Davis and Huttenback (1982) find evidence to support the claim that the colonists were overtaxed by England.
Indicate whether the statement is true or false
Question 2According to the new classical economics, changes in monetary policy will only impact GDP if:
a. they impact the price level.
b. they are unpredictable.
c. people have perfect information about these shocks.
d. None of the above.
Question 3Which of the following World War I (191418) institutions reappeared in various forms during the Great Depression and/or World War II (194145)?
(a) The U.S. Grain Corporation
(b) The War Industries Board
(c) The United States Housing Corporation
(d) All of the above
Question 4The South's post-Civil War (18611865) backwardness was due to all of the following, according to Hughes and Cain (2011), except
(a) Extensive wartime destruction of life and wealth
(b) The fiscal disaster of the Confederacy, whereby nine-tenths of the state banks of the South vanished
(c) The price of cotton, which did not fall, but did fail to increase as it had prior to the Civil War (18611865), thus turning cotton into a less profitable crop
(d) The sharecropping system's failure to provide incentives for innovation in agriculture
Question 5Which of the following economists is/are considered the leader(s) in the theory of market behavior?
(a) Alfred Marshall
(b) Adam Smith
(c) David Ricardo
(d) All of the above
Question 6Public policies designed to increase labor productivity do not include
a. subsidies for higher education.
b. tax breaks for job retraining.
c. tax breaks on corporate dividends.
d. public education.
Question 7Many colonists believed that export surpluses with England positively impacted colonial businesses through increased prices and profits.
Indicate whether the statement is true or false
Question 8President Woodrow Wilson
(a) fostered the growth of government bureaucracy.
(b) quickly returned the U.S. economy to a competitive market place.
(c) remained neutral on the issue of whether the federal government
should intervene in private market affairs.
(d) mandated that Congress operate with a balanced budget.
Question 9Economic developments after the Civil War (18611865) in the South include all of the following except
(a) A decline in cotton prices with the result that poverty associated with cotton became a fixed feature of the South
(b) The relatively widespread land ownership among the freed slaves
(c) The widespread adoption of the sharecropping system
(d) The widespread debt peonage for the freed slaves
Question 10It has been hypothesized that the productivity slowdown could have been caused by all of the following except
a. lower worldwide money growth.
b. lower technology growth.
c. higher oil prices.
d. increased government regulation.
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