In the monetarist view, the long-run Phillips curve is a. horizontal. b. downward sloping. c. downward sloping but steeper than the short-run curve. d. downward sloping but flatter than the short-run curve. e. none of the above. ANSWER E
Date: September 10th, 2020
Which of the following statements is (are) correct? The Mundell-Fleming model is a. a new closed-economy model. b. implicitly assumes a fixed domestic price level. c. is an open-economy version of the IS-LM model. d. Both b and c ANSWER D
Date: September 10th, 2020
The farm revolt (Populism) led ultimately to all of the following changes in society except (a) Universal public education (b) Women’s suffrage (c) Secret ballots (d) The vote for working men ANSWER (d)
Date: September 10th, 2020
The Western railroads had been granted vast amounts of land by the government. Consequently, they (a) Held on to it tightly. (b) Produced a competitive market with homesteading. (c) Wanted to profit only from providing railroad services. (d) Hindered economic development by restricting new farms in the West. ANSWER (b)
Date: September 10th, 2020
In 2002 the steel industry successfully lobbied Congress to impose a tariff of 8 to 30 percent on foreign steel. Which of the following is an unintended consequence of this tariff? (a) U.S. steel firms were protected from the price cutting efforts of foreign competitors benefiting from governmental support in their countries. (b) U.S. steel […]
Date: September 10th, 2020
In the 1970s, the relationship between stock-market prices and the consumer price index was roughly equal to that of the 1920s, rising in roughly equal amounts. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The closing of the frontier in the early 20th century led eventually to (a) exhausting the land of all fertility by overusing it. (b) a change from an “intensive” to an “extensive” use of the land. (c) an emphasis on water conservation projects and the irrigation of arid lands. (d) the sale of Bureau of […]
Date: September 10th, 2020
Western expansion contributed to U.S. growth and development of the economy by (a) privately mobilizing idle natural resources and land. (b) placing land in the hands of the public, with no private rights. (c) having government officials set land prices. (d) all of the above. ANSWER (a)
Date: September 10th, 2020
The Founding Fathers (or Founders) of the United States were (a) pragmatic reformers, eager to assault slavery whenever political realities permitted. (b) skittish abolitionists, cautiously promoting antislavery under particular circumstances. (c) anti-abolitionists, permitting slaves to be freed only when they would reap a great advantage from emancipation. (d) not concerned with slavery, because for centuries […]
Date: September 10th, 2020
The Smoot-Hawley Tariff Act of 1930 is thought to have contributed to the severity of the 1930s depression because of the rise in tariff rates and the consequential drop in private consumption, savings and investment. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
