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)
Date: September 10th, 2020
By the start of the Civil War, the value of woman’s labor was, on average, equal to that of an adult male due to technological advancements. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Assume perfect capital mobility and a fixed exchange rate system. Then, an increase in government spending would shift the a. LM schedule to the left. b. BP schedule to the right. c. BP schedule to the left. d. IS schedule to the right. ANSWER D
Date: September 10th, 2020
According to the neoclassical growth model, if a country makes a policy change to increase its savings rate, in the new steady state: a. output per worker will grow faster than before. b. output per worker will grow at the rate of technology growth. c. capital per worker will be permanently higher. d. all of […]
Date: September 10th, 2020
From the mid 1980s to the present, the United States a. had only a small current account deficit. b. had a large capital account deficit, which in the balance of payments accounts was financed with a surplus in the current account, which in turn financed investment in excess of domestic saving. c. has had a […]
Date: September 10th, 2020
In response to an increase in the population and the labor force, we would expect a. both the short run and long run Phillips curve to shift to the right. b. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right. c. the long run Phillips curve remains […]
Date: September 10th, 2020
Federal taxes increased in 1932, 1935 and 1937, and Social Security taxes were imposed in 1937 . Which group is credited for these tax increases during the Great Depression? (a) Classical economists (b) Keynesian economists (c) Monetarists (d) Government officials and special interest groups ANSWER (d)
Date: September 10th, 2020
Long information lags, bad harvests, high degrees of government intervention in private affairs and other “push-effects” often decreased net migration in the U.S. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The “middle-class” ideal that developed in the early 19th century included which of the following elements? (a) Women were socially and legally equal to men and were encouraged to choose between working and staying in the home (avoiding wage-labor in the factories). (b) Men were to be the income earners providing for the family’s material […]
Date: September 10th, 2020
If an economy is growing at 2 percent a year but its rate of technology growth is 1 percent a year, then this country must be: a. below its steady state level of capital per worker. b. expected to grow slower in the future. c. has a savings rate that is too low. d. none […]
Date: September 10th, 2020
