1. President Roosevelt believed that the loss of the NRA would be temporary as pressure would be exerted by ____ for a newer version.
a. businessmen
b. bureaucrats
c. politicians
d. voters
e. foreign tourists
2. The tax bill of 1935 is generally referred to as the:
a. “soak the rich” tax increase.
b. “soak the monopolies” tax increase.
c. “soak the speculator” tax increase.
d. “lesser burden on the middle class” tax decrease.
e. “lesser burden on the poor” tax decrease.
3. What changes did the Fed make in 1936 and 1937 that caused/contributed
to the depression of 1937?
a. They engaged in the open market sale of bonds.
b. They engaged in the open market purchase of bonds.
c. They raised the required reserve ratio on banks.
d. Both A and C of the above.
e. Both B and C of the above.
4. FDR’s acceptance speech for his party’s nomination to run for a second terms has been characterized as:
a. an attack on socialism.
b. an endorsement of socialism.
c. an endorsement of communism.
d. an endorsement of free enterprise.
e. an attack on free enterprise.
5. According to Smiley, which of the following is true about U.S. economic performance during World War II?
a. Unemployment fell and leveled off at about 5%.
b. Measured inflation was low, in part because of price controls and rationing.
c. The money supply grew by about 1% per year, keeping inflation low.
d. While the official data shows that consumption fell, Smiley calls that “suspect” and argues that in fact it rose significantly.
e. All of the above.
6. What does Smiley argue about World War II that helped the U.S. become prosperous in the 1940s?
a. More women entered, and stayed, in the labor force.
b. Military spending helped spur technological change.
c. Americans shifted from being pessimistic about the future to being optimistic.
d. The war helped promote increased world trade.
e. All of the above.
7. Which of the following does Smiley argue was not an outgrowth of the Great Depression?
a. The rise in the welfare state.
b. The growth in the regulatory state.
c. Increased federalism.
d. An end to the gold standard.
e. Increased power to individual states rather than the federal government.
In: Economics
1. Sources of monopoly power
A monopolist, unlike a competitive firm, has some market power. It can raise its price, within limits, without the quantity demanded falling to zero. The main way it retains its market power is through barriers to entry—that is, other companies cannot enter the market to create competition in that particular industry.
Complete the following table by indicating which barrier to entry appropriately explains why a monopoly exists in each scenario.
|
Scenario |
Barriers to Entry |
|||
|---|---|---|---|---|
|
Exclusive Ownership of a Key Resource |
Government-Created Monopolies |
Economies of Scale |
||
| The Aluminum Company of America (Alcoa) formerly controlled all U.S. sources of bauxite, a key component in the production of aluminum. Given that Alcoa did not sell bauxite to any other companies, Alcoa was a monopolist in the U.S. aluminum industry from the late 19th century until the 1940s. | ||||
| In order to own and operate a taxi, drivers are required to obtain a taxi medallion. | ||||
| In the natural gas industry, low average total costs are obtained only through large-scale production. In other words, the initial cost of setting up all the necessary pipes and hoses makes it risky and, most likely, unprofitable for competitors to enter the market. | ||||
Grade It Now
In: Economics
The weights of individuals who seek a helicopter ride in an amusement park have a mean of 180 lb and a standard deviation of 15 lb. The helicopter can carry five persons but has a maximum weight capacity of 1000 lb. What is the probability that the helicopter will not take off with five persons aboard? (Hint. Apply the central limit theorem.)
In: Math
A Sheraton Hotel bond has a par value of $1,000, and has a coupon rate of 7.25%. The coupon in paid monthly. The investor's rate of return is 9%. The bond will mature in 12 years, and the investor is planning to keep this bond until maturity. Based on this information, the value of this bond is equal to:
A. $817.85
B. $871.85
C. $858.71
D. $885.71
In: Finance
Peter Morgan sells pigeon pies from his pushcart in Central Park. Due to the abundant supplies of raw materials, his costs are zero. The demand schedule for his pigeon pies is p(y) =80-y/4 . What level of output will maximize Peter’s profits?
164
480
32
320
None of the above
In: Economics
You are camping in Glacier National Park. In the midst of a glacier canyon, you make a loud holler. You hear an echo 1.22 seconds later. A. How far away are the canyon walls if you assume that the speed of sound in air is 343m/s? B. If the temp of the air drops significantly, what would happen to the speed of the sound in the air?
In: Physics
Ada Hotel Group has set up a pension fund for employee benefits. The company plans to put $50,000 in the fund at the end of each quarter. If this is a 20-year fund that earns 6.4% annual interest compounded quarterly, what would be fund balance at the end of 20 years?
a. $7,459,234.56
b. $9,268,201.30
c. $8,001,194.75
d. $10,238,430.10
In: Finance
14. The health of the adult dinosaur population in Jurassic Park is monitored by periodic measurements from drugged and sleeping animals. A sample of 54 dinosaurs has mean height of 182.9 in. Assuming that “sigma” is known to be 121.8 in., use a 0.05 significance level to test the claim that the population mean of all such dinosaur heights should be greater than 150 in.
In: Statistics and Probability
Is the total relativistic energy in 1 kg of 238U greater than, equal to, or less than the total energy in 1 kg of 12C?
You’re in a park listening to a concert that’s 70 m away. The music is faint, and you want the sound intensity to be a factor of 4 times higher. How far from the stage do you need to be?
In: Physics
PLEASE USE EXCEL
Jackson Park Company has current assets of $32,450, net fixed assets of $72,340, current liabilities of $17,842, and long-term debt of $53,200.
In: Finance