Deflation   a.  often accompanies increases in the money supply.   b.  is good for borrowers, but bad for lenders.   c.  is good for lenders, but bad for borrowers.   d.  cannot occur under a bimetallic standard. 

The “gang system” is an example of   a.  specialization and division of labor.   b.  diminishing marginal product.   c.  the envelope theorem.   d.  Gresham’s law.

(02.04 MC)A surgeon recently performed experimental brain surgery on a patient with epilepsy. During surgery, the patient complained about feeling discomfort which was a known risk. The surgery was stopped. Following the surgery, an article was written and published detailing the process for diagnosing and treating the patient. Telling the patient about known risks prior to the study meets which ethical guideline?

. In the early 1980s, many people found themselves unable to purchase new homes because of   a.  rising prices and interest rates.   b.  rising prices and falling interest rates.   c.  new government restrictions on mortgages for first-time buyers.   d.  increases in income tax rates.

(04.03 MC)Your little brother has a big ball of clay. You break the ball of clay into smaller pieces while he watches. He begins to cry because he thinks he now has less clay. Which of Piaget’s stages is your brother likely in?

What was not one of the primary reasons why people opposed the First and Second Banks of the United States?    a.  They printed too much money and triggered a substantial inflation.   b.  They had monopoly control over some banking activities.   c.  They were unconstitutional.   d.  They did not provide sufficiently generous lending policies.

What best describes the impact of the cotton gin?   a.  A decrease in the price and an increase in the quantity of cotton.    b.  An increase in the price and a decrease in the quantity of cotton.    c.  Decreases in both the price and quantity of cotton.   d.  Increases in both the price and quantity of cotton.

Clipper ships   a.  allowed for profitable shipping on both short and long journeys.   b.  dominated Atlantic trade by 1850.   c.  were among the first ships to have iron hulls.   d.  earned huge profits transporting passengers and cargo during the gold rushes to California and Australia. 

. In the early 1980s, many people found themselves unable to purchase new homes because of   a.  rising prices and interest rates.   b.  rising prices and falling interest rates.   c.  new government restrictions on mortgages for first-time buyers.   d.  increases in income tax rates.

A _________ is an agreement under which stockholders of several formerly-competing companies turn over their shares to a group that exercises voting control over the companies.   a.  trust   b.  gentleman’s agreement   c.  holding company   d.  pooling arrangement