Econ
Between 1850 and 1860, the output of primary iron products and machinery in the United States stagnated grew modestly. surpassed that of Great Britain. doubled.
doubled.
By the early 1700s, slavery had become concentrated in the southern colonies. Economic factors that explain this demographic trend include all of the following except the South's use of the primogeniture system. economies of scale available in the production of the South's primary crops. a climate that allowed for year-round agricultural production. early laws that prohibited slavery in most of the New England and Middle colonies.
early laws that prohibited slavery in most of the New England and Middle colonies.
Which nation was not an ally of the United States during World War I? Austria-Hungary. Britain. France. Russia.
Austria-Hungary.
Which of the following is least accurate about labor and employment during the Great Depression? New social security programs were established. The price level decreased. Average real wages decreased. Unemployment rates dropped throughout the course of the Great Depression.
Average real wages decreased.
Which of the following acts of England's Parliament did not occur after the Seven Year's War and before the American Revolution? Stamp Act. Quartering Act. Declaratory Act. Navigation Acts.
Navigation Acts.
During the post-Civil War debate over resuming the exchange of gold for greenbacks, members of the Greenback party argued the returning to gold was not worth the economic pain. Republicans argued that those who had loaned money to the government during the Civil War had the right to be paid in gold. Republican argued that due to the Public Credit Act of 1869, bondholders were not required to be paid in gold. None of the above is correct. Only a and b are correct.
Only a and b are correct.
Which of the following best describes the antebellum U.S.? Immigration peaked in the 1820s and slowly decreased through the Civil War. Union membership grew consistently through the period and comprised a substantial portion of the working population by the Civil War. English wages grew relative to those of the U.S. Between 1800 and 1860, the U.S. population grew roughly sixfold. The North had the most unequal income distribution because of its large increase in industry.
Between 1800 and 1860, the U.S. population grew roughly sixfold.
If a government wants to distribute the burden of increased spending onto future generations it should: Increase taxes. Borrow from the public. Print more money.
Borrow from the public.
Market-oriented economists favor the use of _____ to solve the global warming problem. explicit emission targets taxes on emissions tradable rights Both (a) and (b) Both (b) and (c)
Both (b) and (c)
Which of the following family type constituted the absolute majority among slaves? One parent, female headed One parent, male headed Two parent, divided residence Two parent, consolidated
Two parent, consolidated
J.P. Morgan was instrumental in the formation of Ford Automobiles. U.S. Steel Corporation. Standard Oil. Swift Meats.
U.S. Steel Corporation.
The first permanently successful application of standardized interchangeable parts was made in the American _________ industry. textile grain milling armaments iron
armaments
From 1700-1780, the colonial population increased at a rate of approximately 3 percent per year. This rapid population growth was primarily due to immigration from England. immigration from central Europe. higher birth rates in the colonies than in Europe. importation of slaves from Africa.
higher birth rates in the colonies than in Europe.
The standard of living (measured by what one can purchase with after-tax income) of free Americans on the eve of the Revolution was ______. lower than in 18th century England, and lower than for most people in the "Third World" today. higher than in 18th -century England, and higher than for most people in the "Third World" today. lower than in 18th century England, but higher than for most people in the "Third World" today. higher than in 18th century England, but lower than for most people in the "Third World" today.
higher than in 18th-century England, and higher than for most people in the "Third World" today.
The hyperinflation of the Revolutionary War period was in part caused by the issuance of paper money with a face value in the ______ of dollars. millions tens of millions hundreds of millions billions of dollars
hundreds of millions
Modern investment banking houses emerged in the U.S. in the 19th century to assist in financing railroad construction. mail-order houses. large corporations producing iron and steel. the textile industry.
railroad construction.
According to Gary Libecap and Ronald Johnson, one positive outcome of the fraud that often allowed large companies to obtain land intended for homesteaders was fines charged to fraudulent companies provided substantial revenues for the federal government. resources were transferred to companies that could take advantage of economies of scale. conflicts between farmers and railroads were reduced. legislators friendly to economic development were elected because of backing from the fraudulent companies.
resources were transferred to companies that could take advantage of economies of scale.
In the early 1980s, many people found themselves unable to purchase new homes because of rising prices and interest rates. rising prices and falling interest rates. new government restrictions on mortgages for first-time buyers. increases in income tax rates.
rising prices and interest rates.
The "gang system" is an example of specialization and division of labor. diminishing marginal product. the envelope theorem. Gresham's law.
specialization and division of labor.
The majority of funding for 19th century American canal building came from the federal government. state governments. local governments. private investors.
state governments.
During the 1870s, ___ surpassed ___ as the leading source of power. animals; humans water; animals steam; water electricity; steam
steam; water
Mercantilists believed that national economic power could be achieved best by _______. confiscating church lands and selling them to private businesses. freeing business from government regulation. having the government supply the infrastructure for the economy, while leaving private enterprise alone in other spheres. strictly regulating economic life.
strictly regulating economic life.
Tobacco prices fell dramatically in the early 1600s in spite of demand increases because supply was also increasing. supply was decreasing. new farming machinery was introduced. the colonial government provided agriculture subsidies for tobacco farmers.
supply was also increasing.
In the late 19th century, interest rates tended to remain relatively constant throughout the year. tended to increase in the summer and decrease in the winter. tended to increase in the fall and winter, and decrease in the spring and summer. tended to rise steadily from winter through summer, and then decrease in the fall.
tended to increase in the fall and winter, and decrease in the spring and summer.
Which of the following was most likely the most costly war the United States has fought based on dollars spent? the War of 1812 the Cold War World War I World War II
the Cold War
The first actions taken socially to compel conformity to abolitionist sentiments was taken by the Puritans. various Plains Indian tribes. the Quakers. Roman Catholics.
the Quakers.
After the Civil War, many Southern farmers fell into a long-run spiral of debt caused by the monopoly power of country stores. the monopoly power of railroads. excessive interest rates charged by banks. carpetbaggers.
the monopoly power of country stores.
In 1865, Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation. Quantitative evidence shows that by 1900, state banks had ceased to exist. the number of state banks had declined dramatically. the number of state banks had increased dramatically. the number of state banks was roughly the same as in 1865.
the number of state banks had increased dramatically.
"Reducing taxes increases incentives to work and save." This view is typically associated with Keynesian economics. "Reagonomics." Johnson's "Great Society" policies. the Carter administration.
"Reagonomics."
In the year after the stock market crash of 1929, stock prices on average ___. were lower than they had been in decades. were lower than in 1929 but higher than in the mid-1920s. rebounded to a level higher than in 1929. cannot be reliably calculated because no buyers could be found for many stocks, and hence no prices were reported.
were lower than in 1929 but higher than in the mid-1920s.
During World War II, price supports for agriculture were not generally needed because of high demand. were considered by Congress but never enacted. were rescinded in order to encourage reductions in output. led to decreases in the supply of many products.
were not generally needed because of high demand.
Under the Graduation Act (1854), land prices for the public domain were subject to a schedule that reflected reduced prices for land that remained unsettled over time. were subject to a schedule that reflected reduced prices for native-born Americans and higher prices for immigrants. were increased to $1.25 per acre in cash. were increased to reflect inflation.
were subject to a schedule that reflected reduced prices for land that remained unsettled over time.
The goals of monetary expansion and inflation that were advocated by followers of William Jennings Bryan were never accomplished in the 19th century. were achieved through the passage of the Sherman Silver Purchase Act of 1890. were ultimately accomplished because of increased supplies of gold. were eventually adopted as part of the Republican Party's platform.
were ultimately accomplished because of increased supplies of gold.
During the colonial period, there were no apparent economies of large-scale production in rice. wheat. tobacco. indigo.
wheat
Between 1875 and 1895, wholesale farm prices fell and consumer prices rose. wholesale farm prices rose slightly, but consumer prices rose more rapidly. wholesale farm prices and consumer prices fell, but wholesale farm prices fell more rapidly. wholesale farm prices fell while consumer prices remained generally unchanged.
wholesale farm prices and consumer prices fell, but wholesale farm prices fell more rapidly.
The "duplication production" laws passed by Parliament in the late 17th and 18th centuries, restricted colonial export of woolen goods. tobacco. pig iron. cotton. All of the above.
woolen goods
Costing more than the average person's yearly income, the Atlantic passage in the early seventeenth century was roughly £1 £10 £100 £1,000
£10
Between 1800 and 1910, the percentage of the U.S. population living in cities of 100,000 residents or larger went from ____ percent to roughly ___ percent. 15; 20 10; 20 5; 20 0; 20
0; 20
In 1910 _____________ of children between the ages of 10 and 15 had jobs, but by 1920, this percentage had fallen to ____________ . 50 percent; 25 percent 30 percent; 20 percent 20 percent; less than 10 percent 10 percent; less than 1 percent
20 percent; less than 10 percent
At its maximum during the Great Depression unemployment reached approximately ___ percent of the labor force? 15 25 50 75
25
Between 1922 and 1929 stock prices increased by more than 100% 200% 300%. 1000%.
300%.
When the colonies obtained independence they were no longer bound by a number of English laws, including the Navigation Acts. What best describes the impact of the removal of the Navigation Acts for commodities that were imported from Europe via England? A shift out of the supply curve and a shift back in the demand curve, which lowered prices. A shift out in the supply curve, which decreased the price and increased the quantity. A shift back in both the supply and demand curves, which decreased quantity. A shift back in the demand curve, which lowered both price and quantity.
A shift out in the supply curve, which decreased the price and increased the quantity.
In the early 1800s, ______________ developed a plan for the federal government's involvement in building transportation infrastructure such as canals and roads. Albert Gallatin Robert Fulton Thomas Jefferson Alexander Hamilton
Albert Gallatin
What was not a reason for the decline of the Deep South between the Civil War and 1890? Elimination of economies of scale in the production process. An extended period of droughts and bad weather. Significant withdrawal of labor from the fields, especially by women and children. Increased competition from cotton suppliers in other nations.
An extended period of droughts and bad weather.
__________________ was a vocally and actively opposed the re-chartering of the Second Bank of the United States. Nicholas Biddle Henry Clay Andrew Jackson Alexander Hamilton
Andrew Jackson
By 1830 home manufacture had declined significantly due to increased industrial organization. increased tariffs. advances in transportation. Both a and b are correct. Both a and c are correct.
Both a and c are correct.
After 1896 the majority of immigrants to the U.S. were from Great Britain and Ireland. Scandinavia. Central, Eastern and Southern Europe. Germany.
Central, Eastern and Southern Europe.
In the late-19th century, farmers blamed their problems on a number of factors. Which of these complaints is supported (somewhat) by quantitative evidence gathered by economic historians? Eastern bankers conspired to inflate interest rates on western farm mortgages. Manufacturers charged unreasonably high prices for farm equipment. Consumer goods prices were rising too rapidly. Certain sections of railroad were monopolized, resulting in unreasonably high freight rates.
Certain sections of railroad were monopolized, resulting in unreasonably high freight rates.
On what grounds did Michael Edelstein and Robert Higgs suggest that the overall setback of economic growth as a result of defense spending is small? Defense spending came primarily from the private sector. Defense spending came in lieu of exports. Defense spending mostly replaced consumption rather than investment. Defense spending itself was always very small.
Defense spending mostly replaced consumption rather than investment.
What best describes the reason for the large migration of African-Americans from the south to the north during the 1920s? This movement was just a continuation of the same trend that had been occurring in large scale since the end of the Civil War. African-Americans moved north to reunite families that had been divided during the many years of slavery. The African-Americans who had worked in the south had mostly been employed in the manufacturing sector, which suffered a downturn in the 1920s. Employers in the North who had traditionally hired many immigrants had to search elsewhere when immigration restrictions were imposed.
Employers in the North who had traditionally hired many immigrants had to search elsewhere when immigration restrictions were imposed.
Which nation made the greatest commitment to establish permanent settlements in its colonization strategy? England. France. Holland. Spain
England.
Which of the following is least accurate about the meat packing industry about 1900? The 1898 "embalmed beef" scandal documented how adulterated beef was provided to the American Army during the Spanish-American War. Upton Sinclair's 1906 novel The Jungle raised national concern about the unsanitary conditions involved in meat processing. Meat packing firms welcomed government regulation of the industry because it gave firms clear and accurate public information about the shipments of every other firm, which helped firms to engage in cartel behavior. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
Which U.S. President was in office for most of World War II? Herbert Hoover. Abraham Lincoln. Franklin D. Roosevelt. Lyndon Johnson Dwight Eisenhower.
Franklin D. Roosevelt.
Which United States President is most closely identified with the New Deal? Calvin Coolidge. Herbert Hoover. Franklin Roosevelt. Theodore Roosevelt. Richard Nixon.
Franklin Roosevelt.
What best describes Thomas Jefferson's view of how American Indians should be treated? Tribes should be forced to leave their native lands in the east and move west. Indians should have full property rights that should be respected by whites. Indians could continue to live on their reservations but the federal government should have access to all mining and natural resources on their land.
Indians should have full property rights that should be respected by whites.
According to Martha Olney why did blacks buy on installment at almost twice the rate of whites? Installment contracts were formal and could be used legally for repossession while credit agreements could not. Blacks did not like to buy things on credit. Blacks were more likely than whites to purchase goods that required installment purchases. It was easier for blacks, who tended to have lower income than whites, to pay off their debts on a regular schedule that the installment plans offered.
Installment contracts were formal and could be used legally for repossession while credit agreements could not.
Having sided with the British during the Revolution, the ___________ lost much of their land and position in America after the War. Iroquois French Mexicans Sioux
Iroquois
Which most accurately describes The Farm Security and Rural Investment Act of 2002? It continued the subsidies tied to farm prices that comprised the major share of transfers to farmers. It totally eliminated direct subsidies to farmers, because they are more likely to distort production decisions. It continued large subsidies to American farmers, which makes the US very different from most industrialized nations, which offer few agricultural subsidies and whose farmers are in a competitive market. It drastically reduced both direct subsidies and subsidies tied to farm prices.
It continued the subsidies tied to farm prices that comprised the major share of transfers to farmers.
What best describes real per capita GDP in the US between 1929 and 1959? It was a period of consistent increase. It was lower at the end of the period than the beginning because of the Great Depression. Although it was erratic in the early part of this period during the Great Depression, it increased consistently after World War II. It grew the most during World War II.
It grew the most during World War II.
What was not one of the government's strategies to pull the nation out of the Great Depression? Large subsidies for manufacturing companies. Sizable increases in employment of emergency workers. Development of the Federal Deposit Insurance Corporation (FDIC). Institute price controls for farmers.
Large subsidies for manufacturing companies.
Which of the following most accurately describes changes in life expectancy? Life expectancy was relatively low until 1750, when it increased extremely rapidly. Life expectancy has increased steadily during the past 6,000 years. Life expectancy was low until after World War II, when it increased very quickly. Life expectancy has exhibited significant cyclical patterns of growth and decline.
Life expectancy was relatively low until 1750, when it increased extremely rapidly.
Which United States President is most closely linked with "The Great Society"? Franklin D. Roosevelt Lyndon Johnson Richard Nixon Ronald Reagan
Lyndon Johnson
What is the best description of the US economy between 1921 and 1928? Many sectors were growing very rapidly. Hyperinflation led to large decreases in the standard of living. Real average wage growth was stagnant. Unemployment fluctuated dramatically.
Many sectors were growing very rapidly.
