An open-economy model is one that a. allows for trade among nations. b. permits free flow of individuals among nations. c. encourages imports but not exports. d. advocates more exports than imports. e. Both a and b ANSWER A
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
Convergence refers to the movement of countries toward a. the same levels of per capita output growth. b. the same levels of per capita output. c. a constant rate of output growth. d. the same capital-to-labor ratios. e. both b and d. ANSWER E
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
In the long run, according to Monetarists a. the natural rates of output and employment depend on factor supplies. b. the natural rates of output and employment depend on technology. c. the influence of the money stock is mainly on the price level and other nominal variables. d. All of the above ANSWER D
Date: September 10th, 2020
The Land Ordinances of 1785 and 1787 established property rights in land that provided for all of the following except (a) Perpetual ownership, if desired (b) Direct inheritance (c) Complete freedom to sell as desired (d) Required inheritance through the principle of primogeniture ANSWER (d)
Date: September 10th, 2020
Within a fixed exchange rate system, the effect of an expansionary fiscal policy action on the balance of payments will be to a. worsen the balance on the capital account but improve the trade balance. b. worsen the trade balance but improve the balance on the capital account. c. worsen both the trade balance and […]
Date: September 10th, 2020
Farmers’ complaints during the post-Civil War period included all of the following except (a) High railroad rates (b) A worsening of the terms of trade between the prices of farm goods and the prices of manufactured articles (c) The fact that national banks were not allowed to accept farm mortgages as loan collateral (d) There […]
Date: September 10th, 2020
Which of the following contributed to the clear advancement of the automobile and steel industries? (a) Oligopoly behavior (b) Voluntary export restrictions (c) Quotas set for the number of foreign products entering the U.S. (d) Dynamic entrepreneurialism ANSWER (d)
Date: September 10th, 2020
The New Deal succeeded in ending the Great Depression. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
