Discuss some of the economic symbolism thought by many to be contained in L. Frank Baum's book The Wonderful Wizard of Oz
Many people believe that Baum's well-known work is an allegory for the presidential election of 1896 between William McKinley and William Jennings Bryan. Young Dorothy is thought to represent Bryan (only 36 years old as the Democratic presidential candidate) and her voyage to the Emerald city represents Bryan's quest to win the presidency and move to the nation's capital. During this era, the U.S. economy was going through very difficult times which many people blamed on the gold standard. Those people --- including both Bryan and Baum --- believed that a bimettalic monetary standard (using both gold and silver) would lead to an increase in the money supply, thereby helping to pull the economy out of its depression. Other symbolism in the book includes:
Cyclone: The 1896 Democratic convention
Yellow brick road: The gold standard
Scarecrow: Farmers
Tin man: Industrial workers
Cowardly lion: The Populist party
Toto: The Democratic party
Wicked Witch of the West: The gold standard
Dorothy's silver shoes: Silver
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Normative statements are statements about
A) prices. B) quantities. C) what is. D) what ought to be.
When a transfer price decreases
a. the buying division will want to sell less to the selling division b. the buying division will want to sell more to the selling division c. the selling division will want to sell less to the buying division d. the selling division will want to sell more to the buying division
The economic burden of an excise tax
a. can usually be partially shifted from buyers onto sellers. b. equals the revenue from the tax. c. is less than the burden of an income tax that would raise the same revenue. d. is shared equally by buyers and sellers.
The multiplier effect is most potent when ______.
a. expenditures on one type of resource are replaced by another b. idle resources are brought into production c. it makes productive resources idle d. all economic resources are already fully employed