How did James W. Marshall discover gold at California's American River? John Sutter had sent him there for that purpose. Marshall was in search of silver, which he had previously mined in Nevada. Marshall caught a nugget accidentally, while fishing. Marshall was building a sawmill at the river on behalf of John Sutter.
Marshall was building a sawmill at the river on behalf of John Sutter.
U.S. citizens migrating to Illinois in the first half of the 19th century would most likely have come from: Massachusetts and New Jersey. California and Oregon. North and South Carolina. Up the Mississippi River from Louisiana and Mississippi.
Massachusetts and New Jersey.
Most immigrants to the U.S. in the 1980s and 1990s were from Asia. Eastern Europe. Western Europe. Mexico and Latin America.
Mexico and Latin America.
If the U.S. Treasury in 1865 had decided to make the dollar convertible into gold at the pre-War rate, relatively cheap British goods would have been highly desired by American consumers. the U.S. treasury would have quickly found its stock of gold depleted. British citizens would have converted large amounts of pounds into dollars. All of the above are correct. Only a and b are correct.
Only a and b are correct.
Why did Allan H. Meltzer and Scott F. Richard not suppose that the poor would automatically vote for "soak the rich" policies in their rational choice model? Poor people lack political insight. Poor people do not necessarily realize they are poor. Poor people fear that "soak the rich" programs may harm the economy overall. Poor people are often lied to by political leaders.
Poor people fear that "soak the rich" programs may harm the economy overall.
What was not one of the Constitutional compromises about slavery? Limited the importation of slaves to 20 years. Northern states had to abide by the Southern states' slavery laws. Prevented imported slaves from being taxed. Slaves counted a 60% of a person for congressional representation.
Prevented imported slaves from being taxed.
Which of the following were NOT related to the price controls that existed during World War II? Price ceilings facilitated the formulation of black markets for automobiles. A black market for meat formed, referred to as "meat-easies," due to a price ceiling on meat. Price ceilings created an excess supply of consumer durable goods. Despite price ceilings, hidden price increases were realized through deterioration in the quality of goods.
Price ceilings created an excess supply of consumer durable goods.
The Grangers would most likely support which policy? Price controls on grain operators Price deflation A strong commitment to backing currency only with gold Federal government aid to railroads
Price controls on grain operators
What statement best describes the production and allocation of resources after the United States entered World War II? Government spending as a percentage of GNP during this period never exceeded the maximum level at the height of the Depression under Roosevelt's New Deal policies. Production shifted out closer to the production possibilities frontier, primarily as a result of technical change. Production shifted out toward the production possibilities frontier, primarily as a result of underutilized resources being utilized. Greater production of goods to support the war involved nominally higher incidents of disabling injuries in the workplace, yet not increases in the rates of disabling injuries.
Production shifted out toward the production possibilities frontier, primarily as a result of underutilized resources being utilized.
What is least accurate about the US experience with the income tax? The federal income tax was not used for an extended period until after 1910. In the late 1800s and early 1900s, people from the South and West were most likely to support an income tax. Increases in the income tax were justified by using the money for more generous army pensions and increased military spending, especially for the US Navy. Provisions for the income tax were stated in the US Constitution
Provisions for the income tax were stated in the US Constitution
Which of the following best characterizes growth of wealth patterns in England's American colonies? Regions differed greatly in their growth phases. Regions showed remarkably steady growth patterns over time. English colonial growth patterns aligned with those of Spanish and French American holdings. Regions differed in timing of wealth growth, but overall their growth was virtually identical.
Regions differed greatly in their growth phases.
Which of the following was NOT a component of the National Recovery Act (NIRA)? Set minimum prices for goods. Set minimum wages. Set a minimum number of hours of work. Institute codes of fair practice for various industries.
Set a minimum number of hours of work.
The first English colonies in North America were established by Sir Humphrey Gilbert. Christopher Columbus Capt. John Smith Sir Walter Raleigh
Sir Walter Raleigh
The ____________ was designed to raise revenue and achieve mercantilist goals, while the ____________ was simply intended to raise revenue. Sugar Act; Tea Act Tea Act; Molasses Act Sugar Act; Stamp Act Stamp Act; Hat Act
Sugar Act; Stamp Act
What constituted the majority of federal government revenues in 1860? Property tax. Tariffs. Income tax. Fees and Licenses.
Tariffs
Between 1780 and 1805, five Northern states enacted emancipation laws. All of the following statements characterize these laws except: The emancipation laws provided for freedom of newborn babies when they reached adulthood. The emancipation laws allowed owners to avoid freeing slaves by selling them to Southerners. The emancipation laws provided for government agencies that assisted newly-freed slaves. The emancipation laws indirectly compensated owners for the losses incurred by freeing slaves, by allowing them to require slaves to repay the costs of being raised by their owners.
The emancipation laws provided for government agencies that assisted newly-freed slaves.
Which of the following is the least accurate? European nations purchased large quantities of munitions and food at ever-rising prices form the U.S. The financial center of the world shifted from New York before the war to London and Paris after the war. The gap between Europe's imports from the U.S. and exports to the US rose dramatically. The war was immensely profitable for many U.S. corporations.
The financial center of the world shifted from New York before the war to London and Paris after the war.
What is the most accurate statement about the fraction of the US population that lived in urban areas between 1800 and 1910? The fraction of the US population that lived in urban areas grew steadily throughout the period. The fraction of the US population that lived in urban areas decreased steadily throughout the period. In 1910, about 85% of the US population lived in cities over 100,000 people. In 1800, more than half of the US population lived in towns over 2,500 people.
The fraction of the US population that lived in urban areas grew steadily throughout the period.
What best describes US money supply experience from 1929-1933? The money supply increased rapidly through the period. A balanced budget was maintained for most of the Depression. Tax rates were consistently lowered to spur economic growth. The money supply fell by about 30%.
The money supply fell by about 30%.
Which of the following statements correctly characterizes changes in farming and agriculture land during the period between 1870 and 1900? The number of farms rose, but the number of acres under cultivation fell. The number of farms fell, but the number of acres under cultivation rose. The number of farms, as well as the number of acres under cultivation rose. The number of farms, as well as the number of acres under cultivation fell.
The number of farms, as well as the number of acres under cultivation rose.
Which statement is most accurate about the U.S. in 1860? The per capita income of free people in the Western South was about twice the national average. The per capita income of free people in the entire U.S. decreased. The per capita income of free people in the entire U.S. increased, but increased more slowly than it did before the Revolution. The Northwest was the poorest part of the nation, as measured by per capita income of free people.
The per capita income of free people in the Western South was about twice the national average.
The U.S. terminated its role in the international slave trade in the early 1808. What is the best assessment of what would have happened had the U.S. not ended the importation of slaves? The price of slaves would be lower and the wages of free workers would be lower. The price of slaves would be higher and the quantity of free workers would be lower. The price of slaves would be lower and the wages of free workers would be higher. The quantity of slaves would be higher and the quantity of free workers would be higher. The quantity of slaves would be lower and the wages of free workers would be lower.
The price of slaves would be lower and the wages of free workers would be lower.
Which of the following is MOST accurate about the early years of the Great Depression? The price that farmers paid for farming inputs dropped, but the price they received for the products they sold dropped even more. The price that farmers paid for farming inputs increased, forcing more farmers into debt The debt of farmers decreased The price that farmers received for the products they sold increased.
The price that farmers paid for farming inputs dropped, but the price they received for the products they sold dropped even more.
Which of the following responsibilities did the Constitution not give to the federal government? The right to set laws on patents. The authority to regulate interstate commerce. The right to establish post offices. The right to tax income.
The right to tax income.
What best describes what happens to the share of income spent on food as income increases? The share increases. The share decreases. The share stays the same.
The share decreases.
What best explains the pattern of bank collapses in the US? The vast majority of banks closed early in the decade and the closing dropped significantly in the latter half of the decade. Banks collapsed consistently throughout the 1930s The failure rate was relatively low early in the decade and grew steadily throughout the period.
The vast majority of banks closed early in the decade and the closing dropped significantly in the latter half of the decade.
Which is true about present day Americans who are at the official poverty level? Their incomes are about the same as the average world income. Their incomes are about half of the average world income. Their incomes are above the world average per capita income. Their incomes are about the average income of people in nations like China, India and Pakistan.
Their incomes are above the world average per capita income.
Which is true about present day Americans who are at the official poverty level? a) Their incomes are about the same as those at the poverty level in 1950. b) Their incomes are higher than all but the richest Americans in 1900. c) Their incomes are about the same as those at the poverty level in 1900. d) Their incomes are about the same as those in the middle class in 1950.
Their incomes are higher than all but the richest Americans in 1900.
Which of the following statements best describes the union movement between 1800-1860? Unions were composed primarily of craftsmen. Unions were concentrated primarily in rural towns and villages. Union membership grew consistently through the period and comprised a substantial portion of the working population. Women were more likely to belong to unions than men.
Unions were composed primarily of craftsmen.
In 1860, the total value of U.S. slaves was greater than GNP. about $3 billion. greater than $10 billion. about $1 billion.
about $3 billion.
The population of the United States grew _____ during the first half of the 19th century. slowly erratically about 3 percent per year about 6 percent per year
about 3 percent per year
In the early antebellum period, New England women's wages were about 1/3 of men's wages. By 1860, New England women's wages were about ¼ of men's wages. about ½ of men's wages. more than men's wages. about equal to men's wages.
about ½ of men's wages.
According to the text, in the century prior to the Revolution ____________ were a "strategic factor in the overall economic advance of the colonies." advances in technology advances in manufacturing advances in farm equipment advances in shipping
advances in shipping
The joining of the eastern and western sections of nation's first transcontinental railroad was commemorated with the driving of the last spike on May 10, 1869 in Salt Lake City. in Washington, D.C. at Promontory Point. on the rim of the Grand Canyon.
at Promontory Point.
Quantitative evidence on federal land policy has led current economic historians to conclude that the policy was inefficient and reduced total output. the policy was largely inefficient, with evidence of increased output only found on large farms. the Homestead Act allowed western farmers to enjoy rising agricultural prices for most of the post-bellum period. average rates of return on western agricultural investments were comparable to those in manufacturing.
average rates of return on western agricultural investments were comparable to those in manufacturing.
One of the causes of World War I was _________. the deteriorating standards of living in Europe. the assassination in Serbia of Austrian Archduke Ferdinand. Europe had experienced several wars in recent decades that spilled over into World War I. the rise of nationalism. b and d
b and d
According to Gresham's Law, inflation and unemployment are inversely related. tax rates and tax revenues are inversely related. bad money drives out good money. inflation is inevitable in the long run.
bad money drives out good money.
Andrew Carnegie is most recognized for: being the first manufacturer to utilize the assembly line in large-scale production. being a leader in the steel industry. helping implement many of FDR's New Deal policies. being a prominent Civil War general.
being a leader in the steel industry.
The sharp decline in domestic freight costs during the antebellum period was primarily due to the introduction of railroads. paved roads. clipper ships. canals and steamboats.
canals and steamboats.
In colonial America, ____________ was/were especially scarce, while the supply of _______________ was plentiful. land and labor; capital capital and labor; land land and capital; labor unskilled labor; skilled labor
capital and labor; land
According to James and Skinner, in 19th century American manufacturing, ____________ was scarce, but __________________ was even scarcer. labor; capital capital; skilled labor unskilled labor; fuel sources capital; raw materials
capital; skilled labor
When an economy is at full employment, increases in military production cause a movement along the PPF. cause an outward shift in the PPF. mean that the economy is operating outside the PPF. mean that the economy is operating inside the PPF.
cause a movement along the PPF.
At the Great Exhibition in London (1851), American products were a primary attraction because they were elegantly designed. very long lasting. cheap and functional. handmade by skilled artisans.
cheap and functional.
In the late 1800s and early 1900s, the primary source of energy for manufacturing was coal. petroleum. water. electricity.
coal.
Immigrants tend to be ________ skilled labor and ___________ unskilled labor. complements with; substitutes for substitutes for; complements with substitutes for; also substitutes for complements with; also complements with
complements with; substitutes for
According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because U.S. manufacturers sought to emulate the production practices of European manufacturers. U.S. tax laws created strong incentives for vertical integration. continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption. larger firms were better able to fight the establishment of labor unions and collective bargaining arrangements.
continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption.
Monetarists such as Milton Friedman blame the Great Depression primarily (although not completely) on ___. the stock market crash. the Bank Holiday. the decline in investment spending. contraction of the money supply and the waves of bank failures
contraction of the money supply and the waves of bank failures
Common American re-exports of the Napoleonic War period included all of the following except cotton sugar coffee spices
cotton
The first factories in the US were developed within the __________ industry. iron smelting grain milling boot and shoe cotton textile
cotton textile
In 1860, ______________ was the top industry as ranked by value added. cotton textiles boots and shoes men's clothing iron
cotton textiles
Which did not contribute to the rise of "King Cotton"? Eli Whitney's invention of the cotton gin in 1793 soils and climate of the new Southwest large shifts in slave populations declines in slave populations that drove mechanical innovation
declines in slave populations that drove mechanical innovation
A distribution of goods is inefficient only when an economy is producing inside its production possibility frontier. only when an economy is producing at the wrong point on the production possibility frontier. either when an economy is producing inside the production possibility frontier or when an economy is producing at the wrong point on the production possibility frontier. when the economy is producing at the optimal point on the production possibility frontier.
either when an economy is producing inside the production possibility frontier or when an economy is producing at the wrong point on the production possibility frontier.
During the colonial period, commodities that could only be exported legally to Britain were known as _______. Foxwell goods. tariff goods. scot-free goods. enumerated goods.
enumerated goods
Mercantilists wanted a favorable balance of trade, by which they meant exports = imports. exports > imports. exports < imports. To import nothing from the colonies.
exports > imports.
In early 1996, Congress passed the "Freedom to Farm Bill." Following the bill's enactment, farmers found that competition from international agriculture declined. farm prices rose steadily for the next 4 years. agriculture was completely deregulated, and farmers began to operate without any government subsidies or assistance. farm prices fell, leading Congress to authorize emergency payments to farmers in 1998 and 1999.
farm prices fell, leading Congress to authorize emergency payments to farmers in 1998 and 1999.
Public initiatives to expand canals and railroads featured a large percentage of government investment. featured a small percentage of government investment. were dominated by private investment. were exclusively private due to "strict constructionism."
featured a large percentage of government investment.
Between 1620 and 1710, the price of tobacco in the colonies rose rapidly. remained fairly stable due to monopolistic competition. fell significantly. was fixed by Parliament.
fell significantly
If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1, people will cease to use gold and silver as money. the Treasury will be forced to issue paper money. gold is undervalued at the mint. silver is undervalued at the mint.
gold is undervalued at the mint.
The Coinage Act of 1792 set the relative values of silver and gold coins at 15 to 1. Suppose the relative market values of silver and gold had equaled 16 to 1. In this case, only gold would circulate as money. gold would be hoarded and sold abroad. gold would be overvalued at the mint. individuals would profit by selling gold to the mint.
gold would be hoarded and sold abroad.
Before 1860, most of the U.S. population lived _____ and most workers were _____ . in small to medium cities; were members of trade guilds. in rural areas; self-employed in large cities; self-employed in large cities; employed in mills and factories.
in rural areas; self-employed
The percentage of women in the U.S. labor force ___________ between 1880 and 1920. increased decreased remained relatively constant
increased
Between 1860 and 1890, both daily wages and annual earnings fell slightly. stayed roughly the same. increased by 10%. increased by 50%.
increased by 50%.
