Efforts to balance the federal government’s budget by raising taxes provided a buffer to the economic downturn of the Great Depression. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The Constitution contains a provision that states that no laws shall be passed “impairing the obligation of contracts.” This provision (a) meant that the English common law was legislated for the new republic. (b) was an innovation by the authors of the Constitution and not found in British law. (c) was only a minor aspect […]
Date: September 10th, 2020
During the 20th century, the agricultural sector experienced an increase in (a) the number of operating farms. (b) the farm population. (c) the farm output. (d) all of the above. ANSWER (c)
Date: September 10th, 2020
The nominal money supply fell faster in 1929–32 than did prices. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Monetarist and Keynesian theories of money demand differs in that a. Monetarists assumes that the demand for money is highly inelastic while Keynes assumes money demand is elastic. b. Monetarists assumes that the money demand function is highly stable while Keynes assumes it is unstable. c. Monetarists assumes that there is only a transactions demand […]
Date: September 10th, 2020
International data suggests that countries with different steady states will a. converge to the same growth rates of output. b. converge to the same per-capita output levels. c. not converge. d. converge to the same steady state in the long-run. ANSWER C
Date: September 10th, 2020
In the neoclassical growth model without technological progress, the steady-state growth rate of per capita output is a. the growth of technology plus the growth of population. b. the growth of population. c. the growth of technology. d. the growth of technology plus population plus depreciation. ANSWER C
Date: September 10th, 2020
With regard to agricultural productivity (grain crops) in the post-Civil War period (1870–1910), (a) output per acre went up significantly. (b) output per man-hour went up significantly. (c) output per unit of energy input went up significantly. (d) all of the above occurred. ANSWER (b)
Date: September 10th, 2020
What does an empirical analysis of the key votes at the Constitutional Convention suggest? (a) Merchants, manufacturers, capitalists, creditors, and public and private security holders supported a national system of government. (b) Delegates from larger and coastal states, as well as bankers and other private debt holders, were most likely to support the new Constitution. […]
Date: September 10th, 2020
In the Keynesian model, and increase in government spending financed with an increase in taxes will a. move an economy left along its Phillips curve. b. shift the Phillips curve to the up. c. move an economy right along its Phillips curve. d. shift the Phillips curve down. e. not affect the Phillips curve. […]
Date: September 10th, 2020
