(01.02 MC)Use the following excerpts to answer the question below.”Probably never before, or since, has a mighty emperor…ordered his conquests to cease until it was decided if they were just.”Source: Lewis Hanke, Colonial Latin America historian”By any standards, the debate is one of the most extraordinary events in Western political history: A country engaged in conquest is accused of doing so unjustly.”Source: Robert McAfee Brown, religion and ethics scholarWhich of the following is a true statement about these two quotes?

(04.01 LC)What was a common idea in the nullification theories held by Thomas Jefferson and John C. Calhoun?

(05.02 MC) The graph below shows a shift in the LRPC in an economy due to increased automation.What are the economy’s new equilibrium inflation rate and unemployment rate?

(06.03 MC) The United States and the countries of Europe are trading partners. If the average income of dollar holders increases, what should be the result in the market for the euro, the currency of many European countries?

(02.06 MC) Considering 2017 prices as the base year prices, the price of good x in 2017 was $2, and 200 units of x were produced. In 2018, the price of good x was raised to $4, and 150 units of x were produced. Which of the following is true about the real GDP?

(03.05 HC)Using the excerpt, respond to parts a, b, and c.”Art. 5: To prevent any misunderstanding about the Indian lands relinquished by the United States in the fourth article, it is now explicitly declared…: the Indian tribes who have a right to those lands…so long as they please, without any molestation from the United States; but when those tribes, or any of them, shall be disposed to sell their lands…, they are to be sold only to the United States…Art. 6: If any citizen of the United States, or any other white person or persons, shall presume to settle upon the lands now relinquished by the United States, such citizen or other person shall be out of the protection of the United States; and the Indian tribe, on whose land the settlement shall be made, may drive off the settler, or punish him in such manner as they shall think fit…”Source: The Treaty of Greenville, 1795 Briefly describe one point of view suggested in the excerpt. Briefly explain how one specific event or development from 1754 to 1800 contributed to a historical development such as the one described in the excerpt. Briefly explain how ideas such as those reflected in the excerpt resulted in one specific effect from 1754 to 1800.

(02.05 MC) If a bank offers a home loan with a fixed interest rate of 8 percent with an expected inflation rate of 4 percent. If the inflation rate ends up being 5 percent, which accurately describes the impact on the bank?

(05.06 MC) Use the data below to answer the question that follows. Country Real GDP (millions) Population Atlantis 700 10 million Paradise Island 200 2 million What statement about the economies of Atlantis and Paradise Island is supported by the data above?

(01.03 MC)Read the excerpt to answer the question below.”It was upon these gentle lambs, imbued by the Creator with all the qualities we have mentioned, that from the very first day they clapped eyes on them the Spanish fell like ravening wolves upon the fold, or like tigers and savage lions who have not eaten meat for days. The pattern established at the outset has remained unchanged to this day, and the Spaniards still do nothing save tear the natives to shreds, murder them and inflict upon them untold misery, suffering and distress, tormenting, harrying and persecuting them mercilessly.”Source: Bartolomé de Las Casas, Priest, A Short Account of the Destruction of the Indies, 1542Which of the following statements supports Bartolomé de Las Casas’ point of view?

(03.01–03.08, 04.07 HC) A country is in a short-run macroeconomic equilibrium. At its current output, its actual unemployment rate is less than its natural rate of unemployment. Illustrate this economy on a fully-labeled aggregate demand—aggregate supply model. Include aggregate demand, short-run aggregate supply, and long-run aggregate supply. Label the short-run equilibrium price level PLE and the short-run equilibrium output YE. Label the full-employment level of output YF. If the government and central bank do not intervene, how would this economy adjust in the long run? Explain. Illustrate the process of part (b) on your graph from part (a). The government decides to use fiscal policy to correct the economic situation in part (a). Assume the difference between the short-run and long-run equilibrium output is worth $50 billion, and the marginal propensity to consume is 0.8. Calculate one specific and effective fiscal policy action the government could take. What would be the short-run impact of the government’s action on the unemployment rate? What would be the short-run impact of the government’s action on the potential output of the economy? Will the long-run equilibrium price level if the government intervenes be less than, equal to, or greater than the long-run equilibrium price level without intervention? Show the impact of the government intervention from part (d) on the equilibrium real interest rate on a fully labeled loanable funds market graph. Will the long-run aggregate supply curve move as a result of the change from part (h)? Explain.