During Prohibition crime ____ and the amount spent on law enforcement ____. stayed roughly the same; remained level increased dramatically; more than doubled remained level; more than doubled decreased slightly; more than doubled
increased dramatically; more than doubled
Statutes prescribing maximum hours and minimum wages for women were common by 1920. The effects of these laws included all of the following except complementary limits on the hours of male workers. a negligible impact on female employment. reduced competition for jobs between male and female workers. increased employment of women in managerial positions.
increased employment of women in managerial positions.
Between 1810 and 1860, the value of slaves in the United States nearly doubled. tripled. increased nearly fourfold. increased nearly tenfold.
increased nearly tenfold.
The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining profits in transportation industries as a group. profits in railroads compared with canals. employment of labor and capital in the transportation sector before and after the railroad. inventories of agricultural products held in eastern markets.
inventories of agricultural products held in eastern markets.
Deflation often accompanies increases in the money supply. is good for borrowers, but bad for lenders. is good for lenders, but bad for borrowers. cannot occur under a bimetallic standard.
is good for lenders, but bad for borrowers.
Early American manufacturers were particularly concerned about minimizing raw material costs. labor costs. state-levied taxes on profits. energy costs.
labor costs.
The reserve ratio of the Second Bank of the United States was ___________ the reserve ratio of most state banks. larger than smaller than about equal to dependent upon
larger than
Inland passage times were reduced primarily through increasing the speeds of the boats themselves. shorter layover times. the government activity to clear the rivers of natural obstructions. learning to operate the boats at night.
learning to operate the boats at night.
On the eve of World War I, gains for unions included all of the following except: substantial wage gains for members in some industries, including bituminous coal mining. the establishment of insurance programs to compensate workers injured on the job. political victories, including the elevation of the Department of Labor to cabinet-level status. legal protection of the closed shop.
legal protection of the closed shop.
In 1910, the largest U.S. industry as ranked by value added was machinery. cotton goods. tobacco manufactures. railroad cars.
machinery.
A fully "vertically integrated firm" is a firm that combines firms which formerly competed. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm. earns zero economic profits due to the highly competitive market within which it operates. has representatives on its board of directors from many of the companies that it buys from and sells to.
manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm.
All of the following were important colonial industries except: fishing and fish packing production of ships' stores manufacturing of finished iron goods shipbuilding
manufacturing of finished iron goods
Cyrus McCormick is best known for manufacturing the mechanical reaper. developing hybrid strains of corn. introducing chemical fertilizers. the invention of the single-horse plow.
manufacturing the mechanical reaper.
By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was agriculture. manufacturing. mining. construction.
manufacturing.
The decline of the full-service wholesale houses can be traced to competition from the marketing departments of small manufacturers. many industries adopting the "continuous process" manufacturing. the demise of brand identity. All of the above are correct. Only a and c are correct.
many industries adopting the "continuous process" manufacturing.
Alfred Kahn's plan for airline deregulation emphasized marginal cost pricing of tickets. average cost pricing of tickets. federal subsidies for certain airlines. increased federal taxes on airline profits.
marginal cost pricing of tickets.
According to Arthur Schlesinger, Jr., government spending may grow more slowly during conservative periods, but will never contract. follows a natural cycle of increases during liberal periods and decreases during conservative periods. grows at the same rate under both liberal and conservative leadership; only the distribution (defense v. civilian) of the spending changes. reflects attempts by political leaders to reject the dominant political ideology of their youth.
may grow more slowly during conservative periods, but will never contract.
Data on Northeastern manufacturing firms show that firm size (number of workers per firm) increased for _________________ between 1820 and 1860. mechanized industries nonmechanized industries mechanized and nonmechanized industries only the textile industry
mechanized and nonmechanized industries
In the antebellum period, U.S. cotton production moved inland and westward following the invention of the cotton gin. was unable to meet the demand of the growing U.S. textile industry. was concentrated on small farms of less than 100 acres. faced declining world demand for most of the antebellum period.
moved inland and westward following the invention of the cotton gin.
The U.S. population of growth rate in the first half of the 19th century was about the same as that of most European countries. lower than that of most European countries. much higher than that of most European countries. sporadic—sometimes high and sometimes low.
much higher than that of most European countries.
Between 1860 and 1920, the number of mouths fed per farmer decreased by about 10 percent. initially decreased, but then returned to its former level and remained there. increased by about 50 percent. nearly doubled.
nearly doubled.
The charter of the Bank of the United States was not renewed in 1811 in part because Thomas Jefferson, who was president at the time, believed it to be unconstitutional. of years of general instability in the value of currency. of instability and uncertainty in the expansion of credit. of fears of foreign ownership and manipulation.
of fears of foreign ownership and manipulation.
The creation of National Forests under Theodore Roosevelt had no concrete practical impact. laid the foundation for Franklin D. Roosevelt to pursue conservation measures. placed 75 million acres of marketable timber under government stewardship. was the heart of early environmental preservationism.
placed 75 million acres of marketable timber under government stewardship.
Walton and Rockoff suggest that complementary to the economists' Phillips Curve there is one that is ___________ . cultural political international ecumenical
political
During the colonial period, the largest cities were typically port towns. located in the hinterland. in the South. landlocked.
port towns
The Continental Congress faced several constraints in its effort to finance the Revolutionary War. The largest source of funds for the War was excise taxes. domestic bond sales. borrowing from foreign powers, such as France. printing money.
printing money
In 1790, there were only three banks in the U.S. By 1811, there were 88. Most of these new banks were created and operated by the federal government. created and operated by state and local governments. private-sector, state-chartered banks. branches of banks with English charters.
private-sector, state-chartered banks.
Which of the following provides an important source for data on colonial wealth? census records newspapers records of charitable contributions probate records
probate records
Capital formation in the colonies was mostly due to savings and investments from the colonists themselves. capital inflows from English merchants. capital inflows from the English crown. capital inflows from international sources other than England.
savings and investments from the colonists themselves.
Although large-scale manufacturing was not characteristic of colonial economic activity, ___________ was an important exception. steel production shipbuilding cotton textile production fish canning
shipbuilding
Colonists' social standing depended on all of the following, except for: occupation smoking habits marriage property ownership
smoking habits
Why did Pennsylvania court settlements of contracts written in sterling in the middle of the eighteenth century use the current market value rather than the par value? to protect colonists from the avarice of English merchants to help colonial merchants dodge customs to give colonial merchants a clear advantage in their trade with English merchants to protect English merchants from being paid in unanticipated, depreciated paper money. All of the above.
to protect English merchants from being paid in unanticipated, depreciated paper money.
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. trust gentleman's agreement holding company pooling arrangement
trust
When considering the price lags of the West behind the East, by the eve of the Civil War the lag was roughly one year. six months. three months. virtually eliminated.
virtually eliminated
The fishing and whaling occupations in the early colonies never amounted to a significant economic force. were a major influence in the early colonial economy. developed into a significant economic force only in the eighteenth century. were mixed in their economic impact, with fishing being the least important.
were a major influence in the early colonial economy.
For all workers together, real wages grew between _____ and _____ percent between 1820 to 1860. 10; 20 40; 60 60; 90 100; 150
60; 90
During the Civil War, inflation caused U.S. prices to rise by roughly 12 percent. 32 percent. 54 percent. 76 percent.
76 percent.
Which of the following "quotations", according to chapter 23, best summarizes Keynes conclusions about the lessons of the depression for the nature of capitalism. "It is in determining the volume, not the direction, of actual employment that the existing system has broken down." "An economic system that forgets to find work for millions of men and women, cannot be trusted to perform any task in an intelligent fashion." "The depression is essentially a problem of reliance on a private banking system for the provision of an inherently public good, money." "The rules of sound finance, namely stable prices and balanced budgets, apply as much to the present crisis, as they do in more pleasant times."
"It is in determining the volume, not the direction, of actual employment that the existing system has broken down."
A common unscrupulous financial practice of railroad promoters (and the basis of the Credit Mobilier scandal) involved federal tax evasion. "insider" ownership of railroad construction companies. sales of worthless railroad bonds to unwitting buyers. insurance fraud.
"insider" ownership of railroad construction companies.
The Morrill Act of 1862 established local chapters of the organization that later became known as "Future Farm Leaders of America." state-run agricultural experiment stations. "land-grant" colleges that provided agricultural education and research. funding for high-school vocational training.
"land-grant" colleges that provided agricultural education and research.
Approximately how many slaves were brought from Africa to the New World during the operation of the transatlantic slave trade? 50,000 700,000 5 million 10 million
10 million
According to the Rule of 72 (according to which per capita income doubles every 72 years at a growth rate of 1 percent p.a.), if per capita GDP is growing at a rate of 6 percent per year, then it will take __________ years for per capita income to double. 12 24 72 140
12
Between the 1880s and 1920, women composed roughly ____ of the workforce. 1-2% 5-10% 15-20% 30-40%
15-20%
U.S. immigration rates were particularly high from 1800 to 1815. 1820 to 1825. 1830 to 1840. 1845 to 1860.
1845 to 1860.
During what period did the greatest violence between organized labor and companies occur? 1800-1820. 1860-1870. 1875-1895. 1910-1930.
1875-1895.
According to a royal investigation in 1623 of the English colonies in Virginia, the average life expectancy of newly arrived setters was 2 years. 5 years. 10 years. 20 years.
2 years.
According to Robert Zevin's 1971 study of textiles, the U.S. cotton textile industry had ____ percent of the number of Britain's textile labor force, but produced ____ percent as much cotton. 80; 80 50; 80 50; 40 25; 40
25; 40
From 1860 to 1910, miles of railroad track in operation increased from roughly ____ miles to _____ miles. 1,000; 75,000 10,000; 50,000 30,000; 250,000 75,000; 500,000
30,000; 250,000
During the Great Depression, real GDP decreased by roughly ____ percent and unemployment rose to roughly ____ percent. 5; 10 20; 10 30;25 50;25
30;25
In 1860 the ratio of farmers to manufacturing workers was roughly ____ ; by 1910 that ratio was ____ . 1:1; 1:5 1:3; 1:1 3:1; 1:1 10:1; 1:1
3:1; 1:1
To pay for WW I, the national debt was expanded from ___ percent of GDP at the beginning of the war to ___ percent of GDP by the end of the war. 1; 5 2; 13 3; 32 The national debt did not expand due to reparations payments.
3; 32
For the first time in the nation's history, by 1920 over ____ percent of the population were urban dwellers. 25 50 75 90
50
During the 100 years before the Revolutionary war, shipping costs were reduced by nearly 10 percent. 25 percent. 50 percent. 70 percent. Shipping costs increased during that period.
50 percent
By 1920, the average work week in manufacturing was about _______hours, although it was significantly lower for _________. 40; immigrants 50; skilled workers 60; unskilled workers 45; women
50; skilled workers
The U.S. accounted for approximately what share of the transatlantic slave trade? 3 percent 6 percent 12 percent 36 percent 72 percent
6 percent
The Land Ordinance of 1787 provided that a state would be admitted to the Union when it's population reached 5,000. 30,000. 60,000. 100,000.
60,000.
In 1791, what percent of America's clothing was homemade? 10-20% 30-40% 60-80% 95% or more was homemade.
60-80%
At the end of the 18th century, approximately _______ percent of the American people earned a major portion of their income by farming. 25 50 70 90
90
In 1940, civilian purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had changed to ________. 97 percent; 57 percent. 50 percent; 50 percent. 25 percent; 75 percent. 50 percent; 10 percent.
97 percent; 57 percent.
Who would be most likely to move from Europe to the New World in the early 1600s? A 19 year-old, first born son with many skills. A 37 year-old skilled carpenter. A 17 year-old from a poor family. A 51 year-old woman. An unskilled laborer with a wife and two children.
A 17 year-old from a poor family.
The market for indentured servants could be best described as: A monopoly. An oligopoly. A competitive market.
A competitive market.
What was the most immediate impact of introducing the horse to the plains Indians? A decrease in the amount of agricultural work the Indians did. A large increase in the size of hunting groups. More intensive and more efficient use of animal carcasses. More time was spent in fixed locations.
A decrease in the amount of agricultural work the Indians did.
What best describes the impact of the cotton gin? A decrease in the price and an increase in the quantity of cotton. An increase in the price and a decrease in the quantity of cotton. Decreases in both the price and quantity of cotton. Increases in both the price and quantity of cotton.
A decrease in the price and an increase in the quantity of cotton.
Which of the following was not a reason why wages in the US increased during World War I? A sharp decrease in immigration during the war. A large increase in drafting men into the armed forces. A large increase in the number of government contracts. A large increase in the number of women who were employed in the labor market.
A large increase in the number of women who were employed in the labor market.
According to Walton and Rockoff, what is not a pre-condition for factory production and industrialization? Standardized parts Sufficient power and energy Continuous process production A sufficiently centralized administrative structure
A sufficiently centralized administrative structure
The writings of the 18th century economist _____________ greatly influenced Constitutional provisions regarding private property rights. John Maynard Keynes Alfred Marshall Adam Smith John Hicks
Adam Smith
Shuttle routes for colonial trade lowered labor costs. reduced delays and costly extensions of port times. were more common than triangular trade patterns. allowed captains to negotiate with a small number of familiar trading partners. All of the above.
All of the above
Which of the following is least accurate about the period between the end of World War I and 1930? African Americans migrated in large scale from the north to the south. There was a significant increase in activity by the Ku Klux Klan. A Constitutional Amendment gave women the right to vote. A Constitutional Amendment prohibited the manufacture, distribution, and sale of intoxicating liquor.
African Americans migrated in large scale from the north to the south.
According to quantitative estimates of the burden of the Navigation Acts on the colonies, what can be said about the (net) effect of the Acts? The Navigation Acts placed a serious economic burden on the colonies, with estimates of this burden equaling roughly 40 percent of 1770s GNP. The Navigation Acts were the critical reason why colonists revolted against the British. After accounting for the protection provided by the British, there was very little economic burden to colonists from the Navigation Acts. Existing data do not allow for credible estimates of the economic burden of the Navigation Acts on the colonies.
After accounting for the protection provided by the British, there was very little economic burden to colonists from the Navigation Acts.
In his Report on a National Bank, _________________ argued in favor of the establishment of a Bank of the United States. Thomas Jefferson Alexander Hamilton George Washington Benjamin Franklin
Alexander Hamilton
Which of the following statements provides the most accurate description of the employment growth rate in various sectors of the economy between 1860-1910? All major sectors grew with the exception of agriculture and construction. All major sectors grew, and agriculture grew the most. The manufacturing sector grew the most, followed by railroads, but agricultural employment decreased. All major sectors grew, and railroads grew the most.
All major sectors grew, and railroads grew the most.
Eighteenth century declines in Atlantic and Caribbean shipping costs were due to the reduction in armaments on commercial vessels. decreased crew sizes. falling insurance rates. reduced layover times in ports. All of the above.
All of the abob
According to Williamson and Lindert, during the antebellum period increasing wealth concentration occurred in the U.S. within regions. within age groups. among the native born. among the foreign born. All of the above
All of the above
As a result of the existing relatively low female-to-male wage ratio in early-1800s New England, the supply of women willing to work in factories increased. the supply of women willing to work in farming declined. the wages of female farm labor rose. the North industrialized more quickly than the South. All of the above
All of the above
Between 1891 and 1896, both "external" and "internal" gold drains plagued the U.S. Treasury. Americans rushed to exchange notes for gold. Treasury reserves of gold became critically low. increases in commodity exports ultimately bolstered the gold reserves of the Treasury. All of the above
All of the above
Compared to English and colonial vessels, Dutch flyboats were lighter. required small crews. carried fewer armaments. cheaper to build and operate. All of the above.
