As indicated by real GDP, real GDP per capita and nominal GDP figures, the Great Depression was unmoved by the social reconstruction efforts of President Franklin D. Roosevelt and his supporters. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
According to Chandler and Cortada (2000), the driving force of the U.S. economy has been what since the beginning? (a) Agriculture (b) Manufacturing (c) Information (d) Steel and automobiles ANSWER (c)
Date: September 10th, 2020
According to the monetarists, when the expected rate of inflation rises, the short-run Phillips curve a. shifts upward. b. shifts downward. c. is unaffected. d. None of the above ANSWER A
Date: September 10th, 2020
Western agriculture in the nineteenth century can be characterized by (a) a rising labor to output ratio. (b) a rising capital to output ratio. (c) the use of marginal land to increase output. (d) a shift to more efficient crops. ANSWER (c)
Date: September 10th, 2020
If the savings rate of Country A increases from 10% to 20% and technology growth is zero, then the neoclassical model predicts that in the steady state a. the capital-to-labor ratio will not grow in the long-run but higher than it is now. b. the capital-to-labor ratio will grow 10% faster. c. the growth rate […]
Date: September 10th, 2020
To maintain a fixed exchange rate, in response to an increase in the government budget deficit the central bank must a. sell foreign currency from reserves. b. buy foreign currency. c. raise taxes. d. raise government spending. e. pass a law that increases the exchange rate. ANSWER B
Date: September 10th, 2020
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
