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 […]
The International View of the Great Depression blames the contraction in the U.S. economy on (a) the failure of the U.S. markets to permit a fall in aggregate prices under the gold standard or to devalue its exchange rate. (b) exports’ and imports’ large proportion of total GDP in the U.S. (c) Great Britain abandoning […]
Which of the following statements is (are) correct? a. Both the monetarists and classicists agree that output is completely supply determined, even in the short run b. The monetarists do not agree with the classical position that monetary policy cannot be used to influence output. c. According to both the monetarists and the classicists, output […]
Relative U.S. real wages and incomes played a role in influencing the decisions of foreign migrants. Indicate whether the statement is true or false ANSWER TRUE
Data on convergence suggests: a. poor countries are converging with the median country. b. rich countries are converging with other rich countries. c. only countries with the same populations are convergine. d. none of the above. ANSWER B
Imports depend a. negatively on income. b. positively on income. c. negatively on the exchange rate. d. positively on the price of foreign currency. e. Both b and c. ANSWER E
All of the following were important structural changes in American capitalism during the period 1960–95 except (a) New technology in the form of automated (machine-guided) production processes (b) A capital-labor accord which allowed workers to share in productivity gains through wage increases, particularly during the 1950s and 1960s (c) An increase in self-sufficiency as the […]
Which group of economists argues that the stock market crash of 1929 significantly reduced wealth, causing consumption to fall and resulting in a significant downturn in residential construction and investments? (a) Classical economists. (b) Keynesian economists. (c) Monetarists. (d) Austrians. ANSWER (b)
In 1820, when the nation began its westward movement in earnest, the median American was (a) less than 17 years old. (b) about 20 years old. (c) about the same age as the median American today. (d) older than the median American today. ANSWER (a)
