Chapter 1 MC

e. nine

At the time of the American Revolution, about __ of every 10 Americans lived on a farm. a. one b. three c. five d. seven e. nine

b. by about one-third

Between 1929 and 1933, output fell_____. a. by about one tenth b. by about one third c. by about one half d. by about two thirds

d. 400 percent

Between 1939 and 1944, federal government spending rose by more than ___. a.100 percent b. 200 percent c. 300 percent d. 400 percent e. 500 percent

a. much more stable

Compared to our economic history between 1870 and 1945, our economic history since 1945 could be considered... a. much more stable b. about as stable c. much less stable

d. women, no

During World war II most of the people who got jobs in defense plats were .... who had... experience building planes, tanks, and warships

c. a sharp rise in the inflation rate

Each of the following happened during the great recession except.... a. a financial crisis b. the loss of more than 8 million jobs c. a sharp rise in the inflation rate d. a sharp decline in our output of goods and services

e. federal subsidies for public transportation

Each of the following was a major contributing factor to suburbanization except... a. low interest federal loans b. a federal highway building program c. the pent up demand for housing d. the baby boom e. federal subsides for public transportation

c. 1944

Each of the following was a year of high unemployment except___. a. 1933 b. 1938 c.1944 d.1975 e.1982

d. a balanced budget

Each of the following were elements of the New Deal except ____ a. relief,recovery, reform b. a massive employment program c. unemployment insurance and bank deposit insurance d. a balanced budget

c. inflation and stagflation

In the 1970s, our economy suffered from.... a. inflation but not stagnation b. stagnation but not inflation c. inflation and stagnation d. neither inflation nor stagnation

d.20

In the 1990s our economy has generated more than...million additional jobs. a. 5 b. 10 c. 15 d. 20

c. labor-relative to land

In the early 19th century, the United states suffered from a scarcity of____ a. land and labor b. land - relative to labor c. labor-relative to land d. neither land nor labor

c. suburbanization

The massive shift of population and industry out of the large central cities from the late 1940s through the 1960s was caused by... a. wars b. the mechanization of agriculture c. suburbanization d. immigration e. fear of nuclear war

c. South

The transcontinental railroads completed in the 1860s, 1870s, and 1880s all bypassed the ___. a.northeast b. midwest c.south d.mountain states e. far west

c. high, low

The year 2009 could be described as having had a relatively ___ unemployment rate and a relatively___ rate of inflation. a. low, low b. high, high c. high, low d. low, high

a.both 1964 and 1981

There was a major tax cut in... a. both 1964 and 1981 b.neither 1964 nor 1981 c. 1964, but not in 1981 d. 1981, but not in 1964

c. Bill Clinton

There were no recessions during the administration of.... a. Dwight D. Eisenhower b. Ronald Reagan c. Bill Clinton d. George W. Bush

a. The bursting of the housing bubble

What set off the Great Recession? a. the bursting of the housing bubble b. The sharp decline in oil prices. c. The escalation of the war in Iraq d. a surge in imports from China

d. It is far to soon to say whether or not the 21st century will be another "American Century"

Which of the following is the most accurate statement? a. Like the 20th century the 21st century will definitely by "the American Century" b. Although we have had some recent problems, our economy is strong enough to continue to support our present global military commitments indefinitely. c. The United States is a fading economic and military power, and will soon be overtaken by its rivals. d. It is far too soon to say whether or not the 21st century will by another "American Century"

b. we experienced the worst economic mess since the Great Depression

Which of the following would be the most accurate description of our economy since the end of 2007? a. we have had virtually no economic problems b. we experienced the worst economic mess since the Great Depression c. aside from the federal budget deficit, we have no major economic problems d.our unemployment and inflation rates have generally been relatively low

c. The Federal Reserve Board

If you could blame just one person or group of people that caused the Great Depression, which on of the following would you choose? a. President Herbert Hoover b. President Franklin D. Roosevelt c. The Federal Reserve Board d. The Bankers

e. Lyndon B. Johnson

Medicare and Medicaid were inaugurated under the administration of ... a. Franklin D. Roosevelt b. harry S. Truman c. Dwight D. Eisenhower d. John F. Kennedy e. Lyndon B. Johnson

