Which act established rules and regulations for minimum wage, overtime pay, record-keeping and child labor standards?
(a) Fair Labor Standards Act of 1938
(b) Walsh-Healy Act of 1936
(c) National Industrial Recovery Act (1933)
(d) Wagner Act of 1935
Question 2The U.S. system of property rights
(a) is strictly private.
(b) is influenced by a mix of private and public forces.
(c) does not permit governmental seizure of property under any circumstances.
(d) does not permit the government to seize earned income through taxation.
Question 3Which of the following is the largest asset on a consolidated balance sheet for a commercial bank?
a. Checkable deposits
b. government bonds
c. Cash assets, including reserves
d. Loans
e. Borrowing from the Federal Reserve
Question 4The basic nature of the real property tenure that was transferred here from England included all of the following characteristics of ownership except
(a) Ownership by purchase was perpetual as long as taxes due were met.
(b) Land could descend to heirs either by will or inheritance.
(c) Ownership included surface resources but not subsurface resources or mineral
rights, like iron ore, whose ownership was retained by the state.
(d) The right to exploit owned resources (right of waste) was complete.
Question 5Tertiary employment tended to require generalized education and/or training and, therefore, it was found primarily in rural areas.
Indicate whether the statement is true or false
Question 6The demand for goods and services decreases with a rise in employment and income.
Indicate whether the statement is true or false
Question 7With regard to the American Revolution, research suggests that
(a) it was not waged against the law but against a particular alien authority.
(b) all contracts, respecting property, remained basically unchanged.
(c) the basic ideas established in the colonial era remained untouched by the Revolution, apart from the abolition of primogeniture and perpetual entailment.
(d) all of the above are true.
Question 8If you write a check on your checking account to pay your rent which your landlord deposits in a bank, then
a. the monetary base and the money supply will fall.
b. the monetary base falls but the money supply remains unchanged.
c. there is no change in the monetary base or the money supply.
d. the monetary base and the money supply will rise.
Question 9If the Federal Reserve were to simultaneously sell government bonds in the open market and decrease the discount rate, the
a. money supply will increase.
b. money supply will decline.
c. money stock will stay the same.
d. two tools will work in opposite directions and the effect on the money supply is uncertain.
Question 10The cost of output is income to the land, labor, capital and entrepreneurial talent used to produce it.
Indicate whether the statement is true or false
Question 11Those closest to fomenting a real revolution during the early years of the Great Depression were
(a) bankers.
(b) farmers.
(c) industrial workers.
(d) the middle class.
Question 12The U.S. government is an asset to the U.S. economy when it
(a) effectively serves its role as the agent that defines and protects private property rights.
(b) taxes one group of individuals and redistributes that taxed income to another group.
(c) permits special groups to secure legislative protection from foreign competition in the
industries which they own, manage or work within.
(d) does all of the above.
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