|A)||wrote Das Kapital.|
|B)||wrote The Wealth of Nations.|
|C)||advocated a worker-controlled economy.|
|D)||advocated laissez-faire capitalism.|
|E)||both wrote The Wealth of Nations and advocated laissez-faire capitalism.|
The process of deregulation began in 1977 with the ________ industry.
________ revealed the threat of harmful pesticides such as DDT.
|A)||Earth in the Balance|
|B)||The Silent Spring|
|D)||The Environmental Protection Agency|
|E)||None of these answers is correct.|
________ is the single largest source of global carbon emissions on a per-capita basis.
|D)||The United States|
Which of the following explicitly rejected the Kyoto agreement when he assumed office, saying that it would stunt economic growth?
|A)||George W. Bush|
|C)||George H. W. Bush|
________ brought an end to the prevailing economic theory held in the U.S. that the economy was self-regulatingthat it would correct itself after a downturn.
|A)||The Civil War|
|D)||The Great Depression|
|E)||The 1970s energy crisis|
Fiscal policy deals with
|E)||both taxes and government spending.|
Milton Friedman argued
|A)||that the Fed should be held more accountable by giving Congress control over the appointment process of the Federal Reserve Board.|
|B)||that corporate tax cuts should be implemented during a downturn in order to stimulate business production.|
|C)||that tax cuts are most desirable during a recession in order to fuel demand among top earners.|
|D)||that governments should spend during recessions in order to make up for the loss in private spending.|
|E)||that supply and demand are best controlled by manipulating the money supply.|
________ believed that government should spend to improve the economy when it goes into recession or depression.
|A)||John Maynard Keynes|
|B)||Franklin D. Roosevelt|
|D)||George W. Bush|
|E)||Both John Maynard Keynes and Franklin D. Roosevelt|
The Fed may raise or lower the cash reserve that member banks are required to deposit with the Federal Reserve. The cash reserve is
|A)||the total amount of money a bank may have invested in private or government securities at any one time.|
|B)||the amount of money each bank must keep invested in government securities at any one time.|
|C)||the amount of money each bank must pay to the federal government in taxes each year.|
|D)||the proportion of a member bank's total deposits that the bank can loan out at any one time.|
|E)||the proportion of a member bank's total deposits that the bank must keep on hand.|
The supply-side economic policy and tax cuts of the Bush administration were similar to that of which previous president?
The Federal Reserve Board was created in ________.
Which of the following statements is true?
|A)||By the late nineteenth century, the large trusts that had dominated many areas of the economy had all been broken up.|
|B)||Railroad companies in the late nineteenth century competed so intensely with each other that they dropped their shipping rates too low to remain profitable.|
|C)||Congress created the Interstate Commerce Commission in 1887 and charged it with responsibility for ensuring that farmers did not overcharge when selling their crops across state lines.|
|D)||Both are true: By the late nineteenth century, the large trusts had all been broken up; and competition led railroads to drop their rates too low to remain profitable.|
|E)||None of these answers is correct.|
The first national park in the United States was created at
|E)||the Grand Canyon.|
What environmental protection-related event happened in 1970?
|A)||The Endangered Species Act was passed.|
|B)||The Clean Air Act was passed.|
|C)||Rachel Carson's The Silent Spring was published.|
|D)||The Water Quality Act was passed|
|E)||The Environmental Protection Agency was created.|
At the present time, federal subsidies account for ________ of net agricultural income.
|A)||more than half|
|B)||more than a third|
|C)||more than a fourth|
|D)||about a tenth|
|E)||about a fifth|
At present the national debt exceeds
What major legislative action did Congress take in 2008 with respect to agriculture in the U.S.?
|A)||a five-year, $300 billion farm bill for assistance to farmers|
|B)||a massive, $200 billion cut in farm subsidies|
|C)||a 10% rise in tariffs on imports of foreign agricultural goods|
|D)||a series of price controls to keep the cost of basic agricultural products from rising too high|
|E)||a ten-year, $500 billion series of subsidies to American farmers|
In 2001 the Supreme Court ruled that the EPA
|A)||cannot apply its environmental standards to foreign companies producing products in the U.S.|
|B)||cannot apply its environmental production standards to foreign companies selling products in the U.S.|
|C)||can only apply Superfund provisions to sites contaminated through actions of the U.S. government.|
|D)||can only take into account public health when establishing air quality standards.|
|E)||can take into account public health and economic factors when establishing air quality standards.|
|A)||is generally combated by raising government spending and cutting taxes.|
|B)||reached a low, during the twentieth century, in the 1970s.|
|C)||was a major problem before the creation of the Fed, but was reduced dramatically by the introduction of monetary policy as an economic tool.|
|D)||turned into deflation as a result of the Vietnam War.|
|E)||was a minor problem before the late 1960s, rising by less than 4 percent annually.|