All of the above
During the antebellum period, the "Old Northwest" became the leading producer of corn. wheat. hogs. All of the above.
All of the above
During the colonial period, "enumerated goods" included tobacco. sugar. indigo. cotton. All of the above.
All of the above
Early forms of colonial money included wampum. tobacco. furs and hides. musket balls. All of the above.
All of the above
Goods commonly produced by colonial households included clothing. bread and hardtack. beer and whiskey. jellies and jams. All of the above.
All of the above
Most private turnpikes failed to earn profits because tolls were easily avoided. it was too costly to carry freight by land carriage. they faced extensive competition from steamboats, canals and railroads. dishonest gatekeepers often pocketed the tolls collected. All of the above.
All of the above
Northeastern farmers responded to increasing western competition in the 1800s by reducing grain cultivation. increasing production of dairy products. growing hay to feed city horses. moving to the city or the West. All of the above.
All of the above
Problems with the use of commodity money include: quality control. storage difficulties. inconvenience. spoilage. All of the above.
All of the above
The Molasses Act (1733) aimed to decrease trade between the colonies and the French West Indies. was flounted with impunity by the colonists. placed a high tariff on colonial imports of foreign sugar, molasses and rum. if enforced would have disrupted one of the major colonial trades. All of the above.
All of the above
The Navigation Acts required that colonists use England as an "entrepot." This resulted in additional shipping and handling costs for colonial trade. increased prices for colonial imports. an increased share of profits going to middlemen. an estimated total economic burden of less than 1 percent of colonial income. All of the above.
All of the above
The Sugar Act (1764) decreased the tariff that had been established by the Molasses Act. was designed to raise revenue for England. was more vigorously enforced than the Molasses Act. was designed to support England's mercantilist goals. All of the above.
All of the above
The development of interchangeable parts by Eli Whitney and Simeon North allowed skilled labor to be replaced by unskilled labor. firms to better implement continuous-process manufacturing. producers to reduce production costs and increase supply. for easier and cheaper repair of damaged goods. All of the above.
All of the above
The introduction of steamboats led to dramatic declines in the price of upstream transport. led to moderate declines in the price of downstream transport. is the primary reason for falling transportation costs in the early 1800s. led to an initial decrease in transport costs that continued to fall due to learning by doing and the construction of lighter boats with increased capacity. All of the above.
All of the above
Which was not one of the main U.S. land acquisitions? The Oregon Country. The Texas Annexation. The Florida Acquisition. The Gadsden Purchase. All of the above are U.S. land acquisitions.
All of the above are U.S. land acquisitions.
"Granger laws" were severely limited in scope through litigation. generally outlawed both place and person discrimination. established commissions with the power to investigate complaints. All of the above are correct. Only a and b are correct.
All of the above are correct.
"Taylorism" has been described as dehumanizing. the exploitation of labor. using science to increase production. All of the above are correct. Only b and c are correct.
All of the above are correct.
During the 1870s and 1880s, which technological innovation was introduced? the roller mill to process oatmeal steel-bottomed stills long-distance pipelines the typewriter All of the above are correct.
All of the above are correct.
During the last part of the 19th century, which factor contributed to the lag in railroad construction in the Southeast and Southwest? sparseness of population war-induced poverty coastal shipping All of the above are correct. Only b and c are correct.
All of the above are correct.
Gains in railroad productivity were caused by more powerful locomotives. automatic couplers. air brakes. All of the above are correct. Only a and b are correct.
All of the above are correct.
Immediately following the Revolution, America found itself outside the protection of the British empire trade alliances with both Spain and France began to crumble. all American-built vessels were ineligible to trade with the British Empire. All of the above are correct. Only a and b are correct.
All of the above are correct.
It has been argued that banks tended not to take full advantage of issuing notes, thereby passing up potential profits because the profit amounts were small. they were not the types of profits conservative bankers wanted to pursue. regulations and opportunity costs involved with the issuance itself limited the profits. All of the above are correct. Only a and c are correct.
All of the above are correct.
Near the end of the eighteenth century, the dollar was a nickname for the Spanish Peso. was more plentiful than any other coin. was customarily used to reckon accounts. All of the above are correct.
All of the above are correct.
The "greenback" provided a uniform currency across the U.S. provided additional revenue for the government during the Civil War. supplied monetary increases that sent prices skyrocketing. All of the above are correct. Only a and b are correct.
All of the above are correct.
The drop in unemployment from over 11 percent in 1939 to roughly 1 percent in 1944 has been attributed by Keynesians as a validation of larger deficits as a solution to unemployment has been attributed by Monetarists as a validation that a large increase in the money supply would cure the depression. has been acknowledged as a success in Keynesian policies, with the caveat that inflation also resulted, but was fought with price controls. All of the above are correct.
All of the above are correct.
The postwar years ushered in what has been described as an unthinking materialist culture. ushered in what has been described as a consumer-oriented society that represented the fulfillment of the American dream. featured an unusual deviation from the long-term trend toward smaller families. All of the above are correct. Only a and b are correct.
All of the above are correct.
The wage and price controls of the 1940s eventually led to black markets. "forced uptrading." declines in quality of many goods. All of the above are correct.
All of the above are correct.
To mobilize resources in WWII, the United States relied on the same methods used in World War I the draft taxes creating money All of the above are correct.
All of the above are correct.
Which is true of total federal spending relative to GDP? It is the most commonly used measure of the size of government. It reached about 20 percent of GDP in 1980. It jumped to about 25 percent of GDP after the 2008 financial crisis when government programs were used to try to stimulate the economy. All of the above are correct. Only a and c are correct.
All of the above are correct.
Which of the following pieces of legislation represents a liberalization of federal land policy? The Homestead Act of 1862 The Desert Land Act of 1877 The Timber and Stone Act of 1878 All of the above are correct. Only a and c are correct.
All of the above are correct.
Which of the following statements best describes pre-1763 British colonial life? British directives influenced day-to-day life only modestly. Bureaucratic apathy in part often led to colonial laws to become effective before they were reviewed in England. Government activity in general was a minor aspect of colonial affairs. All of the above are correct. None of the above are correct.
All of the above are correct.
Which were among the important reforms of the banking system that resulted from the financial crisis of the 1920 and 1930s? the Glass-Steagall Act the prohibition of interest payments on bank deposits the separation of commercial banking from investment banking All of the above are correct. Only a and c are correct.
All of the above are correct.
All of the following groups benefited from immigration to the U.S. in the late 19th and early 20th century except steamship companies mining companies manufacturing companies railroads All of the above benefited from immigration.
All of the above benefited from immigration.
The aims of mercantilists do not include achieving power and wealth for the state. achieving political and economic unity. keeping artisans in the home country. All of the above were aims of the mercantilists.
All of the above were aims of the mercantilists.
In 1768-72, the top ten commodity exports of the thirteen colonies included tobacco bread and flour fish horses All of the above were among the top ten exports.
All of the above were among the top ten exports.
Which of the following was not an export of the Southern colonies? deerskins bulk unfinished iron indigo rice All of the above were exports from the Southern colonies.
All of the above were exports from the Southern colonies.
Which was not a factor in causing the Great Depression? the end of a boom in construction the crash of the stock market a struggling agriculture sector structural weakness in the banking system All of the above were factors causing the Great Depression.
All of the above were factors causing the Great Depression.
The Land Ordinances of 1785 and 1787 included provisions for all of the following except: surveys prior to sale of Western land. the number of states that could be created from the Northwest Territory. guidelines for the eventual creation of Western states. sale of the land in plots of one square mile. All of the above were provisions of the ordinances.
All of the above were provisions of the ordinances.
Agricultural staples of the colonial South included rice. tobacco. indigo. All of the above.
All of the above.
Alexander Hamilton argued for a "National Bank" that would provide the increased money supply necessary to accommodate increased business activity. lend money to the U.S. Treasury. serve as fiscal agent for the U.S. government. serve as a tax collection agency for the U.S. government. All of the above.
All of the above.
Between 1820 and 1860, in the U.S. real wages rose. unskilled workers' earnings fell relative to skilled workers' earnings. fertility rates fell. the number of self-employed workers fell. All of the above.
All of the above.
England 's American colonies were ultimately more successful than the colonies of other European powers. Reasons for this success include the realization that successful colonies would provide markets for English goods. a focus on establishing permanent settlements. the access to land which could be privately owned. All of the above.
All of the above.
Francis Lowell's Boston Manufacturing Company specialized in the production of one type of cloth. combined all four stages of cloth production in one plant. sold its product throughout the U.S. used power looms for weaving. All of the above.
All of the above.
Frederick Taylor studied the movements of workers as they performed job tasks. advocated the use of incentives for superior performance. carried on experiments to determine the optimum size and weight of tools. developed principles pertaining to the correct routing of work and accurate scheduling of production orders. All of the above.
All of the above.
In terms of manpower needed to fight the Civil War, the South was disadvantaged by a smaller total population of military-aged males than the North. limited support from free, white males in border states. a population that included over 1 million military-aged slaves who could not be used for direct combat. the fact that some of its manpower had to be used to repress the slave labor force. All of the above.
All of the above.
In the 1870s, cotton prices were declining. the Deep South became a food importing region. an increasing percentage of small farms specialized in cotton. black farmers devoted more of their land to cotton than white farmers. All of the above.
All of the above.
In the 1870s, excess capacity in the railroad industry led to rates wars. the formation of regional federations to pool traffic or profits. price-fixing. hidden rate-cutting through rebates. All of the above.
All of the above.
In the early 1900s, federal and state governments typically supported management and opposed labor unions. "government by injunction" was a strong weapon for combating strikes. using troops to break strikes was considered a legitimate use of police power. the Supreme Court upheld employers' use of antiunion contracts. All of the above.
All of the above.
In the early 1900s, regulation of the use of child labor was supported by trade unions. was first legislated by some states, and later by the federal government. was sometimes indirectly accomplished through compulsory school laws. through federal legislation was initially struck down by the Supreme Court. All of the above.
All of the above.
In the late 1800s, problems with the U.S. banking system included uneven distribution of notes throughout the country. varied banking regulations across states. the use of "country bank" reserves to support call loans made by larger urban banks. the tendency of commercial banks to reduce money and credit during recessions. All of the above.
All of the above.
Members of the Populist Party supported government ownership of banks. government ownership of railroads. government-imposed anti-monopoly policies. government policies designed to encourage inflation. All of the above.
All of the above.
Opponents of the First Bank of the U.S. argued that the bank was unconstitutional. created a "money monopoly." favored northern manufacturing more than southern agriculture. opened the U.S. monetary system to foreign control. All of the above.
All of the above.
Post-Revolutionary trade data show that after 1790 U.S. trade with non-British areas of the Caribbean increased. the export of food to the West Indies increased trade in the southern U.S. did not keep pace with population growth. the U.S. exported tobacco to France and the Netherlands. All of the above.
All of the above.
Sharecropping allowed tenant farmers and land owners to share the risks and benefits of farming. gave freed slaves more control over their workday. relied on contracts that were usually renegotiated annually. created little incentive for long-term investments in improvement of farm land. All of the above.
All of the above.
The "Great Society" initiative led to the creation of Medicare. Rent subsidies for the poor. the Department of Transportation. the Department of Housing and Urban Development. All of the above.
All of the above.
The American Federation of Labor was an amalgamation of two labor organizations. had over 1 million members by 1905. sought to control job opportunities and conditions within each craft. allied with the National Civic Federation in attempt to create a more favorable public image. All of the above.
All of the above.
The move to an international gold standard between 1896 and World War I encouraged the free flow of goods and capital between countries. was accompanied by moderate increases in prices. required a higher use of resources than would have been the case under a paper standard. made it difficult to exercise expansionary monetary policy. All of the above.
All of the above.
The wealthiest occupational groups in North America included merchants in New England. merchants in the Middle colonies. large land-holding planters in the South. All of the above.
All of the above.
Union membership declined during the 1920s due to the growth of the service sector. increased use of high-tech, labor-saving devices in the manufacturing sector. firms' use of "yellow-dog" contracts. poor union leadership. All of the above.
All of the above.
Wartime economic mobilization resulted in increased hours for workers. dramatic increases in the industrial accident rate. some reduction in the quality of output. Increased production rates. All of the above.
All of the above.
Which of the following statements contains accurate information regarding power sources for manufacturing in the first half of the 19th century? For New England manufacturers steam engines were more costly than water power. The water turbine was more efficient than the water wheel. Coal was adopted more slowly in the U.S. than in England. Along the Ohio River, steam was preferable to water power because of variable stream levels. All of above.
All of the above.
What would best characterize the relationship between corn prices, wheat prices and the public sale of western land (OH, IL, IN, MI, IA, WI, MO) between 1815-1860? All three were very positively correlated. Land sales increased first, which drew people to move and produce more crops, which increased the crop prices. As land sales increased, corn prices increased and wheat prices decreased as farmers substituted from wheat to corn. Land sales were negatively related to both the wheat and corn prices.
All three were very positively correlated.
What method was not used by the US between 1880 and 1920 to limit the number of immigrants? Outlawing the practice of prepaying the cost of an immigrant's voyage in exchange for future labor services. Implementing a financial test for potential immigrants. Utilizing a literacy test for potential immigrants. Allowing only immigrants who had family members in the US to come in.
Allowing only immigrants who had family members in the US to come in.
Which of the following statements is most accurate about the role of minorities in the US? The armed services were desegregated before World War II. Although African Americans had historically lived on agricultural areas, by 1970 about 75% of African Americans lived in urban areas. During World War II, there was a large increase in demand for hiring highly skilled Japanese-Americans.
Although African Americans had historically lived on agricultural areas, by 1970 about 75% of African Americans lived in urban areas.
Which of the following is most accurate about ownership of household goods, such as flush toilets, refrigerators, televisions, clothes dryers and automobiles? Very few Americans at the poverty level in 2005 own these goods. Americans at the poverty level in 2005 own these goods at about the same rate as average households in 1950. Americans at the poverty level in 2005 own these goods at higher rates than average households in 1950. Americans at the poverty level in 2005 own these goods at about half the rate as average households in 1950.
Americans at the poverty level in 2005 own these goods at higher rates than average households in 1950.
In the late 18th century, England passed laws prohibiting the export of industrial machinery. tried to discourage labor pirating. was the second largest producer of manufactured goods in the world. successfully prevented technology transfer to the U.S. Both a and b are correct.
Both a and b are correct.
The Cold War, or "war on communism," was the most expensive war of the twentieth century. is believed to have caused an increase in defense spending that came at the expense of private consumption rather than private investment. is believed to have caused an increase in defense spending that came at the expense of private investment rather than private consumption. Both a and b are correct. Both a and c are correct.
Both a and b are correct.
Which is an accurate description of the Revolution? It never had majority support. Two-thirds of the population either opposed it or did nothing to support it. It became a popular war, maintaining widespread popular support after 1776. Both a and b are correct. None of the above are correct.
Both a and b are correct.
Falling transportation costs in the 19 th century fostered regional specialization according to comparative advantage. created increasing lags for price declines along the Mississippi. propelled the process of western expansion. All of the above. Both a and c are correct.
Both a and c are correct.
