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KSU ECON 1100 - Exam 4 ECON 1100

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ECON 1100 – Global Economics (Section 06) Exam #4 – Summer 2011 (Version C) Multiple Choice Questions (212 points each): 1. “The General Theory of Employment, Interest and Money” was written by A. John Maynard Keynes B. Friedrich von Hayek C. William Henry Beveridge D. Franklin Delano Roosevelt 2. During the 1920’s many investors in the U.S. purchased stock “on margin.” This means that they A. purchased stock in firms that were “marginal” in terms of recent economic performance (i.e., companies which made small profits in recent years). B. borrowed money in order to purchase stock. C. made purchases at prices well above the “true market value” of the stock. D. did not actually purchase the stock, but were rather given the stock for free by the government. 3. In response to the Great Depression, the U.S. A. transformed into a “planned economy,” like many countries in Europe. B. abolished all regulation of business, in an attempt to increase economic prosperity by allowing firms to make larger profits. C. entered a period in which economic performance remained poor for the next half century. D. None of the above answers are correct. 4. ________________ was elected Prime Minister of the United Kingdom in a landslide victory in 1945, right before the end of World War II. A. Benjamin Disraeli B. Winston Churchill C. Clement Atlee D. Margaret Thatcher 5. Between 1979 and 1991, the number of Britons who directly owned stock in private enterprises A. remained relatively constant at approximately 22 million. B. increased from approximately 3 million to approximately 11 million. C. decreased from approximately 15 million to zero (as stock ownership was made illegal). D. first increased from approximately 6 million to approximately 24 million by 1984, and then decreased from approximately 24 million in 1984 to approximately 2 million by 1991.6. In the early 1930’s a Federal Excise Tax was imposed on cigarettes for the first time. Under this tax, if a married couple each smoked a pack a day, they would effectively pay ________ per year in taxes, an amount equal to roughly ____ of a typical family’s income at this time. A. $7.30; 15% B. $43.80; 5%. C. $80.30; 2% D. $182.50; 3% 7. The ______________ refers to the periodic but irregular fluctuation in overall macroeconomic activity which occurs over time. A. Business Cycle B. Stabilization Function of Government C. notion of Popular Capitalism D. New Deal 8. Johannes Semler was replaced by Ludwig Erhard as the German Director of Economic Administration in the American/British Occupation Zone after referring to U.S. food aid to Germany as A. ambrosia. B. wheat. C. chicken feed. D. dog food. 9. During the time when Margaret Thatcher was in office, Britain experienced A. positive economic growth, along with a decrease in income inequality. B. positive economic growth, along with an increase in income inequality. C. negative economic growth, along with a decrease in income inequality. D. negative economic growth, along with an increase in income inequality. 10. At the end of World War II, A. tens of millions of people were starving throughout Europe, as part of a “global food crisis.” B. most countries in Europe essentially had “full employment,” with an unemployment rate of roughly 0%. C. the industrial capacity of all European Countries was at an all-time high. D. More than one (perhaps all) of the above answers is correct. 11. According to a study published by the Federal Reserve Bank of Dallas in 2002, the annual cost to society of imposing trade restrictions to save a single American job in the canned tuna industry is approximately A. $0 (since the study proved that theoretically trade restrictions never impose any costs on society). B. $3,851. C. $24,312. D. $257,640.12. During the Great Depression, Jacob Maged of Jersey City, NJ was fined $100 and put in jail for 3 months for A. stealing food from a soup kitchen. B. attempting to assassinate President Franklin Delano Roosevelt. C. “insider trading” and “investment fraud.” D. charging 35¢ to press a suit. 13. There was widespread labor strife (with simultaneous strikes by railway engineers, ambulance drivers, gravediggers, garbage collectors) in A. Germany during the mid 1950’s. B. France during the early 1960’s. C. Great Britain during the late 1970’s. D. the United States during the early 1980s. 14. ________________________ refers to increases in the money supply intended to stimulate overall macroeconomic activity. A. Expansionary Price Control Policy B. Expansionary Tax Policy C. Expansionary Fiscal Policy D. Expansionary Monetary Policy 15. The “General Agreement on Tariffs and Trade” A. provided mechanisms for establishing new import quotas and negotiating increases in the levels of existing tariffs. B. created a “common market” in Europe and would eventually evolve into the European Union. C. was developed at a U.N. conference in Havana, Cuba in 1947 and initially signed by 23 countries (including Australia, Brazil, Canada, China, France, South Africa, and Norway). D. More than one (perhaps all) of the above answers is correct. 16. In an attempt to “bring down inflation without slowing the economy and raising unemployment” Richard Nixon A. signed into law the “Elementary and Secondary Education Act of 1965” and the “Higher Education Act of 1965” so that workers could easily increase their human capital, and ultimately find jobs with greater ease. B. introduced a “Keynesian full-employment budget” and imposed “wage and price controls.” C. Nationalized the “Commanding Heights” of the U.S. economy in 1973. D. abolished the “wage and price controls” implemented by Lyndon Johnson. 17. The U.S. economy grew for an uninterrupted 10 year period from A. May 2001 through May 2011. B. March 1991 through March 2001. C. September 1967 through September 1977. D. June 1936 through June 1946.18. The National Recovery Administration was headed by A. John Maynard Keynes B. Keith Joseph (a.k.a., “The Mad Monk”) C. Hugh “Iron Pants” Johnson D. Bret “The Hit Man” Hart 19. Between 10/9/07 and 3/9/09, the DJIA decreased in value by A. 12.14%, a percentage decrease that was not even the largest in the last ten years. B. 39.12%, the


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KSU ECON 1100 - Exam 4 ECON 1100

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