(02.06 MC) Use the data table to answer the question that follows. Year Nominal GDP GDP Deflator 2008 $50,000 200 2009 $55,000 220 Based on the data above, which of the following must have occurred from 2008 to 2009?

(01.03 MC)Question refers to the excerpt below.”Almost every year, from 1581 onward, the mariners of the Netherlands strove, by east and by west, to pass the barrier that America interposed between them and the Eastern trade they coveted…They would not be hurried; they took their time to think it over, as Dutchmen will; but at length they conceived an immense project for acquiring all the trade, or the best part of it, of both the West and the East…In 1609, quite inadvertently, Henry Hudson discovered it…received a visit from some Indians with native commodities to exchange for knives and beads…They were affable, but untrustworthy, stealing what they could lay their hands on, and a few days later shooting arrows at a boatload of seamen from the ship, and killing one John Colman. Hudson went ashore, and was honored with dances and chants; upon the whole, the impression mutually created seems to have been favorable.”Source: Julian Hawthorne, from The History of the United States from 1492 to 1910, V1Which of the following is an example of how the Dutch treatment of American Indians differed from Britain’s treatment?

(02.03 HC) From the following data given by the Bureau of Labor Statistics, calculate the total number of persons who are counted in a labor force of a country. Institutionalized population 5 million Stay-at-home parents 12 million Employed individuals 22 million Unemployed individuals 9 million Military workers 7 million Under age 16 population 13 million Retired individuals 11 million

(01.03 MC)Question refers to the excerpt below.”Almost every year, from 1581 onward, the mariners of the Netherlands strove, by east and by west, to pass the barrier that America interposed between them and the Eastern trade they coveted…They would not be hurried; they took their time to think it over, as Dutchmen will; but at length they conceived an immense project for acquiring all the trade, or the best part of it, of both the West and the East…In 1609, quite inadvertently, Henry Hudson discovered it…received a visit from some Indians with native commodities to exchange for knives and beads…They were affable, but untrustworthy, stealing what they could lay their hands on, and a few days later shooting arrows at a boatload of seamen from the ship, and killing one John Colman. Hudson went ashore, and was honored with dances and chants; upon the whole, the impression mutually created seems to have been favorable.”Source: Julian Hawthorne, from The History of the United States from 1492 to 1910, V1Which of the following is an example of how the Dutch treatment of American Indians differed from Britain’s treatment?

(04.04 MC) Assume that there is $20,000 circulating in an economy and a bank only has a deposit of $1,000. The bank then loans out the entire excess reserve on the basis of the reserve requirement rate set at 20%. What is the amount of M1 in the economy?

(01.02 MC) A manufacturing firm is producing two goods, X and Y, with a bowed out (concave) PPC. If management decides to hire more workers in the factory and upgrade their machinery, then what changes will it bring to the firm’s PPC?

(02.01 LC) How does a circular flow model illustrate GDP?

(05.01 MC)Question refers to the excerpt below.”We have not sought to extend our territorial possessions by conquest, or our republican institutions over a reluctant people. It was the deliberate homage of each people to the great principle of our federative union. If we consider the extent of territory involved in the annexation, its prospective influence on America, the means by which it has been accomplished, springing purely from the choice of the people themselves to share the blessings of our union, the history of the world may be challenged to furnish a parallel…We may rejoice that the tranquil and pervading influence of the American principle of self-government was sufficient to defeat the purposes of British and French interference…From this example European Governments may learn how vain diplomatic arts and intrigues must ever prove upon this continent against that system of self-government which seems natural to our soil, and which will ever resist foreign interference.”Source: James Polk, from the State of the Union Address, December 2, 1845Through the Mexican-American War that followed soon after these remarks, it is evident that “the people themselves” referred only to

(03.06 MC) What would be the short-run effects of a decrease of household consumption on an economy that was in long-run macroeconomic equilibrium?

(04.03 MC)Question refers to the excerpt below.”Cotton is the fabric of civilization. It has built up peoples, and has riven them apart. It has brought to the world vast and permanent wealth. It has enlisted the vision of statesmen, the genius of inventors, the courage of pioneers, the forcefulness of manufacturers, the initiative of merchants and shipbuilders, and the patient toil of many millions. A whole library could be written on the economic aspects of cotton alone. It could be told in detail, how and why the domination of the field of its manufacture passed from India to Spain, to Holland, and finally to England, which now shares it chiefly with the United States. The interdependence of nations which it has brought about has been the subject of numerous books and articles. Nor is the history of the inventions which have made possible today’s great production of cotton fabrics less impressive. From the unnamed Hindu genius of pre-Alexandrian days, through Arkwright and Eli Whitney, down to Jacquard and Northrop, the tale of cotton manufacture is a series of romances and tragedies, any one of which would be a story worth telling in detail. Yet, here is a work that is by no means finished. Great inventors who will apply their genius to the improvement of cotton growing and manufacture are still to be born.”Source: The Fabric of Civilization, 1919The role of cotton as the “fabric of civilization” was evident in which of the following in the early 1800s?