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

How do you feel about taking the final?

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

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

Sugar was easy to harvest & involved safe working conditions

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

Firms' survival rates were greater after the implementation

What is a real shock?

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

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

Genes vary too greatly across populations to know anything

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

An egalitarian (equal) government

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

It is difficult for small groups to persuade politicians

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 Geography Theory?

Productivity involves technological growth, not resources

What was the primary cause of the Great Depression?

The Fed's resistance to counteract monetary-policy shocks

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

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

Standard gained control among new, distant oil fields

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

People choose to save regardless of property rights

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 what we learned about transaction costs?

Comparative advantage means you specialize in all services

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

Individual stores profit if they integrate first

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

It is impossible for firms to make agreements

What happened to China under Mao Zedong?

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

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

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

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

Argentina had more threat from attack

Is President Obama Keynesian?

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

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

They produce fewer goods at higher prices

What was one of the immediate effects of enfranchising women?

Public health spending increased

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

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

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

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

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

Railroads had major economic effects in every country

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

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

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

Income effect > substitution effect = person works more

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

studbud

Spring 2020 MGT 1050 Final Exam Quiz

67 termsStudBud Administration177 plays

Review questions for the final exam

Flashcards67 cardsFPractice quizPHost liveL

Questions 67

Answers

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

Spring 2020 MGT 1050 Final Exam Quiz Flashcards | StudBud