The National Recovery Act largely redistributed rather than expanded incomes. cut unemployment in half. was declared unconstitutional by the Supreme Court. Both a and b are correct. Both a and c are correct.
Both a and c are correct.
The passage of major pieces of consumer protection legislation in the postwar period was one of the most dramatic developments of that period. was influenced by the "red scare," and other hysteria over rumors of deliberate sabotage of consumer products. often were the result of highly visible public tragedies. Both a and b are correct. Both a and c are correct.
Both a and c are correct.
"Marriage bars" became popular with "flappers" during prohibition. became more widespread in the 1920s forced female employees to leave work when they married. Both a and b are correct. Both b and c are correct.
Both b and c are correct.
Most economists have argued that the persistence of high unemployment despite New Deal policies constitutes a complete repudiation of New Deal policies. was the result of "sticky" wages. was in part the result of pressures from government to maintain wages. Both b and c are correct.
Both b and c are correct.
Which of the following statements accurately characterizes American trade during the Revolutionary War? The American colonies actively traded with France, Holland and Spain until 1778, when trade was hampered by British blockades. British blockades hampered the trade activities of first Northern and later Southern ports. American trade fell below pre-war levels. Decreases in exports led to decreases in domestic production of textiles, beer and other products. Both b and c are correct.
Both b and c are correct.
During the Federal Bank Holiday ordered by President Roosevelt and the week that followed it, new supplies of gold were distributed to the banks. a national monetary commission was set up. the banks were inspected. actions were taken to take the US off the gold standard Both c and d are correct.
Both c and d are correct.
What most accurately describes what happened to earnings in the US between 1914 and 1920? Both nominal and real earnings increased substantially. Nominal and real earnings dropped significantly as the World War I triggered a recession. Nominal earnings increased slightly, but real wages decreased because of the large inflation. A period of deflation led real earnings to increase even though nominal earnings had decreased slightly
Both nominal and real earnings increased substantially.
Why was the upgrade of the diplomats of the leading European powers from ministers to ambassadors in Washington D.C. in 1892 somewhat belated? The United States already held a trade surplus with Europe in 1877. By that time, U.S. output per capita was already only a little below that of Great Britain. The United States had already joined the Western Alliance of Britain and France as a major military power.
By that time, U.S. output per capita was already only a little below that of Great Britain.
Which of the following MOST accurately describes the federal budget between 1960 and 2017? By the end of the period expenditures on health and income security were each greater than expenditures on defense. By the end of the period expenditures on health and income security were each lower than expenditures on defense. Defense, income security, and health all grew as a percentage of the federal budget. As a share of the federal budget expenditures on defense and health grew consistently throughout the period while expenditures on income security fell.
By the end of the period expenditures on health and income security were each greater than expenditures on defense.
Nobel laureate Robert Fogel contends that which of the following are good proxies for current levels of nutrition? a) Changes in height during the growing years b) Total height c) Total weight d) Changes in weight during the growing years
Changes in height during the growing years
The New Deal policies both relieved distress and reformed the system to prevent future depressions. An example of the former is the ___ while the ___ is an example of the latter. Civilian Conservation Corps; Works Projects Administration. Works Projects Administration; Industrial Organization Review Board. Civilian Conservation Corps; Securities and Exchange Commission. Federal Deposit Insurance Corporation; Industrial Organization Review Board.
Civilian Conservation Corps; Securities and Exchange Commission.
In 1947, which of the following activities were NOT made illegal for labor unions to do? Coerce employees who are working at a firm to join a union. Discriminate against employees. Encourage employees to engage in a strike to force one employer to cease doing business with another employer. Collect membership dues.
Collect membership dues.
Which region in the New World received the smallest share of slaves brought to the New World? Brazil Colonial America Spanish America French Caribbean
Colonial America
Which of the following statements accurately describes pre-1763 British colonial policy? England taxed the colonies extensively, requiring the colonists to pay a substantial portion of the costs of government administration and military protection. The Navigation Acts placed a severe economic burden on the colonies, equaling more than 30 percent of colonial income. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans. Colonial laws were not officially in effect until the Privy Council granted its approval. All of the above statements accurately describe pre-1763 British colonial policy.
Colonial laws were not officially in effect until the Privy Council granted its approval.
Which of the following statements most accurately describes the role of banks in the United States between the Civil War and WWI? The U.S., which had the largest economy in the world, also had the largest banks in the world. Banking reforms increased the ability of state banks to issue their own notes. Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets. Those who borrowed money at fixed interest rates gain significantly during deflationary periods.
Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets.
The federal government granted 200 million acres of land to railroads. Which of the following statements presents accurate information about these land grants? The railroads were required to return 1/3 of the profits from the sale of this land to the federal government. The alternate section provision allowed state governments to purchase portions of the land grants from the railroads at reduced prices. The federal government incurred huge revenue losses under the land grant program. Congress required railroad companies that received land grants to transport mail, troops and government property at reduced rates.
Congress required railroad companies that received land grants to transport mail, troops and government property at reduced rates.
In which of the following areas were substantial New Deal reforms NOT made? The commercial banking system. The Federal Reserve System. Securities markets. Corporate accounting standards.
Corporate accounting standards.
All of the following statements accurately describe pre-1763 British colonial policy except: England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans. English taxes imposed on colonists were much lower than the taxes imposed on English residents. England passed certain laws designed to reduce colonial production of goods that duplicated popular English products. Colonial governors and the Privy Council rarely used their veto power to overturn colonial laws.
England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans.
Economic controls that England imposed on its North American colonies were less strict than those other European nations imposed on their colonies. England imposed on its other colonial holdings. England imposed on Ireland. England or other European nations imposed on any of its other colonial possessions.
England or other European nations imposed on any of its other colonial possessions.
One reason the Federal Reserve Board in Washington did not act as a lender of last resort during the early years of the Great Depression, was its power struggle with ____. U.S. Treasury. foreign central banks. Federal Reserve Bank of New York. President Roosevelt.
Federal Reserve Bank of New York.
Which of the following statements presents accurate information about the Standard Oil merger? The Standard Oil merger is an example of a vertical merger. Standard Oil was initially organized as a holding company. The petroleum refining industry was never particularly competitive, and was dominated by a few large firms even prior to the Standard Oil merger. Following the merger, Standard Oil controlled 90 percent of U.S. refining capacity.
Following the merger, Standard Oil controlled 90 percent of U.S. refining capacity.
Which of the following statements accurately reflects research findings on the distribution of colonial wealth? The poorest 20 percent of colonist controlled nearly 20 percent of colonial wealth. Distributional inequality tended to be greater in rural areas than in cities, particularly in New England. Colonial wealth was distributed more unequally in the Middle colonies than in the South or New England. For free people, the opportunity for income mobility was probably greater in the colonies than in England.
For free people, the opportunity for income mobility was probably greater in the colonies than in England.
For a decade after the Land Ordinance of 1785, pioneering in parts of the Northwest Territory was restricted by all of the following except Indian troubles. French interference. English interference. high prices of land.
French interference.
What most accurately describes the U.S. balance of payments? From 1850-1873 the U.S. imported more than it exported, but exports exceeded imports from 1873-1919. The U.S. had an unfavorable balance of payments from 1850-1919. Exports exceeded imports from 1850-1919. The U.S. ran trade deficits 1874 until World War I.
From 1850-1873 the U.S. imported more than it exported, but exports exceeded imports from 1873-1919.
The immigrants most likely to go directly to the lands in the West, rather than be absorbed into the eastern city populations, were from England and Scotland. Germany Ireland. France.
Germany
The majority of immigrants coming to the U.S. in the 1840s and 1850s were from England and Scotland. Italy. Germany and Ireland. France.
Germany and Ireland.
Which of the following statements correctly characterizes farm incomes in the second half of the 19th century? Real per capita income fell. The rate of growth in real income per worker was negative. Nominal per capita income fell, but real per capita income remained unchanged. Growth rates in per capita income were positive, but small.
Growth rates in per capita income were positive, but small.
Which United States President is most closely identified with the Great Depression? Calvin Coolidge. Herbert Hoover. Franklin Roosevelt. Theodore Roosevelt. Richard Nixon.
Herbert Hoover.
Which of the following statements correctly characterizes the elasticity of demand for food? While food demand is not very responsive to changes in price, increases in income produce big increases in the demand for food. As income increases, the quantity demanded of food decreases. If the price of food falls by 5 percent, quantity demanded will rise by less than 5 percent. People consume the same amount of food regardless of the price of food.
If the price of food falls by 5 percent, quantity demanded will rise by less than 5 percent.
Which of the following statements best describes antebellum immigration to the U.S.? Immigration peaked in the 1820s and slowly decreased through the Civil War. Immigration in the late 1840s and 1850s were primarily "pulled" to the US by the attractive opportunities available here. Immigration from England was relatively constant over time compared to the immigration rate from other nations. Large scale German immigration occurred primarily in the early part of this period.
Immigration from England was relatively constant over time compared to the immigration rate from other nations.
_____________ is (are) the key factor in explaining the decline in death rates in the U.S. in the late 19th and early 20th century. Improved sanitation Improved medical treatments Urbanization A more varied and nutritious diet
Improved sanitation
What is most accurate about the United States' trading patterns between 1850 and 1900? The US exported more finished manufacturers in 1850 than it did in 1900. Raw materials accounted for a greater share of US imports in 1850 than they did in 1900. Manufactured and raw foodstuffs accounted for about 75% of exports in both 1850 and 1900. In 1850, the US's largest export was raw materials and its largest import was finished manufacturers.
In 1850, the US's largest export was raw materials and its largest import was finished manufacturers.
Which is most accurate about those who were in the bottom fifth of the income distribution in 1977? a) In 2009, about 85% of them were still in the bottom fifth of the income distribution. b) In 2009, about 50% were still in the bottom fifth of the income distribution. c) In 2009, about 25% were in the bottom fifth and another 25% were in the second poorest group. d) In 2009, about 14% were in the middle fifth and another 9% were in the second richest group.
In 2009, about 14% were in the middle fifth and another 9% were in the second richest group.
Which is least accurate about foreign trade? In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries. After the Civil War, rapid improvements in communications, like the first successful transatlantic cable, lowered the price of trade. After the Civil War, rapid improvements in transportation, like the opening of the Suez Canal and developments of railroads, reduced the price of shipping. In the late 1800s and early 1900s the network of international trade assumed many of its modern characteristics.
In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries.
Which of the following most accurately describes the "Fisher effect?" Interest rates increase after inflation and decrease after deflation, but with a long lag. Interest rates are independent of inflation and deflation. Interest rates increase after inflation, but are not affected by deflation. Increasing interest rates precede inflation and decreasing interest rates precede deflation.
Interest rates increase after inflation and decrease after deflation, but with a long lag.
The first independent federal regulatory agency was Interstate Commerce Commission. Federal Trade Commission. Federal Bureau of Alcohol, Tobacco, and Fire Arms. United States Fair Trade Commission.
Interstate Commerce Commission.
What was not true about the economy of the Middle Colonies? It was a net importer of food. The farms were generally smaller than those in the South. The crops did not have large economies of scale. Its main agricultural products were grains.
It was a net importer of food.
What most accurately describes the implementation of the New Deal? It was implemented in two phases over the course of about eight years. Its major reforms were implemented in the first 100 days of Franklin Roosevelt's Presidency. The first elements of the New Deal that were implemented were the most politically liberal. Most of the reforms were temporary and were phased out by World War II.
It was implemented in two phases over the course of about eight years.
What was false about the New England colonial economy? It was the leading fishing industry in the colonies. It was a net importer of food. It was the leading colonial shipping industry in the colonies. It was the most productive area in terms of agriculture.
It was the most productive area in terms of agriculture.
Which English colony was the first permanent settlement in the New World? Roanoke. Plymouth. Jamestown. Mexico. Quebec.
Jamestown
According to Walton and Rockoff, Keynesian economists would probably argue that Keynesian policies failed to alleviate the Great Depression because _____. monetary policy was contractionary. government spending was disproportionately concentrated on poor relief. supply-side shocks offset Keynesian policies. Keynesian policies were never tried on a sufficient scale.
Keynesian policies were never tried on a sufficient scale.
Which of the following is most accurate about the period between the Civil War and World War I? Many people moved to urban areas because the death rates were much lower there than in rural areas. Labor unions increased their membership significantly, and by the end of the period about 10 percent of the total labor force was in unions. Women's participation in the labor force decreased because they did not want to work in the industrial sector. The large increase in population was caused, in part, by significant increases in the birth rate.
Labor unions increased their membership significantly, and by the end of the period about 10 percent of the total labor force was in unions.
Which of the following is least accurate in characterizing changes in retailing in the second half of the 19th century? Large growth in the number of department stores. Large growth in the number of chain stores. Large growth in the number of "general stores." Large growth in the number of mail-order houses.
Large growth in the number of "general stores."
What was not a significant cause of the Great Depression? Bank failures. Stock market crash Government fiscal and monetary policy. Large increase in imports that took jobs away from American workers.
Large increase in imports that took jobs away from American workers.
According to _________, liberal programs survive attempts by conservative administrations to eliminate them because of the "tyranny of the status quo." Arthur Schlesinger, Jr. Wagner's Law Milton and Rose Friedman Robert Higgs
Milton and Rose Friedman
Which of the following was NOT a prominent New Deal reform? Monetary power was centralized. The gold standard was eliminated. Implementation of deposit insurance. Separation of commercial from investment banking.
Monetary power was centralized.
What is least accurate about marketing and selling in the US prior to the Civil War? Attracting customers was not a main objective of advertising. Installment buying was known, but was uncommon until about 1900. Most companies eliminated wholesalers to market products directly to their customers and save money. Advertising was typically limited to magazines and some occasional outdoor ads in big cities.
Most companies eliminated wholesalers to market products directly to their customers and save money.
All of the following statements present accurate information about the 18th century New England economy except: New England exported more fish than England. New England was a net importer of food. New England's chief crop was Indian corn. New England farms tended to be large and highly productive.
New England farms tended to be large and highly productive.
By 1860, almost ¾ of the U.S. output of cotton goods was produced in the area surrounding Philadelphia. New England. the Mid-Atlantic states. New York City.
New England.
By 1860, two thirds of America's woolen output was produced in the area surrounding Philadelphia. New England. the Mid-Atlantic states. New York city.
New England.
From 1800-1860 which part of the nation most supported high tariffs? Southeast. New England. Southwest. Far Western States.
New England.
The Erie Canal, the most important canal (in terms of the number and dollar value of shipments), was in Georgia. New York. Pennsylvania. Maryland.
New York
The failure of the Bank of the United States in December 1930 probably intensified the banking panic for each of the following reasons except that it proved that ___ the Fed might fail to act as a lender of last resort. big banks could fail. New York Banks could fail. that Wall Street banks could fail.
New York Banks could fail.
By 1850, the predominant port in the U.S. was Charleston. New Orleans. Savannah. New York.
New York.
Which of the following is true? Advertising on a national scale became a widely accepted practice, but only after the Civil War. The first attempts at advertising on more than the local level were directed at consumers rather than retailers. By 1910, advertising was a billion-dollar industry. Only a and b are correct. Only a and c are correct.
Only a and c are correct.
The Smoot-Hawley Tariff was a major cause of the Great Depression. was the last of America's high "protective" tariffs. made a bad situation worse. caused a psychological effect that destroyed the banking system. Only b and c are correct.
Only b and c are correct.
