Concerning the effect of New Deal farm measures, Walton and Rockoff conclude that the New Deal _____
a. simply failed to help farmers because the farmer's terms of trade did not improve.
b. helped the farmer to a limited extent primarily through the stimulation of aggregate demand.
c. helped the farmer to a substantial extent by limiting farm output.
d. helped the farmer to a substantial extent by increasing farm output.
c. helped the farmer to a substantial extent by limiting farm output.
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Which of the following is an asset of the Fed?
A) Mortgage-backed securities B) currency C) reserves of depository institutions D) Both answers B and C are correct.
The key economic difference between expected utility and expected value is that
A) expected value only considers the value of outcomes, whereas expected utility considers the tradeoff between value and risk. B) expected utility only considers the value of outcomes, whereas expected value considers the tradeoff between value and risk. C) expected utility is the maximum value obtained, whereas expect value is the mean of the values from a set of possible outcomes. D) None of the above—the differences are mathematical not economic.
Since 1970, U.S. union membership has
a. increased as a percentage of the labor force. b. declined as a percentage of the labor force. c. remained stable as a percentage of the labor force. d. become more restrictive.
Which of the following does the U.S. president appoint and the U.S. Senate confirm?
a. members of the Board of Governors and regional Federal Reserve Bank Presidents. b. members of the Board of Governors but not the regional Federal Reserve Bank Presidents. c. the regional Federal Reserve Bank Presidents, but not members of the Board of Governors. d. neither members of the Board of Governors nor regional Federal Reserve Bank Presidents.