b. 6 to 12 months

Most of the recessions since World war II lasted... a. less than 6 months b. 6 to 12 months c. 12 to 18 months d. 18 to 24 months e. 24 to 36 months

c. in the early 1970s

Our economic growth began to slow markedly.... a. in the early 1940s b. in the early 1960s c. in the early 1970s d. between 1982 and 1985

f. 1990s

Our longest uninterrupted economic expansion took place mainly in the decade of the.... a. 1940s b. 1950s c. 1960s d. 1970s e.1980s f.1990s

b. 1995-2000

Our most rapid job growth was in the period from.... a. 2000-2005 b. 1995-2000 c. 1978-1983 d. 1953-1958

c. fourth quarter o fthe 19th century

The age of the great industrial capitalists like Carnegie, Rockefeller, and Swift was in the..... a. second quarter of the 19th century b. third quarter of the 19th century c. fourth quarter of the 19th century d. first quarter of the 20th century e. second quarter of the 20th century

a. both Eisenhower and Reagan

The inflation rate declined during the presidency of ___. a. both Eisenhower and Reagan b. neither Eisenhower nor Reagan c. Reagan d.Eisenhower

c. the spring of 1991

The longest economic expansion in our history began in ___ a.the spring of 1961 b. the winter of 1982 c. the spring of 1991 d. the fall of 1993

d. each was accompanied by a decline in output of goods and services and an increase in unemployment

Which of these best describes the post-World War II recessions in the United States? a. they were all very mild, except for the 1981-82 recession. b. they were all caused by rising interest rates c. none lasted more than one year d. each was accompanied by a decline in output of goods and services and an increase in unemployment

b. our economy has not had an unemployment rate below five percent since the early 1940's

Which statement is false? a. President Eisenhower presided over three recessions. b. our economy has not had an unemployment rate below five percent since the early 1940s c. There were six straight years of economic expansion under President Reagan d. None of the above (all of the above are true)

d. Although we got off to a rocky start, this century may well turn out to be another "American Century"

Which statement is the most accurate? a. The 21 st century will almost definitely by another "american Century b. The 21st, rather than the 20th, will by called "The American Century" c. The 21st century will definitely not be an "American Century" d. Although we got off to a rocky start, this century may well turn out to be another "American Century"

a. The South had some very substantial economic grievances against the North in the years immediately preceding the Civil War

Which statement is the most accurate? a. the south had some very substantial economic grievances against the north in the years immediately preceding the Civil War b. the south seceded from the Union when President Lincoln proclaimed that he was freeing the slaves. c. aside from slavery, southern and northern agriculture were very similar d. most of the nation's industries were relocated from the North and Midwest to the South in the years immediately following the Civil War

b. there was a major tax cut in 1964

Which statement is true? a. President Eisenhower attempted to undo most of the New Deal. b. There was a major tax cut in 1964 c. The federal budget deficit was reduced during President Lyndon Johnson's administration d. None of the above

b & d

Which statement is true? a. although our economy was not performing well, college graduates from the classes of 2009 and 2010 received more job offers than any other graduating class in history. b. the economic downturn that began in December 2007 is the longest since the 1930s. c Until the time of the Great Depression, the United States was primarily an agricultural nation. d. There were no recessions during the presidency of Bill Clinton

a. there was a great deal of stagflation in the 1970s

Which statement is true? a. there was a great deal of stagflation in the 1970s. b. we had full employment for most of the 1980s c. we have had seven recessions since World War II d.none of the above

d. none of these are true

Which statement is true? a. twenty-five million Americans were officially unemployed in 1933 b.our economy expanded steadily from 1933 to 1945 c. once the great depression began in 1929, our economy moved almost steadily downhill until the beginning of 1940. d.none of these are true

b. Herbert Hoover

Who made this statement? "Once upon a time my opponents honored me as possessing the fabulous intellectual and economic power by which I created a worldwide depression all by myself". a. Franklin D. Roosevelt b. Herbert Hoover c. John F. Kennedy d. Ronald Reagan e. Bill Clinton

b. suburbanization

____ completely changed the face of the United States in the 25 years following World War II. a. almost constant warfare b. suburbanization c. welfare spending d. the loss of jobs to Japan, India, and China