The use of strategic bombing by the Allies during World War II caused a marked decrease in Axis munitions production. caused Germany to divert significant resources to air defense. used the various air forces as an aid to the ground or sea forces. was intended to attack the civilian population. Only b and d are correct.
Only b and d are correct.
Which of the following did the Fair Labor Standards Act (FLSA) of 1938 not accomplish? Lowered the maximum work week to 44 hours for many industries. Outlawed companies' rights to break union strikes. Prohibited many forms of child labor. Set a minimum wage for laborers.
Outlawed companies' rights to break union strikes.
Which of the following is most accurate about women's involvement in the labor force? Over half of the women who entered the labor force between 1940 and 1944 had dropped out by 1950. Between 1940 and 1950 the number of women employed in the labor force dropped. After World War II, the supply of young married women available to work increased. Women made their largest gains in employment in the service and agricultural sectors.
Over half of the women who entered the labor force between 1940 and 1944 had dropped out by 1950.
Which of the following best describes public attitudes toward the railroad in the early 1830s. People were excited and eager for the new technology. Americans dismissed the new mode of transportation as a British peculiarity. Americans embraced railroad heartily since they had long demanded their construction. People feared the railroads for their impact on passenger health and communities.
People feared the railroads for their impact on passenger health and communities.
What Supreme Court case ruled separate education for blacks and whites was constitutional provided that it was equal? Plessy vs. Ferguson Munn vs. Illinois The Dred Scott Case Brown vs. Board of Education
Plessy vs. Ferguson
The Confederacy's primary mechanism for generating revenue during the Civil War was to: Raise taxes. Increase trade and gain more money from exports. Borrow more money. Print more money.
Print more money.
During the colonial period, the U.S. and other countries relied on "privateers." Which of the following most accurately describes privateers? Privateers were also known as pirates. Privateers were private citizens who owned ships that attacked vessels from other nations. Privateers were groups of convicts who stole from American sailing vessels. Privateers were a formal group part of the American Navy.
Privateers were private citizens who owned ships that attacked vessels from other nations.
Which of the following provisions was not a component of the Intolerable Acts? Permitted British officials charged with crimes to be tried in Britain. Raised taxes in Boston to pay for the tea destroyed during the Boston Tea Party. Provided for the quartering of troops in the city of Boston. Revised the charter of Massachusetts to make some rights dependent on the decisions of a governor who was appointed by England.
Raised taxes in Boston to pay for the tea destroyed during the Boston Tea Party.
Which of the following most accurately describes the changes in GDP and unemployment between 1929 and 1933? Real GDP changed little but the unemployment rate increased to about 50%. Real GDP increased by about 10% and the unemployment rate decreased to about 3%. Real GDP decreased by about 30% and the unemployment rate increased to about 25%. Both Real GDP and the unemployment dropped significantly.
Real GDP decreased by about 30% and the unemployment rate increased to about 25%.
Which of the following was not used to subsidize railroad companies and their building of railroads? Loans from the U.S. government Reduced corporate income taxes Land grants Direct payments based on the number of miles of tracks laid
Reduced corporate income taxes
Which of the following is least accurate about the US during World War I? The armed forces increased from about 180,000 to 4 million Soldiers were obtained through volunteer army and without a draft. Many new agencies were started to regulate prices. The US was a formal participant in the war for only 19 months.
Soldiers were obtained through volunteer army and without a draft.
Based on the analysis of Alice Hanson Jones, what colonial region showed the most unequal distribution of wealth? New England. Middle Colonies. South.
South
From 1800-1860 which part of the nation was most opposed to high tariffs? South. New England. Middle Atlantic States. Far Western States.
South.
Which European nation had occupied Florida and Northern Mexico during the sixteenth century? France Portugal Netherlands Spain
Spain
From which country came the fewest immigrants during the large wave of immigrants who arrived in the U.S. in the 1840s and 1850s? England. Germany. Ireland. Spain.
Spain.
Which of the following statements would MOST accurately describe government spending between 1970 and 2006? State and local governments spend more on goods and services than the federal government, but the federal government spends more in total than state and local governments. As a percentage of GDP, federal government spending on goods and services increased rapidly and by 2006, the federal government spending on goods and services was about twice as high as state spending on goods and services. As a percentage of GDP, federal government spending has been significantly reduced, which as forced state and local government total spending to increase dramatically to accommodate these cuts. As a percentage of GDP, both federal and state and local government total spending have doubled.
State and local governments spend more on goods and services than the federal government, but the federal government spends more in total than state and local governments.
What is not true of The Federal Reserve Act (1913)? Membership in the system was made compulsory for national banks. State banks were not permitted to join the system. The member banks nominally owned the Federal Reserve Banks. Member banks had to deposit cash, previously held as reserves, with the District Federal Reserve Bank.
State banks were not permitted to join the system.
What generated the most revenue for the U.S. government for most of the nineteenth century? Income taxes Property taxes Tariffs on goods imported from other nations Inheritance taxes Taxes on products shipped between states
Tariffs on goods imported from other nations
By 1900, the leading cotton producing state was Georgia. Louisiana. Texas. Mississippi.
Texas.
What most accurately describes imperialism between 1870 and 1917? The US was the leading imperialist nation in the late 19th century. The US was primarily concerned about expanding freedom in relatively poor nations in Africa. The "Roosevelt Corollary" and the Monroe Doctrine were the primary documents that outlined US foreign policy. European nations like England and France oriented their annexation efforts toward Latin America.
The "Roosevelt Corollary" and the Monroe Doctrine were the primary documents that outlined US foreign policy.
The Bank of the United States did not act as a lender of last resort. help collect customs bonds. carry on foreign exchange operations. hold most of the U.S. Treasury deposits. The Bank of the United States engaged in all of these activities.
The Bank of the United States engaged in all of these activities.
One important issue in the post-bellum currency debate concerned the coinage of silver by the federal government. Which of the following statements presents accurate information regarding the silver debate? Silver circulated widely as money in the years immediately prior to the Coinage Act of 1873. The Bland-Allison Act allowed for the Treasury to make limited monthly silver purchases at the market price. Silver never circulated as money in the U.S. after 1873; however, it was used as a unit of account. Congress passed the Coinage Act in 1873 despite widespread public opposition to this legislation at the time.
The Bland-Allison Act allowed for the Treasury to make limited monthly silver purchases at the market price.
The Commodity Credit Corporation (CCC) instituted several policies to improve the welfare of farmers. Which of the following best describes the programs' effects? The CCC price supports mandated a one-price policy on all agricultural goods. The CCC support prices became minimum prices in the marketplace. The CCC price supports encouraged farmers to leave farming. If the commodity price increased, according to the free market, then the CCC would command and collect "excess" profits, i.e., revenues in excess of the one-price policy, for use as loanable funds.
The CCC support prices became minimum prices in the marketplace.
Of the English-owned joint stock companies that operated in North America, which was the only one to survive longer than 20 years? The London Company The New Plymouth Company The Hudson Bay Company The Massachusetts Bay Company
The Hudson Bay Company
If New England had a Gini coefficient measure of income inequality of 0.32 and the Middle Colonies had a Gini coefficient of 0.65, which of the following would be most accurate? The Middle Colonies would have a higher per capita income. The Middle Colonies would have a lower per capita income. The Middle Colonies would have greater income inequality. The Middle Colonies' income was growing faster.
The Middle Colonies would have greater income inequality.
What best describes changes in per capita output between 1860-1880? The South experienced both an absolute reduction and a reduction relative to the North. Both the North and South grew, but the North grew faster than the South. The North and South both suffered absolute decreases. The South and the North grew and the South grew faster than the North.
The South experienced both an absolute reduction and a reduction relative to the North.
What best describes the role of the United States in World War I? The U.S. entered World War I as soon as it started. The U.S. was a neutral moderator throughout the war. The U.S. entered relatively late into the war on the side of Britain, France, Italy & Russia and opposed to Germany and Austria-Hungary. U.S. business suffered severe financial losses during the war.
The U.S. entered relatively late into the war on the side of Britain, France, Italy & Russia and opposed to Germany and Austria-Hungary.
What most accurately describes the U.S. compared to other nations in the early 1900s? The U.S., which was still quite young, was one of the least productive nations in the world in both the agricultural and manufacturing sectors. The U.S., Great Britain and Germany were the three most industrialized nations. The industrial output in the U.S. was about average compared the rest of the nations in the world. The U.S., which had large supplies of land, had a highly productive agricultural sector, but its industrial productivity was quite low relative to that of other nations.
The U.S., Great Britain and Germany were the three most industrialized nations.
What most accurately describes the US tariff policy between 1850 and 1910? The US was strongly committed to free trade throughout the period. The US became more protectionist during the Civil War and the level of tariffs remained high through 1910. The US had very high tariff barriers at the beginning of this period, but lowered them consistently throughout this period.
The US became more protectionist during the Civil War and the level of tariffs remained high through 1910.
By 1825, what area in the New World had the greatest portion of slaves? Spanish colonies The West Indies The United States Brazil
The United States
Which of the following is the most accurate description of the US between 1880 and 1920? The United States became the leading manufacturer in the world in terms of total production and output per worker. The quality of manufactured goods dropped. Americans families bought fewer finished products, and instead saved money by increasingly buying materials and building things at home. No advertising was used because TV and radio had not yet been invented.
The United States became the leading manufacturer in the world in terms of total production and output per worker.
Which of the following statements presents accurate information about the Napoleonic Wars (1793-1815)? The major adversaries in the Wars were England and Canada. The peace treaty that ended the Wars is known as the Essex Decision. The Wars led to increased demand for American shipping services. During the temporary peace of 1801-1803, demand for U.S. re-exports increased.
The Wars led to increased demand for American shipping services.
Which of the following is not accurate about the 1920s? There was a significant increase in mass production and mass marketing. There was a significant increase in urbanization. The ability of many Americans to afford consumer goods dropped sharply. Consumer credit policies were developed and instituted on a large scale for the first time.
The ability of many Americans to afford consumer goods dropped sharply.
The best description of US economic growth during the 1800s is: The annual growth rate for the 20 years preceding the Civil War was about the same as the annual growth rate from 1870-1899 while the growth rate during the Civil War was higher than either period. The annual growth rate for the 20 years preceding the Civil War was lower than the annual growth rate from 1870-1899. The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899.
The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899.
The best description of the economic ideology during World War I was __________. The belief that the economy could be strengthened by centralized coordination. The economy would work best with a strong commitment to the free market The US should eliminate many federal agencies during World War I to make the government more efficient.
The belief that the economy could be strengthened by centralized coordination.
Which statement best describes the trend in land allocation laws from the Land Ordinance of 1785 to the Homestead Act of 1862? The changes were more favorable to those who held a conservative belief about land allocation. The changes were more favorable to those who held a liberal belief about land allocation. There was no consistent trend in the changes; some changes favored the conservatives and others favored the liberals.
The changes were more favorable to those who held a liberal belief about land allocation.
What best describes the economic standing of the colonies on the eve of the Revolution? The colonies were one of the richest nations in the world and had little income inequality because of the many opportunities that existed. The colonies were in the middle of nations in terms of per capita income and had little income inequality. The colonies were one of the richest nations in the world and had a significant amount of income inequality. The colonies were in the middle of nations in terms of per capita income and had a significant amount of income inequality.
The colonies were one of the richest nations in the world and had a significant amount of income inequality.
What is the best description of the US economy from 1929-1940? GNP decreased continually during the greatest Depression our nation has known. The economy suffered a large drop from 1929-1933, but then grew steadily through WW II. The economy suffered an initial drop, a four-year expansion and then another drop towards the end of the decade. The unemployment rate increased steadily throughout the period.
The economy suffered an initial drop, a four-year expansion and then another drop towards the end of the decade.
Which of the following statements about labor unions and management during the 1940s is most accurate? The real earnings of people in labor unions increased significantly during World War II. During World War II there were many strikes. There were few strikes during World War II because management frequently locked-out labor before the employees could strike. Immediately following the end of the war was a period of significant earnings growth for labor union members.
The real earnings of people in labor unions increased significantly during World War II.
What most accurately describes the ratio of federal civilian employment of the total labor force between 1929 and 2017? Between 1930 and 1945 the federal labor force grew dramatically, but after World War II it shrank below pre-Depression levels. Since 1929, federal employment has increased consistently at the rate of about 3% per year. Between 1929 and 1950 federal employment dropped dramatically, but after 1950 it grew consistently. The share of federal civilian employment in the total labor force peaked during WWII, then fell, peaked again at about 4 percent during the Korean War, and then began a steady decline to about 2 percent.
The share of federal civilian employment in the total labor force peaked during WWII, then fell, peaked again at about 4 percent during the Korean War, and then began a steady decline to about 2 percent.
"Trust busting," including the prosecution of the American Tobacco Company and Standard Oil, was a high priority of _________'s administration. Franklin Roosevelt Ulysses S. Grant James Garfield Theodore Roosevelt
Theodore Roosevelt
What is least accurate about marketing and selling in the US after the Civil War? Advertising on a national scale became a widely accepted practice. There was a large increase in firms with brand names. There was a decrease in product differentiation—goods became more alike The quality of non-durable goods improved significantly.
There was a decrease in product differentiation—goods became more alike
Which of the following is most accurate about the economic conditions in the 1920s? The large increases in demand for products generated significant cyclical unemployment. There was a significant decrease in the number of hours worked per week. Agriculture was the leading growth sector of the economy. The net migration pattern was from urban to rural.
There was a significant decrease in the number of hours worked per week.
Which of the following statements best describes the concentration movement between 1875-1905? There were two phases, the first of which had relatively more horizontal mergers and the second had relatively more vertical mergers. The first phase focused on vertical mergers, the second was a period of relative inactivity in acquisitions, and the third decade was one of horizontal mergers. There were three phases, the first of which had relatively more vertical mergers and the second had relatively more horizontal mergers. There were two waves of mergers. In the first wave most mergers were motivated by the desire to obtain monopoly profits and the second wave was obtained through greater economies of scale.
There were two phases, the first of which had relatively more horizontal mergers and the second had relatively more vertical mergers.
Which of the following was the most likely wealth status of the children of both the richest and the poorest quintile of parents (measured in 1977)? They will remain in the richest or poorest quintile, respectively. They will move up in wealth. They will drop in wealth. The poor will move to the higher quintile in wealth, whereas the richest will drop to the second wealthiest quintile.
They will remain in the richest or poorest quintile, respectively.
Which Amendment freed slaves? Thirteenth. Fourteenth. Sixteenth. Eighteenth.
Thirteenth.
According to Walton and Rockoff, all of the following were among Jefferson's main goals for land policy except: To assure clear property rights to the land owned by individuals. To drive Indians off the land and secure it for American settlers. To provide revenues to the federal government through sales. To spread democratic institutions.
To drive Indians off the land and secure it for American settlers.
Which of the following most accurately describes an impact of the Navigation Acts? Wages of Southern plantation owners increased. Wages of New England sailors increased. Wages of wheat farmers in the Middle Colonies increased.
Wages of New England sailors increased.
Why is it so difficult to systematically portray economic growth in the colonies? American colonists kept no records. American colonists were exclusively subsistence farmers. War and other frontier disturbances were frequent. The relevant historical data was largely destroyed during the Civil War.
War and other frontier disturbances were frequent.
England 's colonial policy changed dramatically following the French and Indian War. All of the following statements describe factors that contributed to this change in policy except: Following the war, property taxes doubled in England in order to finance the large war debt. Wealthy New England merchants asked the Crown to exercise more authority over colonial affairs. Colonists had actively traded with England's enemies during the war. English military leaders realized that a continuing military presence would be necessary to protect colonial borders.
