The short-run Phillips curve implied when all changes in aggregate demand are caused by changes in the money supply is
a. upward sloping.
b. downward sloping.
c. horizontal.
d. vertical.
e. None of the above
Question 2In the four decades from 1860 to 1900, the U.S. population nearly tripled. Real Gross Domestic Product (GDP)
(a) fell by more than the amount by which the population increased.
(b) fell by the same amount by which the population increased.
(c) rose at about the same rate as the population increase.
(d) increased by even more than the population increase.
Question 3The Great Depression was marked by non-farm housing slumps and falling real estate prices, prompting many states to impose a moratorium on residential mortgage foreclosures.
Indicate whether the statement is true or false
Question 4By the 1830s, young women and children
(a) were a very important portion of the industrial work force, about 40.
(b) were a minor portion of the industrial work force, about 10.
(c) were a moderate portion of the industrial work force, about 25.
(d) were not a part of the industrial work force because legislation forbade
it in order to protect young women and children.
Question 5Brinley Thomas' (1954) thesis explains
(a) fluctuations in immigration.
(b) fluctuations in European domestic investment.
(c) fluctuations in European foreign investment.
(d) all of the above.
Question 6If the government places a new tax on the hiring of workers, then we would expect
a. both the short run and long run Phillips curve to shift to the right.
b. both the short run and long run Phillips curve to shift to the left.
c. the long run Phillips curve remains unchanged while the short run Phillips curve shifts to the right.
d. the short run Phillips curve remains unchanged while the long run Phillips curve shifts to the right.
e. none of the above.
Question 7The persistent problem of inflation, beginning in the late 1960s, had its causes in all of the following except
(a) The full-scale entrance of the United States into the Vietnam War in 1965
(b) Oil shocks in the 1970s
(c) Rising production costs in almost every sector in the economy due to rising energy costs
(d) Rising corporate taxes which raised the cost of doing business
Question 8Which of the following factors might make capital mobility less than perfect?
a. Risks due to exchange rate changes
b. Differential risk on the assets of different countries
c. Technological progress, which improves the quality of information on foreign assets
d. both a and b.
e. All of the above
Question 9Which of the following was a key factor which pushed the nation close to civil war?
(a) The Missouri Compromise of 1820
(b) Dred Scott v. Sanford Supreme Court Case
(c) The Tariff of Abominations of 1828
(d) The Supreme Court practice of judicial instrumentalism, which the South believed
undermined the Constitution
Question 10According to the Thomas (1954) analysis, American investment in industrial physical capital was
(a) labor-using in upswings of immigration.
(b) labor-saving in upswings of immigration.
(c) labor neutral over the course of immigration.
(d) relentlessly labor-saving no matter what.
Question 11The term stagflation refers to an economy with the simultaneous problems of
(a) rising inflation rates and falling unemployment rates.
(b) rising deflation and unemployment rates.
(c) rising inflation and unemployment rates.
(d) falling deflation and unemployment rates.
Question 12A rightward shift of the BP schedule is the result of a(n)
a. increase in the foreign interest rate.
b. decrease in the foreign interest rate.
c. exogenous fall in export demand.
d. increase in import demand.
Question 13The Great Depression tried and tested the Gold Standard and this standard met the challenge.
Indicate whether the statement is true or false
Quick Reply
