What was the official policy of the British colonies toward the practice of squatting, or freely settling and cultivating the land?
(a) Squatting was encouraged as a way to promote settlement of the land.
(b) Colonial officials discouraged squatting because the indigenous populations legally owned land.
(c) There was no policy toward the practice of squatting; it was left to the individual settlers.
(d) The official policy opposed squatting because it did not involve a formal transfer of ownership.
Question 2The income elasticity for cars is high. This is best illustrated by which of the following?
(a) College students buy a high percentage of the lower priced, dependable foreign cars.
(b) The purchase of all hybrid cars increases in response to the call to reduce the auto's footprint.
(c) U.S. cars built by foreign automakers sold at relatively lower prices than their equal American counterparts.
(d) All of the above.
Question 3Which of the following policies are likely to increase national savings?
a. running larger government budget deficits.
b. decreasing taxes on stock dividends.
c. reducing taxes on consumption.
d. having to pay higher interest rates on the national debt.
e. none of the above.
Question 4The New Deal succeeded in ending the Great Depression.
Indicate whether the statement is true or false
Question 5Which of the following contributed to the clear advancement of the automobile and steel industries?
(a) Oligopoly behavior
(b) Voluntary export restrictions
(c) Quotas set for the number of foreign products entering the U.S.
(d) Dynamic entrepreneurialism
Question 6Farmers' complaints during the post-Civil War period included all of the following except
(a) High railroad rates
(b) A worsening of the terms of trade between the prices of farm goods and the prices of manufactured articles
(c) The fact that national banks were not allowed to accept farm mortgages as loan collateral
(d) There is no except; all of the above were complaints of the farmers
Question 7The Land Ordinances of 1785 and 1787 established property rights in land that provided for all of the following except
(a) Perpetual ownership, if desired
(b) Direct inheritance
(c) Complete freedom to sell as desired
(d) Required inheritance through the principle of primogeniture
Question 8Within a fixed exchange rate system, the effect of an expansionary fiscal policy action on the balance of payments will be to
a. worsen the balance on the capital account but improve the trade balance.
b. worsen the trade balance but improve the balance on the capital account.
c. worsen both the trade balance and the balance on the capital account.
d. improve both the trade balance and the balance on the capital account.
Question 9In the long run, according to Monetarists
a. the natural rates of output and employment depend on factor supplies.
b. the natural rates of output and employment depend on technology.
c. the influence of the money stock is mainly on the price level and other nominal variables.
d. All of the above
Question 10Convergence refers to the movement of countries toward
a. the same levels of per capita output growth.
b. the same levels of per capita output.
c. a constant rate of output growth.
d. the same capital-to-labor ratios.
e. both b and d.
Question 11The Smoot-Hawley Tariff Act of 1930 is thought to have contributed to the severity of the 1930s depression because of the rise in tariff rates and the consequential drop in private consumption, savings and investment.
Indicate whether the statement is true or false
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