Wealthy New England merchants asked the Crown to exercise more authority over colonial affairs.
The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum U.S. is: The demand for unskilled labor fell while the demand for skilled labor increased. The supply for unskilled labor increased and the supply for skilled labor remained the same. While both the supply and demand for skilled and unskilled labor grew during the period, the supply of unskilled labor grew relative to the supply of skilled labor. The supply and demand for skilled labor increased while both decreased for unskilled labor.
While both the supply and demand for skilled and unskilled labor grew during the period, the supply of unskilled labor grew relative to the supply of skilled labor.
Which US President was in office during World War I? Grover Cleveland Herbert Hoover. Abraham Lincoln. Woodrow Wilson.
Woodrow Wilson.
According to Robert Higgs, World War II was a period of unique prosperity. World War II was a period of continued depression that did not end until after the war. measures of GDP during World War II are understated. civilian consumption of most items actually rose during World War II.
World War II was a period of continued depression that did not end until after the war.
Which of the following most accurately describes world population growth? World population has increased steadily during the past 6,000 years. World population has exhibited significant cyclical patterns of growth and decline. World population was relatively small until 1750, when it increased extremely rapidly. World population was small until after World War II, when it increased very quickly.
World population was relatively small until 1750, when it increased extremely rapidly.
By the late 1800s, soft coal miners earned a higher hourly wage than other industrial workers of similar skill levels. The mining wage is an example of wage discrimination. a monopsony market. a compensating wage differential. an efficiency wage.
a compensating wage differential.
If skilled labor is ___ unskilled labor, then an influx of unskilled immigrants could ____ the demand for skilled labor. a substitute for; raise a complement to; raise a complement to; lower a complement to; substitute.
a complement to; raise
According to the principle of comparative advantage, a country will benefit by specializing in the production of goods in which it has a relatively low opportunity cost. a country will benefit by specializing in the production of goods in which it has a relatively high opportunity cost. a country will benefit by importing goods in which it has a relatively low opportunity cost. a country will benefit by becoming economically self-sufficient.
a country will benefit by specializing in the production of goods in which it has a relatively low opportunity cost.
In 1917, Congress imposed a serious restriction on immigration when it passed ________________ over President Wilson's veto. a quota system a minimum wealth standard a literacy test a ban on Chinese immigration
a literacy test
Each of the three major waves in 19th-century railroad construction ended due to a major financial crisis in the U.S. the involvement of the U.S. in a military conflict. labor unrest that led to work stoppages. shortages of iron.
a major financial crisis in the U.S.
U.S. cotton production remained concentrated in Georgia and South Carolina until after 1860. was unable to compete with wool production in the antebellum textile industry. accounted for more than half of the dollar value of US exports between 1800 and 1850. faced declining world demand for most of the antebellum period.
accounted for more than half of the dollar value of US exports between 1800 and 1850.
The creation of permanent federal income taxes via the 16th Ammnedment was supported by populists who felt a progressive income tax would be fairer than the effectively regressive tariffs. initially had very low income tax rates ranging from 1% to 7%. would help support pensions for former Union soldiers. all of the above.
all of the above.
Crop lien laws that existed in the South in the late 19th century allowed country stores to require debtors to repay their debts in cotton. led to the under-production of cotton. protected sharecroppers from exploitation by banks and other lending institutions. redistributed property by providing small farms for freed slaves. All of the above.
allowed country stores to require debtors to repay their debts in cotton.
The Grangers were: an organization designed to support the interests of railroads. an agrarian organization. an abolitionist organization. a society that petitioned for Prohibition.
an agrarian organization.
The text discusses unions in the context of the New Deal. It concludes that there was _____ in organized labor's relationship with government because _______. deterioration; Roosevelt's early speeches had created excessively high expectations. an improvement; labor gained the right to strike and organize free of employer interference. deterioration; organized labor was made subject to the same controls as big business. an improvement; military preparations reduced unemployment.
an improvement; labor gained the right to strike and organize free of employer interference.
Economic Analysis-Increases in the price of farm labor during the post-bellum period led to an increase in farmers' demand for capital equipment. a decrease in farmers' demand for land. a decrease in the demand for food. an increase in the demand for fertilizer.
an increase in farmers' demand for capital equipment.
Farmers who joined the Greenback Party in the late-19th century felt that the government should make efforts to curb the inflation that the country was experiencing. farm prices were too high in comparison to the overall price-level of the economy. the government should own all transportation and communication facilities. an increase in the money supply would benefit debtors.
an increase in the money supply would benefit debtors.
Federal support for road building into publicly owned commercial forests has caused an increase in the supply of timber. an increase in the demand for timber. higher timber prices. a shortage of timber. All of the above.
an increase in the supply of timber.
Quantitative evidence from Fishlow, Fogel and Mercer indicates that antebellum railroads were built ahead of demand, but post-bellum transcontinentals were not. post-bellum transcontinentals were built ahead of demand, but antebellum railroads were not. both antebellum railroads and post-bellum railroads were built ahead of demand. antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.
antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.
State banking systems of the antebellum period can best be described as copies of the federal system. embodiments of English banking practices. astonishingly diverse. primitive and insufficient for local economic needs.
astonishingly diverse.
According to Fed Chairman Bernanke's analysis of the Depression-era financial system, bank lending was often based on long-term relationships between banks and customers after the banking system collapsed, it recovered quickly due to government intervention. bank lending at large was a severely depersonalized endeavor by 1925, which caused risky loan practices. Both a and b are correct.
bank lending was often based on long-term relationships between banks and customers
The original reasons for founding the colony of Georgia do not include alleviating London of some of its poorer people. being a partial remedy to the injustice of debtor prisons. providing a buffer between the English and Spanish colonies. being a scheme to take advantage of desperate families.
being a scheme to take advantage of desperate families.
Residents of the developing American colonies lived _______ lives compared to people living in the advanced countries of that time because ________. better; of favorable protections from England better; of high levels of output per worker. worse; of unfavorable taxation worse; of the inaccessibility of both capital and finished machine goods.
better; of high levels of output per worker.
Recent research by Olmstead and Rhode (2002) emphasizes the importance of _________________in explaining increased agricultural productivity in the late 19th and early 20th centuries. "learning by doing" the movement from family farms to corporate farms better access to banks and financial capital biological and chemical innovations
biological and chemical innovations
According to the 1860 census, the top employer in manufacturing was the _______ industry. boot and shoe cotton textile flour and meal iron
boot and shoe
The U.S. financed WWI primarily by: increasing personal income taxes. increasing corporate taxes and luxury taxes. borrowing from the public. printing new money.
borrowing from the public.
Robert Fulton is most recognized for inventing of the cotton gin. building the first steamboat. being one of the primary advocates of the abolition movement. developing the technology to power railroad engines.
building the first steamboat.
How did several banks try to trick bank commissioners into convincing them of their sufficient reserves? by "cooking the books." by closing their doors, insisting on the state's bank holiday. by moving the same specie reserve from one bank to another with a speedy sleigh. by counterfeiting their own specie reserves. All of the above.
by moving the same specie reserve from one bank to another with a speedy sleigh.
A horizontal merger combines similar firms that serve separate markets. combines firms that produce similar products. enables a company to control each stage of the production process: from raw materials to the final marketing of the product. enables similar firms to form a cartel.
combines firms that produce similar products.
According to Walton and Rockoff, the primary reason for the demise of the canal system was excessive reliance on individual entrepreneurs so that a system of canals was never created. excessive government regulation that kept canal rates and profits too low. environmental damage from deforestation that left canals flooded at some times and dry at others. competition from the railroads.
competition from the railroads.
By 1850, the single largest U. S. commodity export (in terms of value) was iron railroad tracks. wheat. cotton. slaves.
cotton.
What was the least important method of financing World War II? tax revenues borrowing from the public creating new money using the draft for military purposes
creating new money
After the Civil War the southern sharecropper was often tied to the land by an economic system similar to although less onerous than slavery, and known as ______. debt peonage. the labor redundancy system. immiserating growth. the Sea Islands system.
debt peonage.
Economic consequences of Tea Act (1773) included a/an __________ in the price of tea in the colonies and a/an ___________ in the revenues of colonial tea wholesalers. increase; increase increase; decrease decrease; increase decrease; decrease
decrease; decrease
The Proclamation of 1763 and the Quebec Act of 1774 benefited existing farmers with large land holdings because these laws led to decreased farming competition. falling land prices. lower taxes on farm land. increased supplies of western farm land. All of the above.
decreased farming competition
In the decade immediately following emancipation, former slaves were willing to work under the gang system in return for wages and benefits. decreased their labor supply. obtained ownership of roughly 40 percent of southern farms. moved to northern states in large numbers.
decreased their labor supply.
According to data on Pennsylvania agriculture in the 18th century, the average size of a farm _________, while the output per farm ______________. increased; decreased decreased; increased decreased; remained fairly stable remained fairly stable; increased
decreased; increased
Persistent U.S. deflation between 1879 and the mid-1890s was primarily due to the fact that the ___________ was growing faster than the _________. supply of money; demand for money demand for money; supply of money demand for money; demand for goods demand for goods; supply of money
demand for money; supply of money
"Antebellum transportation improvements encouraged the South to specialize in cotton, while depending on the West for food and the Northeast for manufactured goods." This statement: describes Rostow's stages of growth model. describes North's interregional growth hypothesis. describes Thomas Jefferson's vision of the US economy. is supported by most contemporary economic historians.
describes North's interregional growth hypothesis.
The Coinage Act of 1792 designated both gold and silver as the monetary standard for the U.S. designated gold as the monetary standard for the U.S. designated silver as the monetary standard for the U.S. designated paper Treasury notes as the monetary standard for the U.S.
designated both gold and silver as the monetary standard for the U.S.
John D. Rockefeller is most recognized for: developing the oil industry. being an early promoter of the computer industry. lobbying the government for the abolition of slavery. inventing new technology to further the steel production process. being an initial supporter of minimum wage laws.
developing the oil industry.
From 1680 to 1770 average ship speeds increased by 10 percent increased by 20 percent increased by 30 percent decreased by 5 percent did not change appreciably.
did not change appreciably.
In the U.S. during the late 1800s and early 1900s, investment banks emerged to serve the expansion of railroads, mining companies and large manufacturers. issued bank notes. competed with state and national banks for deposits. were required by law to maintain a minimum reserve ratio. All of the above.
emerged to serve the expansion of railroads, mining companies and large manufacturers.
The Rhode Island System employed whole families to work in textile mills. employed young women in their late teens and early twenties. banned the use of child workers in factories. relied on a workforce mainly consisting of former slaves.
employed whole families to work in textile mills.
The Waltham System employed whole families to work in textile mills. employed young women in their late teens and early twenties. employed young children, who often worked 10-12 hours per day. was considered a disreputable form of employment for women.
employed young women in their late teens and early twenties.
A closed shop is an agreement whereby employers promise not to layoff workers during recessions. employees are forbidden from joining a union. employers pledge not to replace workers with machines. employees must join a recognized union as a condition of employment.
employees must join a recognized union as a condition of employment.
The Constitution empowers each state to negotiate its own treaties with foreign governments. empowers Congress to pay off all public debts, including those incurred by the states. allows for states to set tariffs on goods imported from another state. allows only Congress to set tariffs on goods moving from one state to another.
empowers Congress to pay off all public debts, including those incurred by the states.
According to studies by Goldin and Sokoloff (1982) and Craig and Field-Hendry (1993), the female-to-male wage ratio in the early 1800s was higher in the North than in the South. is comparable to the ratio in 1860. encouraged the adoption and success of the Waltham system. was greater than one.
encouraged the adoption and success of the Waltham system.
According to estimates by Richard Vedder, rates of exploitation for slaves are similar to those of antebellum manufacturing workers. indicate that slaves received nearly the full value marginal product of their labor. equaled 50-65 percent of their value marginal product. cannot be determined due to inadequate data on maintenance costs of adult slaves.
equaled 50-65 percent of their value marginal product.
A nation practicing mercantilism aims to keep the government out of the economy. establish an excess of exports over imports. balance imports with exports. replace gold and silver with paper money. reduce the size of the military sector.
establish an excess of exports over imports.
The Federal Reserve Act established a clearinghouse system for checks and notes. allowed only nationally-chartered banks to become members of the Federal Reserve system. allowed the Fed District Banks to offer commercial loans to private businesses at reduced interest rates. required that all Fed District Bank directors be associated with the commercial banking industry. all of the above.
established a clearinghouse system for checks and notes.
All of the following are associated with the War Industries Board except the negotiation of the prices of key industrial products. developing and implementing the bulkline pricing system to determine industrial prices that maximized output. the unintended consequence of the "priorities inflation" of contracts. establishing and enforcing minimum wages for manufacturing workers.
establishing and enforcing minimum wages for manufacturing workers.
The War Industries Board, headed by Bernard Baruch, performed all of the following functions except negotiating prices of key industrial products. developing and implementing the bulkline pricing system to determine industrial prices that maximized output. establishing a ratings system for government contracts. establishing and enforcing minimum wages for manufacturing workers.
establishing and enforcing minimum wages for manufacturing workers.
The Grangers are noted for encouraging the federal government to re-issue "greenbacks." establishing cooperatives that sold farm and consumer goods to their members. refusing to sell grain to foreign countries. forming a cartel that set upper limits on members' output of basic farm products. All of the above.
establishing cooperatives that sold farm and consumer goods to their members.
The Goldin and Lewis (1975) study of the costs of the Civil War finds peaceful abolition of slavery would have been more costly than the War. fails to include an estimate for the loss of human capital due to the War. estimates the total cost of the War at more than double national income in 1860. finds Northern property damage to be a major factor in the War's cost.
estimates the total cost of the War at more than double national income in 1860.
At the start of the Civil War, the South adopted a trade policy that did not discourage exports to England. ban sales of cotton to the North. eventually move England from neutrality in the Civil War. weaken the southern war effort.
eventually move England from neutrality in the Civil War.
Between 1860 and 1910, output in manufacturing, mining, and railroad freight hauling expanded more rapidly than the labor force in these sectors. grew at about the same rate as the labor force in these sectors. grew more slowly than the labor force in these sectors. expanded, while the labor force in these sectors declined.
expanded more rapidly than the labor force in these sectors.
During the Great Depression, union membership _____ due to _____. expanded, greater cooperation between radicals and conservatives in the labor movement. expanded, the passage of pro-union legislation. contracted, greater conflict between radicals and conservatives in the labor movement. contracted, people wouldn't risk losing their jobs by joining a union when unemployment was high.
expanded, the passage of pro-union legislation.
Under the British Navigation Acts, enumerated goods were a list of colonial _______. exports showing how dependent the British were on the colonies. imports showing how dependent the colonies were on Britain. exports that had to be shipped through British middlemen. exports that were reserved for the crown.
exports that had to be shipped through British middlemen.
Quantitative analysis of relevant data show that economic problems for farmers in the last half of the 19th century included falling prices for wholesale farm products. rising real interest rates. rising prices for consumer goods. rising prices for farm equipment. All of the above.
falling prices for wholesale farm products.
According to the Keynesian interpretation of the 1930's, the main reason we still had double digit unemployment in 1939 was that interest rates were too high. federal budget deficits were too small. the stock of money was too small. investment spending was too high.
federal budget deficits were too small.
