Is President Obama Keynesian?

Yes, he believes in the economic equation: Y=C+I+G+NX

Which of the following, if true, would challenge Fogel's Model of Shipping?

Railroads had major economic effects in every country

Which of the following is NOT a reason the US government should assume state debts?

Debts in the South were larger than in the North

Which of the following, if true, would challenge Public Choice Theory?

It is difficult for small groups to persuade politicians

Why is deflation bad?

It increases the real value of debt & reduces investment

Which of the following, if true, would challenge the model of labor supply?

Income effect > substitution effect = person works more

Which was NOT a reason that development in the North was > the South after the Civil War?

The North bought more slaves than the South after the war

Which statement points out a danger of protective tariffs based on the infant industry model?

A new country could enter and beat out the domestic industry

Which of the following, if true, would challenge the Roy Model?

The cost of moving is different depending on where you live

Which of the following, if true, would challenge the Model of Segregation?

Individual stores profit if they integrate first

How do you feel about taking the final?

I'm gonna ace it, Good, Scared out of my mind, A little nervous

What would cause a country to have high development according to the Engerman - Sokoloff Model?

An egalitarian (equal) government

How did America lead the world in industrial minerals?

Mining laws gave people an incentive to look for minerals

Which of the following was NOT a reason why was slavery economically attractive?

Sugar was easy to harvest & involved safe working conditions

Which of the following, if true, would challenge the Geography Theory?

Productivity involves technological growth, not resources

Which of the following, if true, would challenge the Model of Cartels?

It is impossible for firms to make agreements

How do you feel about taking the final now?

I got this in the bag, Bring it on!, I'm ready!, I'm feeling a solid A

Assuming the following statements are true, which one would combat the Malthusian model?

Technological growth makes food grow faster than population

Which of the following, if true, would challenge the Model of Property Rights & Investment?

People choose to save regardless of property rights

Why was Argentina's homesteading program successful while Australia's was not?

Argentina had more threat from attack

Which of the following is NOT one of the neglected costs Fogel measures?

Lack of innovation (railroads spurred more)

Which of the following is NOT one of Fogel's conclusions about railroads' economic effect?

Railroads had a major impact on the U.S. only

These are all evidence that Rockefeller's wealth was a result of his railroad cartel EXCEPT:

Standard gained control among new, distant oil fields

Considering the discrimination policy, which of the following statements is TRUE?

If you favor it, you want to pay the original buyer

What is a real shock?

Thanos performing "the snap," cutting the population in half

Which of the following is FALSE about the Besley and Persson Model?

The model can only be applied to governments

Which of the following, if true, would challenge Allen's argument of U.S. frontier settlement?

Cost of protecting land doesn't depend on population density

When compared with partnerships, which of the following is true about corporations?

P'ships=short time horizon Corps=limited liability

Which of the following, if true, would challenge the Anthropometric Model?

Genes vary too greatly across populations to know anything

Which of the following was NOT an event related to the Panic of 1907?

J.P. Morgan let the Trust Company of New York fail

What is the conclusion of the Institutional Model?

Countries grow when they have good institutions

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Fall 2019 MGT 1050 Final Exam Quiz

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Review questions for the final exam

