Which of the following is true about present day Americans who are classified as officially poor by the government?
a. Their incomes are about the same as those at the official poverty level in 1950.
b. Their incomes are higher than all but the richest Americans in 1900.
c. Their incomes are about the same as those at the official poverty level in 1900.
d. Their incomes are about the same as those in the middle class in 1950.
Question 2Per capita GDP in the U.S. during the 20th century _____.
a. has remained about the same
b. increased until about 1970 and decreased since then
c. was cyclical, but generally trending upward throughout the century
d. was cyclical, but generally trending downward throughout the century
Question 3Which of the following most accurately describes changes in life expectancy?
a. Life expectancy was relatively low until 1750, after which it increased rapidly.
b. Life expectancy has increased steadily during the past 6,000 years.
c. Life expectancy was low until after World War II, after which it increased very quickly.
d. Life expectancy has exhibited significant cyclical patterns of growth and decline.
Question 4Which of the following most accurately describes world population growth?
a. World population has increased steadily during the past 6,000 years.
b. World population has exhibited significant cyclical patterns of growth and decline.
c. World population was relatively small until 1750, after which it increased rapidly.
d. World population was small until World War II, after which it increased very quickly.
Question 5Which of the following is NOT a direct indicator of a society's well-being?
a. Changes in average height
b. Changes in life expectancy
c. Changes in average weight
d. Stock of nuclear weapons
Question 6Discuss the consensus on the adjustment process after the crisis.
What will be an ideal response?
Question 7Discuss research on the role of banks and other financial institutions in the intermediation of funds between lenders and borrowers.
What will be an ideal response?
Question 8Discuss the major intellectual failure on macroeconomics from the crisis.
What will be an ideal response?
Question 9Recent research up to the crisis proceeded mainly on three fronts. Discuss each of them.
What will be an ideal response?
Question 10Suppose the central bank announces that it will pursue a monetary expansion in the current period and a monetary expansion in the future. Explain how the credibility of the central bank might influence the effectiveness of this monetary policy action and announcement of a future monetary policy action.
What will be an ideal response?
Question 11Which of the following is an economic argument used to explain why slavery persisted in the U.S.?
(a) Slavery crushed out individualism among slaves.
(b) The social structure of slavery did not permit black leaders to lead revolts.
(c) Slavery was an overall moral institution.
(d) Slavery was a rational institution.
Question 12Conrad and Meyer (1958) counter Fogel and Engerman's (1974) claim that slave breeding was a myth by arguing that any profit-maximizing slave owner would consider slave breeding as long as:
(a) The expected rate of return from slave sales fell below the costs of rearing the slave to the age of sale.
(b) Slavery was an irrational institution.
(c) The expected rate of return from slave sales exceeded the costs of rearing the slave to the age
of sale.
(d) Slavery was an immoral institution.
Question 13If the relative market price of producing cotton is more than the opportunity cost of producing it in the South,
(a) the market price of cotton will fall in the long run.
(b) producers will increase the supply of cotton in the long run.
(c) resources will flow away from the production of cotton, causing the supply of it to decline with the passage of time.
(d) the situation will remain unchanged as long as supply and demand remain in balance.
Quick Reply
