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 […]
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 […]
The Kennedy Tax Cut, enacted in 1964 after his death, was the first supply-side tax cut used in U.S. history. Its intent was to stimulate the economy by reducing tax rates in order to do what? (a) Reduce supply (b) Increase production, employment and disposable income (c) Increase government spending (d) Increase the money supply […]
The Social Security System of 1935 was flawed from the beginning. It left old-age pensions in the control of the states. Two examples include workers’ and unemployment compensation. Indicate whether the statement is true or false ANSWER TRUE
Which of the following is true for the period from Independence to 1860? (a) The system of indentured servitude died out because it was seen to be immoral and inconsistent with the Constitution. (b) The system of slavery flourished because the relative price of slaves fell consistently. (c) The system of wage labor flourished as […]
In the Thomas (1954) model, (a) all nations near the Atlantic Ocean were considered one economic unit. (b) laborers, capital and other resources freely move to those users with the highest net returns. (c) the European economy moved inversely in relation to the U.S. economy and vice versa. (d) all of the above are true. […]
The natural rate of employment a. will change with changes in the long run aggregate supply curve. b. will be a level such that the expected real wage equals the actual real wage. c. will be at a level where the actual and expected price levels are equal. d. both a and c. e. all […]
By 1860, the U.S. (a) had achieved an equal distribution of income and wealth. (b) had experienced growth in both agriculture and manufacturing, but growth in manufacturing had begun to outpace agriculture. (c) land had become the primary income-earning asset. (d) experienced a slowdown in urbanization and rapid expansion in agriculture at the expense of […]
The trade deficit and federal budget deficit plagued which U.S. presidential administration with high inflation and low levels of production and employment? (a) Franklin D. Roosevelt (1933–45) (b) Dwight D. Eisenhower (1953–61) (c) John F. Kennedy (1961–63) (d) Ronald W. Reagan (1981–89) ANSWER (d)
Social Security taxes were and are progressive, meaning that the highest proportion is taxed from the highest incomes. Indicate whether the statement is true or false ANSWER FALSE