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Questions 67

Answers

1
Which of these people did NOT serve as the Federal Chair?
Donald Trump
Paul Volcker
Ben Bernanke
Alan Greenspan
2
Is President Obama Keynesian?
IDK, lots of people say he was born outside the USA
Yes, he believes in the economic equation: Y=C+I+G+NX
Please don't pronounce the K-word "keh-nee-jan"
No, he is from Hawaii
3
Which of the following, if true, would challenge Fogel's Model of Shipping?
People will maximize profits by choosing lowest cost route
Railroads had major economic effects in every country
Railroads have small effects if good alternatives exist
If shipping is too expensive, people won't ship goods
4
Which reason best describes the long run growth of female labor force participation?
GIRL POWER
Women had valuable experience from working during the war
Women wanted to protest the rampant discrimination of today
Women's increased education
5
Which of the following is NOT a reason the US government should assume state debts?
Most battles were in North, but all states gained from win
Uniformity of policy
Get the rich invested in the nation's success
Debts in the South were larger than in the North
6
Which of the following, if true, would challenge Public Choice Theory?
Very few people participate in elections
The benefits of public policies are unevenly distributed
Cost of interacting w/ politicians is > benefit of change
It is difficult for small groups to persuade politicians
7
Why is deflation bad?
It increases the real value of debt & reduces investment
It makes prices go up
It makes North Korea happy
It prevents balloons with π from popping
8
Which of the following, if true, would challenge the model of labor supply?
Income effect > substitution effect = person works more
Consumption takes money, leisure takes time
Substitution effect > income effect = person works more
People work until their leisure is more important to them
9
Which describes a policy that decreases both the supply of money and investing?
Stationary
Contractionary
Revolutionary
Expansionary
10
Which was NOT a reason that development in the North was > the South after the Civil War?
The North bought more slaves than the South after the war
The source of wealth in the North was land, not slaves
The North improved local amenities to attract more people
Population was higher in the North, which raised land values
11
Which statement points out a danger of protective tariffs based on the infant industry model?
Shielded domestic industries could become competitive
Tariffs would actually be good in the long run!
Domestic industries can lower costs of production over time
A new country could enter and beat out the domestic industry
12
Which of the following, if true, would challenge the Roy Model?
The cost of moving is different depending on where you live
People have different skills classified as high or low
Income depends on skills and where you live
People like to maximize their wages
13
Which of the following, if true, would challenge the Model of Segregation?
To achieve desegregation, all stores must integrate together
There is no incentive for individual stores to integrate
Individual stores lose revenue if they integrate alone
Individual stores profit if they integrate first
14
How do you feel about taking the final?
I'm gonna ace it
Good
Scared out of my mind
A little nervous
15
What would cause a country to have high development according to the Engerman - Sokoloff Model?
High Inequality
Exclusive institutions
Good factor endowments
An egalitarian (equal) government
16
Which of the following is a strength of using Share at the Top to measure inequality?
Easy to calculate in a sample
Only informative if you have a large population
Intuitive Interpretation
Hard to calculate in a sample
17
Selection is determined by skills/education of a person migrating relative to the people in:
The home country
The USA
The destination neighborhood
The destination country
18
What happened during the Bank Holiday of 1933?
FDR suspended all banking transactions
Customers were confident in their banks again
The government classified banks
All the above
19
According to the Lerner Symmetry Theorem, is a tax on imports equivalent to a tax on exports?
Yes!
Why would a tax on imports have anything to do with exports?
We don't have import or export taxes, only subsidies
Psh, of course not
20
How did America lead the world in industrial minerals?
Mining laws gave people an incentive to look for minerals
Cuz 'Merica
It was endowed with abundant resources
Western expansion helped them find new minerals
21
Which of the following was NOT a reason why was slavery economically attractive?
Slaves could be moved where no labor wanted to go
You could make slaves do whatever you wanted
Sugar was easy to harvest & involved safe working conditions
Slaves were better than land for collateral
22
Considering the Fisher Equation, which of the following is true?
Debtors want inflation
Deflation makes debt cost less
