A secondary effect of installment credit was the (a) development of a new market in used durables. (b) emergence of a new network of dependable supplies of electric power. (c) surge in prices. (d) increased government intervention in household activity. ANSWER (a)
Date: September 10th, 2020
After the Civil War, wheat production became regionally specialized and output production in the Midwest increased consequently. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
From the mid-1960s to the present, what would a graph of U.S. productivity rates against time reveal? (a) A stable upward trend in the amount of output per paid hour (b) An unstable but upward trend (c) A U-shape (d) A downward trend ANSWER (c)
Date: September 10th, 2020
Between 1967 and 1999, the industrial structure of the U.S. experienced which of the following changes? (a) The industries experiencing slow or negative growth—primary metals, transportation, mining and steel—sought protection from competition from the federal government. (b) All major nondurable sectors experienced growth. (c) Machinery and electronics experienced rapid growth. (d) All of the above. […]
Date: September 10th, 2020
The fact that long-run growth in the U.S. has been relatively stable is consistent with the ______ model. a. endogenous growth. b. supply-side. c. Keynesian. d. neoclassical growth. e. none of the above. ANSWER D
Date: September 10th, 2020
When the federal government makes no attempt to take corrective action, markets return a recessed economy to full employment levels of production by (a) laying off workers. (b) lowering wages. (c) dropping prices. (d) doing all of the above. ANSWER (d)
Date: September 10th, 2020
An decrease in domestic savings a. decreases foreign borrowing. b. will improve the trade balance. c. will increase exports. d. will increase foreign borrowing. ANSWER D
Date: September 10th, 2020
In absolute terms and relative to other countries, what happened to U.S. growth rates in productivity as measured by output per paid hour in the late 1960s and 1970s? (a) They increased. (b) They stayed the same. (c) They fell. (d) They fell early on and then increased past their previous levels. ANSWER (c)
Date: September 10th, 2020
Prices, on average, increased in the food market; the demand for food had simply grown faster than supply from the end of the Civil War in 1865 to the beginning of World War I in 1913. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The American Revolution resulted in (a) a loss of British military assistance, governmental expertise, judicial assistance and public funding for wars. (b) greatly expanded rights for wage workers and indentured servants. (c) significant change with respect to market behaviors, ownership of property and individual freedom. (d) a dramatic change in laws and the ownership of […]
Date: September 10th, 2020
