Friedman and others view changes in velocity as the result of changes in a. income. b. who is the chairman of the Federal Reserve. c. interest rates. d. inflation. ANSWER D
Date: September 10th, 2020
The First Continental Congress met in September and October of 1774 and listed several complaints against the British government, including (a) an objection not to the Navigation Acts but to the taxation without consent. (b) the argument that they were entitled to all the rights of British citizenship. (c) the demand that virtually all of […]
Date: September 10th, 2020
Regarding the Interstate Commerce Commission (ICC), (a) historians agree that it was primarily “captured” by the industry that it was supposed to regulate. (b) historians agree that it was primarily “captured” by passengers and shippers to the disadvantage of the railroads. (c) historians generally agree that it was not “captured” by any group, but rather […]
Date: September 10th, 2020
If the Fed followed through on plans to be more open to and more quickly provide the public with information about monetary policy, then we would expect to see a. the impact of the money supply on output would get stronger. b. the Fed would not have any power over output in the future. c. […]
Date: September 10th, 2020
Employment in manufacturing fell by almost twenty percent between 1980 and 1999. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
The United States balance of payments accounts a. records all earnings from the foreign activities of U.S. residents. b. records all expenditures of U.S. citizens’ abroad. c. records all earnings from the foreign activities of foreign governments. d. Both a and b e. All of the above ANSWER D
Date: September 10th, 2020
Capital outflows in the balance of payments accounts include a. purchases of financial assets by U.S. residents. b. direct investments in foreign countries. c. indirect investments in foreign countries. d. purchases of U.S. real estate by foreigners. e. all of the above ANSWER E
Date: September 10th, 2020
Some economic historians argue that the Interstate Commerce Commission (ICC) was the first case of the “capture” of a federal regulatory commission. What does this mean? (a) The railroads used the ICC to solve the problems of cartel management. (b) The users of the railroads—passengers and shippers—influenced the ICC to keep railroad rates high and […]
Date: September 10th, 2020
Farm prices fell sharply in 1919–21 . Then, until 1929, the farm “terms of trade” (the movement of farm prices relative to the movement of non-farm prices) (a) collapsed by more than half. (b) remained essentially unchanged. (c) actually rose. (d) collapsed, but only slightly. ANSWER (c)
Date: September 10th, 2020
A federal surplus is deflationary when all else is held constant. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
