Between 1921 and 1929, general prices as measured by wholesale or consumer prices (a) were stable overall. (b) fell dramatically. (c) increased moderately. (d) increased significantly. ANSWER (a)
Date: September 10th, 2020
The Township survey system set up by the Northwest Ordinance of 1785 established (a) a 50 square-mile township based on colonial New York. (b) an 84 square-mile township base on colonial Virginia. (c) a 36 square-mile township based on colonial Vermont. (d) an 18 square-mile township based on colonial Rhode Island. ANSWER (c)
Date: September 10th, 2020
In a floating exchange rate system, an increase in the value of the exchange rate could be caused by a. an increase in taxes. b. an decrease in government spending. c. a decrease in the domestic money supply. d. a decrease in exports. ANSWER C
Date: September 10th, 2020
A liquidity trap is a. the vertical portion of the LM schedule. b. the horizontal portion of the LM schedule. c. a situation where a given change in the money stock induces a large reduction in the interest rate. d. Both a and c e. Both b and c ANSWER B
Date: September 10th, 2020
Higgs (1971) finds evidence to suggest that railroads did take advantage of farmers before 1896. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Assuming constant returns to scale, the equation, Y = A(t)F(K,N) can be rewritten as a. Y/N = A(t)ƒ(K/N). b. q = A(t)ƒ(k). c. Y/N = A(t)ƒ(K N). d. Both a and b e. Both b and c ANSWER D
Date: September 10th, 2020
Increased specialization in the computer industry is evidenced by (a) the types of government policies implemented to aid the computer industry. (b) the growth of the software industry. (c) the growth of the manufacturing industry. (d) the growth of agriculture. ANSWER (b)
Date: September 10th, 2020
What did automobiles and government subsidized highways increase the net benefits of? (a) Investing privately in highway development (b) Rapid expansion of new cities and towns and revitalization in old cities and towns (c) Development of suburban and exurban areas (d) All of the above ANSWER (c)
Date: September 10th, 2020
According to Kuznets (1954), competition will (a) unfairly destroy leading industries and impede overall economic growth across industries. (b) require government intervention. (c) push efficient industries into leadership roles and pull the backward and forward industrial links to these leaders with them. (d) contract consumer market opportunities. ANSWER (c)
Date: September 10th, 2020
According to the early Keynesians, a. the money demand function was unstable; the interest elasticity of money demand was extremely high; and, as a consequence, changes in the quantity of money did not have important predictable effects on the level of economic activity. b. the money demand function was stable; the interest elasticity of money […]
Date: September 10th, 2020
