The hope of “Reaganomics”—that ending inflation will stimulate economic growth—is supported by the experience of 1945–49. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Under the gold standard of the Great Depression, any country experiencing a balance of payment deficit was expected to finance those deficits by exporting gold. The loss of gold should be followed by contractionary monetary policy, reducing demand and causing prices to fall. All countries operating under the gold standard followed these rules of the […]
Date: September 10th, 2020
Under the U.S. Constitution, individual states (a) have no power. (b) control laws regulating state businesses. (c) benefit from the ability to borrow from other countries to finance taxes due to the central government. (d) regulate trade with foreign countries conducted in and by the state. ANSWER (b)
Date: September 10th, 2020
Before 1815, Hughes and Cain (2011) claim, westward movement was blocked by (a) disputed claims to western lands. (b) lack of government land sale surveys and offices. (c) hostile Indian tribes. (d) all of the above. ANSWER (d)
Date: September 10th, 2020
For each Phillips curve, there a. is no relationship between the short run aggregate supply curve. b. is many short run aggregate supply curves. c. is a unique long run aggregate supply curve. d. is a unique short run aggregate supply curve. ANSWER D
Date: September 10th, 2020
During the Great Depression, the U.S. was not firmly tied to the world economy. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
A constant returns to scale production function means that if all inputs are halved then output will a. double. b. increase, but not double. c. fall by half. d. fall, but not by half. e. none of the above. ANSWER C
Date: September 10th, 2020
During the period of rapid industrialization in the U.S. after the Civil War, (a) real farm incomes fell drastically. (b) real incomes in the agricultural sector increased at a faster pace than real incomes in manufacturing. (c) real incomes in the agricultural sector increased at relatively the same rate as real incomes in manufacturing. (d) […]
Date: September 10th, 2020
Assuming imperfect perfect capital mobility, the BP schedule is a. vertical. b. horizontal. c. upward sloping. d. downward sloping. e. flat. ANSWER C
Date: September 10th, 2020
The Federal Constitution, like the laws under English rule, permitted the U.S. government to (a) impose taxes to pay for government services and national defense. (b) regulate commerce with other countries. (c) create money and regulate its value. (d) do all of the above. ANSWER (d)
Date: September 10th, 2020
