One would expect a shift down in the Phillips curve if there was a(n) a. a decrease in aggregate demand. b. decrease in government spending. c. decrease in the money supply. d. a shift in aggregate supply to the left. e. Any of the above ANSWER D
Date: September 10th, 2020
Naturally born members of the U.S. population resisted immigration in the antebellum period for all of the following reasons except (a) Immigrants were prisoners and outcasts from other countries. (b) Immigrants could gain political power and possess political influence. (c) Immigrants displaced U.S. born laborers. (d) Immigrants brought their own religions and spiritual beliefs. […]
Date: September 10th, 2020
The 1990s and 1920s have which of the following in common? (a) Growth in real output, real output per person, employment and productivity (b) Changes in the levels of nominal output, money supply and participation in the stock market (c) Similar expansions in the stock markets at the end of each period (d) All of […]
Date: September 10th, 2020
Bracket creep forces taxpayers to pay a larger percentage of their income in taxes when which of the following occurs? (a) The emergence of high unemployment (b) Inflation (c) Deflation (d) The growth of trade deficit(s) ANSWER (b)
Date: September 10th, 2020
The decision to give the politically appointed members of the Federal Reserve Board an automatic majority weakened the power of the private sector in the determination of monetary policy. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
The divergent behavior of unemployment in the United States and Europe, especially in the 1990s, a. has been ascribed to different structural characteristics of money markets in the two regions. b. has been attributed to different structural characteristics of labor markets in the two regions. c. cannot be explained for these two regions. d. has […]
Date: September 10th, 2020
From 1860 to 1910, U.S. statistical and qualitative evidence suggests that (a) many migrants came during the upswings in the U.S. business cycle. (b) the employment experiences and economic conditions of family and friends in the U.S. influenced the decisions of prospective immigrants. (c) economic desperation, social immobility and restricted labor opportunities “pushed” immigrants out […]
Date: September 10th, 2020
In the Mundell-Fleming model, the exogenous variables are a. government spending, taxes, and income. b. the exchange rate and the price level. c. the price level, the world interest rate, monetary policy, and fiscal policy. d. the world interest rate, the price level, and the exchange rate. e. none of the above. ANSWER C
Date: September 10th, 2020
The government significantly raised farm incomes by raising farm prices by: (i) destroying crops, (ii) slaughtering millions of baby pigs and pregnant sows, (iii) paying farmers not to grow crops and (iv) injecting dye into harvested potatoes, making them inedible. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
According to the Keynesian model, a decline in the expected price level a. will increase the inflation rate a central bank must generate to achieve a target level of unemployment. b. will decrease the inflation rate a central bank must generate to achieve a target level of unemployment. c. will not affect the inflation rate […]
Date: September 10th, 2020
