The transformation in labor has dramatically impacted the distribution of income in the U.S.
Indicate whether the statement is true or false
Question 2According to Hughes and Cain (2011), after the Civil War (18611865) the freed slaves were
(a) left to fend for themselves without property, money or skills.
(b) provided with 40 acres and a mule to get a start in life as free people.
(c) provided with some monetary compensation for the centuries-long oppression
and exploitation they and their ancestors had faced.
(d) able to quickly become successful farmers and craftsmen.
Question 3Which of the following classical views is (are) accepted by supply-side economists?
a. In the intermediate run, growth of capital, labor, and technology determine output.
b. The dislike of government intervention in the economy
c. changes in output are primarily driven by changes in the natural rate of output.
d. Both a and b.
e. all of the above.
Question 4During the period in which the Navigation Acts guided colonial trade, international trade was safe and many countries fairly engaged in commercial trade.
Indicate whether the statement is true or false
Question 5The best argument against monetarists' arguments that steady money growth would prevent fluctuations in inflation and unemployment is that:
a. the government has best control over fiscal policy and should focus on that.
b. large fluctuations in the money supply cannot occur because the supply of money is limited.
c. steady money growth does not necessarily mean steady aggregate demand if velocity is not stable.
d. steady growth in the money supply percents fluctuations in output only if aggregate prices are constant.
Question 6Which of the following occurred during World War I (191418)?
(a) Private markets largely influenced resource allocation.
(b) Non-market controls imposed by the government.
(c) New income taxes financed 100 percent of the war.
(d) Corporate America voluntarily financed 100 percent of the war
efforts to protect their interests.
Question 7If business cycles are caused by changes in aggregate demand, you would expect to see
a. prices and unemployment moving in the same direction.
b. price and unemployment moving in opposite directions.
c. prices not moving with unemployment.
d. unemployment is not included in the Keynesian model.
Question 8In which model does there exist a tradeoff between higher inflation and lower unemployment?
a. monetarist
b. real business cycle.
c. new classical
d. a and b.
e. a tradeoff exists in all of the above.
Question 9The Tax Reform Act of 2004
a. lowered marginal income tax rates.
b. cut taxes on inheritance payments.
c. lowered taxes or corporate dividends.
d. Both b and c
e. All of the above
Question 10Shortly after the American Revolution, governmental involvement in market affairs was largely abandoned in the Confederate States and economic growth resulted.
Indicate whether the statement is true or false
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