and transfer it to the government in order to bail out a specific industry? (a) One dollar (b) Less than one dollar because the administration of and compliance with the tax laws creates jobs for people (c) Less than […]
Date: September 10th, 2020
Which of the following best describes chattel slavery? (a) It provided protected property rights to the slaves. (b) It offered property rights to the slave owners. (c) It involved the establishment of a voluntary contract between slave and slave owner. (d) It created wealth for the slave and slave owner. ANSWER (b)
Date: September 10th, 2020
The National Industrial Recovery Act of 1933 increased competition among firms. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
In the Mundell-Fleming model, all of the following are true EXCEPT: a. the intersection of the IS and LM curves determine the equilibrium exchange rate. b. the BP curves position is determined by the exchange rate. c. the policy choice between fixed and floating exchange rates shifts the BP curve. d. the extent of capital […]
Date: September 10th, 2020
