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)
Empirically, there is a close positive relationship between domestic savings and investment. This is consistent with what we should expect to observe in a. a closed economy. b. the Mundell-Flemming model with perfect capital mobility. c. the Mundell-Flemming model with perfect capital mobility and flexible exchange rates. d. the Mundell-Flemming model with perfect capital mobility […]
Implementation of the National Industrial Recovery Act (1933) positively impacted overall industrial production. Indicate whether the statement is true or false ANSWER FALSE
The American birth rate in 1860–1910 (a) was kept high by the tendency of immigrant children to have large families. (b) increased steadily. (c) declined, on average. (d) rose dramatically after the Civil War due to the large numbers of immigrants having children in the U.S. to get U.S. citizenship. ANSWER (c)
The practice of parents giving their children an amount of land similar to what they received from their parents is known as a (a) targeted bequest. (b) strategic bequest. (c) life cycle bequest. (d) investment bequest. ANSWER (a)
The following Phillips curve of would be consistent with the _____ model(s). a. Keynesian. b. monetarist. c. monetarist and classical. d. classical. e. None of the above ANSWER A
Why did high fertility of the early population occur, according to Hughes and Cain (2011)? (a) More than half of the population were at ages where fertility is high—in 1820, for example, the median American was less than 17 years old. (b) A nation composed mainly of farmers and people planning to farm had every […]
Under perfect capital mobility, an increase in world interest rates will a. increase income and reduce domestic interest rates. b. increase income. c. increase income and lead to a balance of payment deficit. d. increase income and lead to a balance of payment surplus. ANSWER B
The National Recovery Administration (NRA) of 1933–35 attempted to restore market competition within U.S. domestic and international markets. Indicate whether the statement is true or false ANSWER FALSE
