Advocates of the public-choice view argue that voting behavior is influenced by the

Advocates of the public-choice view argue that voting behavior is influenced by the

a. rate of inflation prior to an election.
b. level of economic activity.
c. favorite son syndrome.
d. campaign issues.

Question 2

Which of the following is the most difficult to measure? Changes in ________.

A) the size of the labor force
B) population
C) the quantity of labor
D) productivity

Question 3

New England possessed a comparative advantage in producing cotton. Producers in this region produced cotton at the lowest possible opportunity cost in colonial America.

Indicate whether the statement is true or false

Question 4

In the long-run, the inflation rate will move very closely with ________.

A) the growth rate of the money supply
B) the change in government debt
C) the growth rate of government expenditures
D) changes in tax rates

Question 5

From the Civil War until 1914, what change(s) occurred in U.S. policies regarding tariffs?

(a) Tariff rates were generally higher and customs receipts were higher than before the
Civil War.
(b) As the momentum of the westward movement increased, increased revenues from land sales allowed Congress to return tariff rates to their pre-Civil War levels.
(c) Customs revenues increased because of economic growth and the lack of important changes
in tariff policy.
(d) All of the above

Question 6

If the money supply increases 10-percent, velocity decreases 5-percent, and the price level increases 6-percent, then the change in real GDP is

a. 1.
b. 4.
c. -1.
d. 5.

Question 7

The financial chaos of the antebellum period clearly impeded economic growth and development in the long run.

Indicate whether the statement is true or false

Question 8

Capital and labor are distinct from productivity in that ________.

A) productivity is independent of technology changes
B) productivity can only increase over time
C) productivity is subject to diminishing returns
D) capital and labor are subject to diminishing marginal returns

Question 9

The growth accounting equation suggests that the growth rate of output is equal to the growth rate of ________.

A) total factor productivity plus the contributions of both capital and labor
B) total factor productivity minus the rate of depreciation
C) capital and labor
D) the overall population

Question 10

Monetizing the debt occurs when ________.

A) government securities are issued
B) government securities are sold by the central bank
C) government securities are bought by the central bank
D) tax revenues fall short of government expenditures

Question 11

Under the gold standard, a country experiencing a fall in its gold reserves was supposed to:

(a) Expand loans
(b) Buy securities
(c) Lower discount rates
(d) Cut loans

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