The federal spending policies of the Great Depression were clearly expansionary and helped return the U.S. economy to the low levels of unemployment experienced during the 1920s. Indicate whether the statement is true or false ANSWER False (Expansionary fiscal policy did not succeed on either one of these fronts.)
Date: September 10th, 2020
Endogenous growth theory rejects the assumption of exogenous a. production functions. b. knowledge. c. technology. d. both b and c. d. all of the above. ANSWER D
Date: September 10th, 2020
An exogenous increase in the country’s trade balance shifts the a. IS schedule to the left. b. IS schedule to the right. c. LM schedule to the left. d. LM schedule to the right. ANSWER B
Date: September 10th, 2020
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
Darby (1984) argues that the problem with declining productivity of the 1970s was not an issue. He adjusted labor productivity upward to take into account which of the following? (a) The immigration policies of the 1970s restricted the free migration of highly qualified workers. (b) More men than women re-entered the workforce. (c) The overall […]
Date: September 10th, 2020