Inflation makes debt cost more
Debtors want deflation
23
Which of the following, if true, would challenge the Geography Theory?
Productivity involves technological growth, not resources
Countries with good resources grow
Resources affect your production
Countries are endowed with different resources
24
Which of the following, if true, would challenge the Model of Cartels?
If they agree—will restrict production to monopolist level
A monopoly can increase profit by restricting production
Firms can coordinate and agree to restrict production
It is impossible for firms to make agreements
25
T or F: The Fed influences overnight lending/federal funds rate by using the money supply
true
false
26
How do you feel about taking the final now?
I got this in the bag
Bring it on!
I'm ready!
I'm feeling a solid A
27
Assuming the following statements are true, which one would combat the Malthusian model?
Killing half the population will make countries richer
When countries get richer, population grows/takes + income
Population grows exponentially, income/food grows linearly
Technological growth makes food grow faster than population
28
Which of the following, if true, would challenge the Model of Property Rights & Investment?
People choose to save regardless of property rights
They can consume all today or risk it being stolen tomorrow
Individuals choose to consume today or save for tomorrow
Strong property rights increase savings
29
Which of the following, if true, would challenge the Model of Perfect Competition?
Producers have identical costs and products
No single firm affects the price
Price is the lowest it can go
There are barriers to entry
30
Which of the following did the Federal Reserve NOT do after the crises?
Tightened monetary policy
Engaged in quantitative easing
Implemented Forward Guidance
Put money into the system through open market operations
31
Why was Argentina's homesteading program successful while Australia's was not?
Australia had more threat from attack
Argentina had more threat from attack
Australia had a superior legal heritage
Argentina had an inferior heritage
32
Which of the following is NOT a type of capacity described in class?
Legal Capacity
War Capacity
State Capacity
Fiscal Capacity
33
Which of the following is NOT one of the neglected costs Fogel measures?
Time lost from slow water transit (measured by inventory)
Cargo losses in transit (measured by insurance costs)
Transhippment costs (switching from one vehicle to another)
Lack of innovation (railroads spurred more)
34
Which of the following is NOT one of the three R’s of trade?
Reapplication
Reciprocation
Restriction
Revenue
35
Which of the following is NOT one of Fogel's conclusions about railroads' economic effect?
Railroads had a major impact on the U.S. only
Total social savings amounts to only about 1% of GDP
Railroads were not transformative (social savings too small)
Water transportation was a viable substitute
36
These are all evidence that Rockefeller's wealth was a result of his railroad cartel EXCEPT:
Standard gained control among new, distant oil fields
Standard participated in policing behaviors
Entry into refining was easy; there were no barriers
Standard opposed the the entry of long-distance pipelines
37
Considering the discrimination policy, which of the following statements is TRUE?
Alexander Hamilton was an avid supporter of it
People who sold their bonds away to others hated it
If you favor it, you want to pay the original buyer
If you favor it, you want to pay the current holder of bond
38
Which of the following, if true, would challenge the Theory of Knowledge as a Public Good?
Knowledge will be oversupplied
Copying something is costless
Discovering something new takes a lot of resources
It's more cost effective to wait and copy others' inventions
39
What is a real shock?
Thanos performing "the snap," cutting the population in half
Leaving the gold standard
Printing too much money, causing hyperinflation
The stock market crashing
40
Which describes a bank that has more liabilities than assets?
Reserve Requirement
Illiquid
Shorting-selling stock
Insolvent
41
Which of the following is FALSE about the Besley and Persson Model?
The model can only be applied to governments
It starts w/ either investments in legal or fiscal capacity
Gov choices depend on marginal costs and benefits
The gov can provide more public goods with more tax revenue
42
Which of the following, if true, would challenge Allen's argument of U.S. frontier settlement?
Auctioning land=Settlements with lower population densities
Homesteading was where threat of conflict was highest
It's easier to protect land when population density is high
Cost of protecting land doesn't depend on population density
43
What drove cotton productivity in America?
Gang labor hypothesis: easier to monitor groups of slaves
Coersion hypothesis: forced slaves to produce more
More sheep
Better seeds
44
Which investment bank's crisis caused a greater shock to the economy?
Bear Stearns
Lehman Brothers
45
