Which of the following is false?
A. The completion of the national railroad network by 1890 led to the development of a national American market rather than just a series of smaller regional markets.
B. Northern manufacturers benefited from high protective tariffs, which kept out cheaper British goods.
C. The U.S. was the first mass-consumption society.
D. Aside from slavery, southern and northern agriculture were very similar.
D. Aside from slavery, southern and northern agriculture were very similar.
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An example of automatic fiscal policy is
A) an interest rate cut, initiated by an act of Congress. B) an increase in the quantity of money. C) a tax cut, initiated by an act of Congress. D) a decrease in tax revenues, triggered by the state of the economy. E) any change in the interest rate, regardless of its cause.
The "real business cycle" (RBC) model adapts the Lucas model by replacing its assumption of
A) demand shocks as primary generators of cycles. B) adaptive expectations. C) continuous market-clearing. D) slow wage and price adjustment.
A firm that was initially a monopsonist, but now has to buy from a competitive resource market will:
a. buy more amount of resources and pay a higher price for these resources. b. buy the same amount of resources and pay a higher price for these resources. c. buy less amount of resources and pay a lower price for these resources. d. buy less amount of resources and pay a higher price for these resources. e. buy more amount of resources and pay a lower price for these resources.
Answer the following questions true (T) or false (F)
1. Currently, the base year for the CPI is the average of prices in the years 1982 to 1984. 2. To obtain real average hourly earnings, nominal average hourly earnings are multiplied by the CPI. 3. The CPI in 2010 was 218, while the CPI in 1980 was 82. If you had $5,000 in 1980, its equivalent purchasing power in 2010 would be $10,850.