Which of the following was a key factor which pushed the nation close to civil war? (a) The Missouri Compromise of 1820 (b) Dred Scott v. Sanford Supreme Court Case (c) The Tariff of Abominations of 1828 (d) The Supreme Court practice of “judicial instrumentalism,” which the South believed undermined the Constitution ANSWER (b)
The persistent problem of inflation, beginning in the late 1960s, had its causes in all of the following except (a) The full-scale entrance of the United States into the Vietnam War in 1965 (b) “Oil shocks” in the 1970s (c) Rising production costs in almost every sector in the economy due to rising energy costs […]
Which of the following factors might make capital mobility less than perfect? a. Risks due to exchange rate changes b. Differential risk on the assets of different countries c. Technological progress, which improves the quality of information on foreign assets d. both a and b. e. All of the above ANSWER E
Brinley Thomas’ (1954) thesis explains (a) fluctuations in immigration. (b) fluctuations in European domestic investment. (c) fluctuations in European foreign investment. (d) all of the above. ANSWER (d)
If the government places a new tax on the hiring of workers, then we would expect a. both the short run and long run Phillips curve to shift to the right. b. both the short run and long run Phillips curve to shift to the left. c. the long run Phillips curve remains unchanged while […]
By the 1830s, young women and children (a) were a very important portion of the industrial work force, about 40%. (b) were a minor portion of the industrial work force, about 10%. (c) were a moderate portion of the industrial work force, about 25%. (d) were not a part of the “industrial” work force because […]
The Great Depression was marked by non-farm housing slumps and falling real estate prices, prompting many states to impose a moratorium on residential mortgage foreclosures. Indicate whether the statement is true or false ANSWER TRUE
In the four decades from 1860 to 1900, the U.S. population nearly tripled. Real Gross Domestic Product (GDP) (a) fell by more than the amount by which the population increased. (b) fell by the same amount by which the population increased. (c) rose at about the same rate as the population increase. (d) increased by […]
Today, the Federal Reserve System can contract the money supply by (a) increasing the discount rate. (b) increasing reserve requirements. (c) selling U.S. Treasury and federal agency securities. (d) engaging in all of the above. ANSWER (d)
The short-run Phillips curve implied when all changes in aggregate demand are caused by changes in the money supply is a. upward sloping. b. downward sloping. c. horizontal. d. vertical. e. None of the above ANSWER B
