North (1974) finds evidence to suggest that the iron industry was equally dependent on the railroad and iron stove industries for sales revenue at one point in time. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
The U.S. federal government embraced all of the Populists’ requests, including the nationalization of the railroad system. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Friedman’s theory of money demand differs from Keynes’ in that a. Friedman assumes that the demand for money is highly elastic while Keynes assumes money demand is inelastic. b. Friedman assumes that the money demand function is highly stable while Keynes assumes it is unstable. c. Friedman assumes that there is only a speculative demand […]
Date: September 10th, 2020
Easterlin (1968, 1987) argues that as the relative price of children rises, (a) the average household demands fewer of them. (b) society, at large, demands fewer of them. (c) society, at large, demands more of them. (d) nothing happens since the demand for children is not influenced by price. ANSWER (a)
Date: September 10th, 2020
In a system of perfectly flexible exchange rates, an expansionary U.S. monetary policy will cause a. a rise in the value of the dollar relative to foreign currencies. b. a fall in the value of the dollar relative to foreign currencies. c. no change in the value of the dollar relative to foreign currencies. d. […]
Date: September 10th, 2020
Hughes and Cain (2011) suggest that an event or series of events occurring in 1763 doomed British policy. What happened? (a) A series of oppressive taxes (b) A tightening and more rigorous enforcement of the Navigation Acts (c) A proclamation which limited trans-Appalachian settlement to lands once granted to colonists by crown approval (d) An […]
Date: September 10th, 2020
Taxes provide individuals with incentive to: (a) Increase the number of working hours. (b) Increase productivity by working longer and harder. (c) Direct resources to uses where taxes are relatively low or nonexistent. (d) Buy and save more. ANSWER (c)
Date: September 10th, 2020
Martin’s research (1971) supports the claim that the Interstate Commerce Commission (ICC) was a federal regulatory agency, The ICC was designed to capture market gains for the consumers of railroad services as well as for the railroad industrialists. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
During the 2000s, the Federal government’s deficit a. moved from large deficits to even larger deficits. b. changed little as a percent of GDP. c. moved from large surpluses to large deficits. d. rose largely as a result of large tax cuts in 2001 and 2004. e. both c and d. ANSWER E
Date: September 10th, 2020
Supply-side economists argue that taxing of nominal gains and interest earnings during inflationary periods a. results in an increased effective tax rate on real returns but will not retard saving. b. will retard saving but will not increase the effective tax rate on real returns. c. will increase the effective tax rate on real returns […]
Date: September 10th, 2020
