Fall 2021 MGT 3050 Final Exam Quiz

Question 1

Which of these people did NOT serve as the Federal Chair?

Accepted Answer

Steven Mnuchin

Question 2

What happened during the Bank Holiday of 1933?

Accepted Answer

All the above

Question 3

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

Accepted Answer

Sugar was easy to harvest & involved safe working conditions

Question 4

What drove cotton productivity in America?

Accepted Answer

Better seeds

Question 5

Which investment bank's crisis caused a greater shock to the economy?

Accepted Answer

Lehman Brothers

Question 6

T or F: China's economic growth came by privitization and market-oriented policies

Accepted Answer

true

Question 7

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

Accepted Answer

Public Goods cannot be funded by the Government

Question 8

Which reason best describes the long run growth of female labor force participation?

Accepted Answer

Women's increased education

Question 9

What is a real shock?

Accepted Answer

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

Question 10

How do you feel about taking the final now?

Accepted Answer

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

Question 11

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

Accepted Answer

People choose to save regardless of property rights

Question 12

How did America lead the world in industrial minerals?

Accepted Answer

Mining laws gave people an incentive to look for minerals

Question 13

Which of the following is NOT a type of capacity described in class?

Accepted Answer

War Capacity

Question 14

Selection is determined by skills/education of a person migrating relative to the people in:

Accepted Answer

The home country

Question 15

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

Accepted Answer

The cost of moving is different depending on where you live

Question 16

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

Accepted Answer

Technological growth makes food grow faster than population

Question 17

Which of the following has impacted the inequality of income over the last 40 years?

Accepted Answer

Skill-biased technological change, Assortative mating, Superstar effects, Where you grow up

Question 18

When compared with perfection competition, which of the following is true about monopolies?

Accepted Answer

They produce fewer goods at higher prices

Question 19

Which of the following, if true, would challenge the Model of Perfect Competition?

Accepted Answer

There are barriers to entry

Question 20

What was the primary cause of the Great Depression?

Accepted Answer

The Fed's resistance to counteract monetary-policy shocks

Question 21

What happened to China under Mao Zedong?

Accepted Answer

The Great Famine killed millions of people, Agriculture was organized into collectives, Four Pests Campaign was implemented, The Great Leap Forward was implemented

Question 22

Which of the following factored into the Great Recession?

Accepted Answer

All the above

Question 23

T or F: The U.S. patent system was an EXCLUSIVE institution

Accepted Answer

false

Question 24

Wages between blacks and whites were similar until what happened?

Accepted Answer

All of the above

Question 25

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

Accepted Answer

A new country could enter and beat out the domestic industry

Question 26

Which of the following is NOT one of the three R’s of trade?

Accepted Answer

Reapplication

Question 27

Considering the Fisher Equation, which of the following is true?

Accepted Answer

Debtors want inflation

Question 28

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

Accepted Answer

The North bought more slaves than the South after the war

Question 29

What was the result of the Productivity Program implemented in European firms?

Accepted Answer

Firms' survival rates were greater after the implementation

Question 30

T or F: The Stolper-Samuelson Theory makes us think, "No pains, no gains."

Accepted Answer

true

Question 31

Why is deflation bad?

Accepted Answer

It increases the real value of debt & reduces investment

Question 32

Which of the following was NOT a reason why the Gold Standard was good?

Accepted Answer

Allowed easy response to financial crises

Question 33

What was one of the immediate effects of enfranchising women?

Accepted Answer

Public health spending increased

Question 34

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

Accepted Answer

Debts in the South were larger than in the North

Question 35

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

Accepted Answer

Cost of protecting land doesn't depend on population density

Question 36

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

Accepted Answer

Lack of innovation (railroads spurred more)

Question 37

Which of the following did the Federal Reserve NOT do after the crises?

Accepted Answer

Tightened monetary policy

Question 38

Which is not part of John Locke's view on property rights?

Accepted Answer

You cannot pass your property to your children

Question 39

T or F: Intergenerational Mobility tells us if the rich are getting richer or if the poor are moving up

Accepted Answer

True

Question 40

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

Accepted Answer

It is impossible for firms to make agreements

Question 41

Desegregation and the Voting Rights Act of 1965 did NOT lead to:

Accepted Answer

Higher infant mortality rates

Question 42

How did the Southern colonies feel about the coercive acts taking place in the North?

Accepted Answer

They came together in fasting/prayer on behalf of the North

Question 43

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

Accepted Answer

Railroads had major economic effects in every country

Question 44

Which of the following, if true, would challenge the model of labor supply given a wage increase?

Accepted Answer

Income effect > substitution effect = person works more

Question 45

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

Accepted Answer

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

Question 46

Which describes a bank that has more liabilities than assets?

Accepted Answer

Insolvent

Question 47

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

Accepted Answer

Standard gained control among new, distant oil fields

Question 48

How do you feel about taking the final?

Accepted Answer

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

Question 49

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

Accepted Answer

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

Question 50

What is an example of divergence?

Accepted Answer

A natives wage increasing 5% & a migrants wage decreasing 2%

Question 51

Which of the following was NOT a result of the Great Leap Forward?

Accepted Answer

Mao made China great again

Question 52

T or F: The Fed influences overnight lending/federal funds rate by using the money supply

Accepted Answer

true

Question 53

Which describes a policy that decreases both the supply of money and investing?

Accepted Answer

Contractionary

Question 54

Is President Obama Keynesian?

Accepted Answer

Yes, he believes in the economic equation: Y=C+I+G+NX, Please don't pronounce the K-word "keh-nee-jan"

Question 55

Which of the following, if true, would challenge the Theory of Knowledge as a Public Good?

Accepted Answer

Knowledge will be oversupplied

Question 56

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

Accepted Answer

An egalitarian (equal) government

Question 57

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

Accepted Answer

Productivity involves technological growth, not resources

Question 58

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

Accepted Answer

P'ships=short time horizon Corps=limited liability

Question 59

According to the Lerner Symmetry Theorem, is a tax on imports equivalent to a tax on exports?

Accepted Answer

Yes!

Question 60

What is the conclusion of the Institutional Model?

Accepted Answer

Countries grow when they have good institutions

Question 61

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

Accepted Answer

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

Question 62

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

Accepted Answer

Genes vary too greatly across populations to know anything

Question 63

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

Accepted Answer

It is impossible for small groups to persuade politicians

Fall 2021 MGT 3050 Final Exam Quiz

Questions 63

Fall 2021 MGT 3050 Final Exam Quiz

Questions 63