When compared with partnerships, which of the following is true about corporations?
P'ships=short time horizon Corps=limited liability
P'ships=short time horizons; Corps=unlimited liability
P'ships=limited liability Corps=long time horizon
P'ships=long time horizons; Corps=limited liability
46
Which of the following, if true, would challenge the Anthropometric Model?
Height is related to childhood nutrition
Genes vary too greatly across populations to know anything
Calorie consumption is determined by quality of life
Bodyweight is related to calorie consumption today
47
Which of the following was NOT an event related to the Panic of 1907?
Heinz tried to corner the copper market
J.P. Morgan let the Trust Company of New York fail
A run on banks
J.P. Morgan let the Knickerbocker Trust Company fail
48
Which of the following was NOT a result of the Great Leap Forward?
Mao made China great again
People melted their tools to contribute to steel production
People went on a sparrow killing spree
Local officials falsified data on grain production
49
T or F: The U.S. patent system was an EXCLUSIVE institution
false
true
50
What is the conclusion of the Institutional Model?
Social rules contribute to institutions the most
Incentives are determined by political rules only
Countries grow when they have good institutions
All economic incentives lead to bad institutions
51
T or F: Intergenerational Mobility tells us if the rich are getting richer or if the poor are moving up
True
False
52
Which of the following has impacted the inequality of income over the last 40 years?
Where you grow up
Superstar effects
Assortative mating
Skill-biased technological change
53
What is an example of divergence?
A natives wage increasing 5% & a migrants wage decreasing 2%
A migrants wage decreasing 5% & a natives wage decreasing 7%
A native's son making less than their parent
A migrant's son getting a bachelor's degree
54
T or F: The Stolper-Samuelson Theory makes us think, "No pains, no gains."
true
false
55
What was one of the immediate effects of enfranchising women?
Child mortality increased
Black Widow was included in the LFPR
Public health spending increased
Women participated in local meetings less
56
Which of the following, if true, would challenge what we learned about transaction costs?
A firm will do those things that it does the cheapest
Firms won't go to market if transaction costs are too high
Comparative advantage means you specialize in all services
When you use the market, you incur transaction costs
57
T or F: China's economic growth came by privitization and market-oriented policies
true
false
58
How did the Southern colonies feel about the coercive acts taking place in the North?
They felt kind of bad, but not enough to do anything
It was not affecting them; they did not care
They threw a giant party to celebrate
They came together in fasting/prayer on behalf of the North
59
Wages between blacks and whites were similar until what happened?
Poll taxes made it harder for blacks to vote
All of the above
Literacy tests made it harder for blacks to vote
Less voting led to less educational resources for blacks
60
When compared with perfection competition, which of the following is true about monopolies?
They produce more goods at higher prices
They produce more goods at lower prices
They produce fewer goods at higher prices
They produce fewer goods at lower prices
61
Which is not part of John Locke's view on property rights?
Your labor + God-given property = Something new
Because your property created that thing, you now own it
You have property of your own body and labor
You cannot pass your property to your children
62
Which of the following was NOT a reason why the Gold Standard was good?
Allowed easy response to financial crises
Induced lower interest rates
Showed other countries the U.S. took its finances seriously
Kept inflation more stable
63
What was the primary cause of the Great Depression?
Great Britain leaving the gold standard; gold left the US
Banks failing and people hoarding cash
Margin purchases causing the stock market to crash
The Fed's resistance to counteract monetary-policy shocks
64
Which of the following factored into the Great Recession?
All the above
Shadow banking
Subprime loans
Securitization
65
What was the result of the Productivity Program implemented in European firms?
They realized management applications were useless
Firms' survival rates were greater after the implementation
Companies failed more frequently after the implementation
They found management principles to be boring
66
Desegregation and the Voting Rights Act of 1965 did NOT lead to:
Higher infant mortality rates
More public funds to black populations
More black elected officials
Higher black voter registration
67
What happened to China under Mao Zedong?
The Great Famine killed millions of people
Four Pests Campaign was implemented
The Great Leap Forward was implemented
Agriculture was organized into collectives

Fall 2019 MGT 1050 Final Exam Quiz Flashcards | StudBud