Stanley Engerman's (1971) work on the economic impact of the Civil War (1861–1865) refuted a view sometimes called the Beard-Hacker thesis. This thesis holds that
(a) the Civil War (1861–1865) held back the ongoing processes of industrialization.
(b) the Civil War (1861–1865) accelerated the ongoing processes of industrialization.
(c) the Civil War (1861–1865)'s demands for manufactured goods increased American long-term dependency on foreign trade.
(d) the Civil War (1861–1865) was more disruptive of the "westward movement" than it was of ongoing processes of industrialization.
(b)
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The difference between traditional theories of the business cycle and real business cycle theory is the
a. emphasis they place on the government's role in the economy b. ideas they hold about the importance of investment in influencing the economy's growth path c. ideas they hold about the importance of technology in influencing the economy's growth path d. emphasis they place on the timing of the cycle e. way they define GDP and full employment, which means they describe the same events quite differently
When the Fed reduces the discount rate, it is more likely that the economy experiences _________ and the fall in the rate will _____________
a. inflation; decrease the use of open market operations b. inflation; decrease the federal funds rate as well c. recession; increase the federal funds rate as well d. recession; decrease the cost to banks of borrowing from the Fed e. inflation; decrease the cost to banks of borrowing from the Fed