Compared to the 1850s, the annual rate of growth of commodity output during the Civil War held constant from the previous decade. increased by roughly 25 percent. fell by more than 50 percent. None of the above is correct.
fell by more than 50 percent.
Between 1929 and 1933, nominal interest rates ___, and real interest rates ___. rose, rose. rose, fell. fell, rose. fell, fell.
fell, rose.
During Prohibition the consumption of alcohol _____ and the crime rate _______. fell; fell fell; increased increased; fell. increased; increased.
fell; increased
The soil of the Middle Colonies is generally rocky and poor. fertile and difficult to till. fertile and easy to till. alkeline and poorly drained.
fertile and easy to till.
Real wages of manufacturing workers rose between 1860 and 1890, but then fell for much of the period until 1920. remained fairly stable until 1900, but then rose between 1900 and 1914. followed a general upward trend from 1860 through 1920. exhibited dramatic periods of rise and fall between 1860 and 1920.
followed a general upward trend from 1860 through 1920.
In examining incomes of free southerners prior to the Civil War, Walton and Rockoff conclude that, compared with northerners, free southerners were ______. generally far poorer than northerners and falling further behind. generally far poorer than northerners, except in the old South. generally doing fairly well, even in the old South. far richer than northerners but a downward trend was noticeable.
generally doing fairly well, even in the old South.
Between 1955 and 2006, the federal government purchases of goods and services as a percentage of GDP has: generally trended downward Not changed. Grown by about 10%. Tripled.
generally trended downward
Types of money used by colonists included all of the following except gold and silver coins. bills of exchange. bills of credit. government-issued fiat currency.
government-issued fiat currency.
State bank notes usually had a face value that was ______ their market value, while the notes of the First Bank of the U.S. usually had a face value that was ______ their market value. greater than; less than less than; greater than equal to; less than greater than; equal to
greater than; equal to
Between 1870 and 1920, the U.S. labor force grew at about the same rate as the population. grew more rapidly than the population. fell despite rising population. grew at a slightly lower rate than the population.
grew more rapidly than the population.
In 1910, 8.6 percent of American 17-year olds were high school graduates. By 1938, this figure _____. had fallen to 5 percent. equaled 15 percent. had risen to nearly 50 percent. had not changed appreciably.
had risen to nearly 50 percent.
The Tea Act raised the price of tea to colonists. allowed for more "middlemen" to be involved in the exportation of tea from India to America. made tea an "enumerated good" under the Navigation Acts. harmed smugglers of Dutch tea.
harmed smugglers of Dutch tea.
Concerning the effect of New Deal farm measures, Walton and Rockoff conclude that the New Deal _____. simply failed to help farmers because the farmer's terms of trade did not improve. helped the farmer to a limited extent primarily through the stimulation of aggregate demand. helped the farmer to a substantial extent by limiting farm output. helped the farmer to a substantial extent by increasing farm output.
helped the farmer to a substantial extent by limiting farm output.
Samuel Gompers is most recognized for: the invention of air brakes for trains. his role as an early union leader. invention of a steel manufacturing process. the development of refrigerated train cars.
his role as an early union leader.
As a means of gaining monopoly power, holding companies were preferable to gentlemen's agreements and pooling because holding companies did not have an adverse impact on employment. holding companies were able to reduce competition from imported goods. holding companies were legal in most states. holding companies were not subject to corporate profits taxes.
holding companies were legal in most states.
Following WWII, savings and loan associations (S&Ls) emerged as serious competitors of commercial banks, especially in the market for loans to new businesses. home mortgages. trust funds. government bond sales.
home mortgages.
As canals, steamboats and railroads were built, home production declined. artisan manufactures increased. prices of basic goods like clothing increased. product quality declined. All of the above.
home production declined.
In 1901, U.S. Steel was created through the ______________ merger of three steel firms. U.S. Steel combined Carnegie Steel, which had acquired iron ore and coal mines through previous _________ mergers, with National Steel and Federal Steel, both of which had strong __________ alliances. horizontal; backward vertical; forward vertical vertical; horizontal; backward vertical horizontal; horizontal; forward vertical vertical; forward vertical; horizontal
horizontal; backward vertical; forward vertical
Printing of paper money by the Confederate government led to an immediate hyperinflation that lasted for the entire period of the War. a short-term hyperinflation that lasted for only the first year of the War. hyperinflation in the final months of the War. sporadic episodes of hyperinflation that emerged throughout the War.
hyperinflation in the final months of the War.
The GI Bill is often credited for its universal health insurance. unemployment compensation program. impact on the rapid growth of higher education after World War II. high efficiency and lean bureaucracy.
impact on the rapid growth of higher education after World War II.
Henry Ford is most recognized for: inventing new technology to further the steel production process. developing the first investment banks. implementing the first progressive, moving assembly-line system for large, complex final products. playing an integral role in developing the first American factory.
implementing the first progressive, moving assembly-line system for large, complex final products.
With the adoption of the U.S. Constitution in 1787, importation of slaves was made illegal. importation of slaves was allowed, but only for the next 20 years. importation of slaves from the Caribbean was prohibited, but importation of African slaves was allowed. importation of slaves was allowed only on federally-approved vessels that met minimum crew sizes.
importation of slaves was allowed, but only for the next 20 years.
The Royal Proclamation of 1763 and the Quebec Act of 1774 had all of the following effects except: increased the price of farm labor increased the price of farm land decreased competition for existing farmers encouraged Scotch, Irish and German immigrants to rebel against England
increased the price of farm labor
Between 1810 and 1860 the number of workers in manufacturing doubled. tripled. increased fivefold. increased tenfold. increased twentyfold.
increased twentyfold.
The most important factor in the demise of the debt peonage in the post-Civil War South was the impact of the boll weevil. improved roads. the automobile. increased urbanization and industrialization.
increased urbanization and industrialization.
During the 1920s, income inequality ______ and the return on schooling was relatively _____. increased; low. increased; high decreased; low. decreased; high
increased; high
During Prohibition overdose and accidental poisoning due to alcohol _____ and the variation in the quality of alcohol _______. fell; fell fell; increased. increased; fell. increased; increased.
increased; increased.
In the years following the Civil War, the world supply of cotton ____________ and the growth of world demand for cotton _____________. increased; also accelerated decreased; also slowed increased; slowed decreased; accelerated
increased; slowed
During the colonial period the cost of building a ship in New England was typically _________ the cost of building the same ship in England. greater than less than about equal to not comparable to
less than
Comparisons between industrialized nations and less-developed countries indicate that as income rises, the demand for a clean and well-preserved environment increases by a proportional amount. decreases by a proportional amount. increases by a more than proportional amount. decreases by a less than proportional amount.
increases by a more than proportional amount.
Economists such as James Tobin and Paul Samuelson claimed that _________ provided solid evidence of the effectiveness of Keynesian policies. increases in deficit spending accompanied by extremely low unemployment during WWII increases in taxes accompanied by rising federal budget surpluses increases in the money supply accompanied by falling interest rates price controls accompanied by inflation
increases in deficit spending accompanied by extremely low unemployment during WWII
Between 1940 and 2005, total government spending as a percentage of GDP nearly doubled. The primary source of this growth in spending was increases in military expenditures. increases in government purchases of goods and services. increases in transfer payments. increases in the number of federal employees relative to the total labor force.
increases in transfer payments.
All of the following changes characterize the Post World War II agricultural sector except the rise of corporate farms. increasing reliance on expensive, large-scale machinery. innovations by federal and state laboratories that increased output. increasing numbers of tenant farms in the South.
increasing numbers of tenant farms in the South.
An economy producing at the wrong point on its production possibility frontier is ___. efficient, because it is on the production possibility frontier. inefficient, because the combination of goods and services produced is not what people want. efficient, because the economy is producing goods at the lowest possible cost. inefficient, because that combination of goods could be produced at a lower cost if more efficient technology were employed.
inefficient, because the combination of goods and services produced is not what people want.
For the U.S., the Revolutionary War (1775-1781) period could best described as having a rapid growth in: Trade Inflation. Real per capita income. Slave imports.
inflation
Eli Whitney is most noted for inventing the steam engine. inventing the cotton gin. inventing the technology for the first railroad engine. developing the Erie Canal.
inventing the cotton gin.
The name Bessemer is associated with the invention of air brakes for trains. his role as an early union leader. invention of a steel manufacturing process. the development of refrigerated train cars.
invention of a steel manufacturing process.
Thomas Jefferson argued that the U.S. should adopt the Spanish dollar as the official unit of account because so many colonists came from Spanish-speaking nations. it was based on the decimal system. it was less prone to inflation than other units of account. it was the unit of account used in most European countries.
it was based on the decimal system.
Adolph Wagner wrote that the public sector would continuously and inevitably expand due to bureaucratic self-interest. the "tyranny of the status quo". labor's increasing demand for social justice. increasing demand for military protection from international threats.
labor's increasing demand for social justice.
The most significant kind of federal subsidy to railroads was loans from the U.S. government. reduced corporate income taxes. land grants. direct payments based on the number of miles of tracks laid.
land grants.
By 1994, the percentage of the U.S. labor force employed directly in agriculture was less than 3 percent. between 5 and 7 percent. about 10 percent. 15 percent.
less than 3 percent.
The ownership of radios increased from ___ percent in 1920 to ___ percent in 1930. 10; 70 5;10 less than one; 40 Radio was not popularized beyond hobbyists until the 1930s
less than one; 40
In the 1920s, the Federal Reserve followed a policy of _____ because it believed that the insolvent banks ____. letting insolvent banks fail; were too small to be profitable and were badly managed. bailing out insolvent banks; too big to be allowed to fail. letting insolvent banks fail; would be purchased by solvent banks anyway bailing out insolvent banks; this was what the Federal Reserve had been founded to do
letting insolvent banks fail; were too small to be profitable and were badly managed.
Between 1800 and 1840, land laws became increasingly ___________ , primarily due to _____________. conservative; increases in the price per acre of available land. conservative; legal limits on the sale of land to farmers. liberal; the extension of long-term credit by the federal government to land buyers. liberal; decreases in the minimum acreage required for purchase.
liberal; decreases in the minimum acreage required for purchase.
Albert Fishlow argued that if the railroads were built ahead of demand we would observe initial profit rates that were very ______ and initial population densities that were very _______. low; high. high; low. low; low. high; high.
low; low.
Fogel argued that railroads were more cost effective than canals because railroads were faster and were in service all year and that using rail instead of canals would ____. lower freight rates on the railroads. lower government subsidies for railroads. lower inventories of grain in the East. reduce the wheat being shipped to Europe
lower inventories of grain in the East.
Some have argued that the Federal Reserve looked at the wrong indicator of monetary policy, and that the Fed mistakenly thought that monetary policy was "easy" because ______. the stock of money had grown rapidly. the monetary base had grown rapidly. market interest rates were low. bank reserve ratios were low.
market interest rates were low.
The American Tobacco Company was exerting ________________power of tobacco farmers. monopolistic monosponistic oligopolistic .synergistic agricultural
monosponistic
Different political and cultural histories probably made immigrants' assimilation into the American labor force more enjoyable. much easier. just as hard as for rural white Americans. more difficult.
more difficult.
Research by Fogel and Engerman shows that, holding other factors constant, output per unit of total input was highest for Southern farms with no slaves. 1 to 15 slaves. 16 to 50 slaves. more than 50 slaves.
more than 50 slaves.
Total factor productivity in railroads _____________ in the 20 years prior to the Civil War. decreased slightly remained largely unchanged increased by about 25 percent more than doubled
more than doubled
Between 1870 and 1900, total land under cultivation increased by roughly 25 percent increased by roughly 50 percent. more than doubled. increased fourfold.
more than doubled.
According to Walton and Rockoff, large slave plantations were _____ efficient than farms without slaves because of (among several reasons) _______. more, the great intensity per hour with which slaves were forced to worked. more, large plantation owners used political power to control the best land. less, free men work harder than slaves. less, slaves frequently sabotaged production.
more, the great intensity per hour with which slaves were forced to worked.
Between 1914 and 1920, the US price level ______________. fell dramatically. nearly doubled. rose and fell in accordance with intensity of the war. remained relatively stable.
nearly doubled.
At the outset of the Civil War, _______________ had a significant advantage in arms production; however, ____________ was able to increase production more rapidly. the South; the North the North; the South neither the North nor the South; the North the North; the North also
neither the North nor the South; the North
In the late 1800s, options for banks faced with a severe panic included all of the following except: selling bonds. calling in loans. suspending cash payments. obtaining a short-term loan from the central bank.
obtaining a short-term loan from the central bank.
A monopsony is a market in which one firm is the sole producer of a good or service. one firm is the sole buyer of a good or service. firms encourage competition by starting "price wars" among competitors. firms collude in setting prices and levels of output.
one firm is the sole buyer of a good or service.
According to research by James Shepherd and Samuel Williamson, colonial coastal commerce comprised about _________ of the volume of total overseas trade. one-tenth one-third one-half three-fourths
one-third
During the pre-Revolutionary period, American colonists used their market power to rebel by organizing nonimportation associations in response to taxes. organizing powerful labor unions. creating large manufacturing firms that competed with English manufacturers. forming farming cartels that increased the prices of American agricultural exports. All of the above.
organizing nonimportation associations in response to taxes.
Current research on the productivity of southern cotton plantations shows that output per unit of input was greater on large slave plantations than on small free-family farms. the majority of the South's cotton crop was grown on farm units of less than 100 acres. output per slave declined during the antebellum period. plantation-style agriculture was inefficient. All of the above.
output per unit of input was greater on large slave plantations than on small free-family farms.
Between 1830 and 1860, the number of miles of railroad in operation increased by roughly 100 percent. roughly 500 percent. roughly 750 percent. over 1000 percent.
over 1000 percent.
In 1870, the wealthiest fifth of the Southern population owned about 25 percent of the land. had lost most of their land through post-War land reforms. owned about the same portion of the land as they had owned before the War. generally chose to reduce their investments in land and increase their investments in other assets.
owned about the same portion of the land as they had owned before the War.
In the 1920s, American (non-farm) labor benefited from all of the following except: low unemployment rates. falling weekly hours. legal limits on immigration. passage of federal minimum wage legislation.
passage of federal minimum wage legislation.
In the 19th century, the federal government allocated funds to help build steamboats. passed laws requiring steamboat boiler inspections. required steamboat captains to undergo training in order to receive an operating license. regulated the fees that steamboats could charge for carrying freight. All of the above.
passed laws requiring steamboat boiler inspections.
Estimates of the North American Native American population in 1491 are inconclusive. range in the hundreds of thousands. range in the millions. range in the ten of thousands.
range in the millions.
According to the mercantilists, colonies were supposed to export ________ and import ________ from _______. manufactured products, raw materials, the mother country. raw materials, manufactured products, countries outside the empire. manufactured products, raw materials, countries outside the empire. raw materials, manufactured products, the mother country.
raw materials, manufactured products, the mother country.
During the Civil War, __________ fell in the North. nominal wages real wages prices All of the above.
real wages
Gradual emancipation laws adopted by some Northern states used tax revenues to compensate slave owners for the financial loss associated with freeing slaves. provided for all newborn children of slaves to be freed at birth. provided for the freedom of female slaves, but not male slaves. recognized that after age 10 the cost of a slave to the owner was less than the benefit of a slave to the owner.
recognized that after age 10 the cost of a slave to the owner was less than the benefit of a slave to the owner.
After the Civil War, the Southern manufacturing sector declined along with the agricultural sector. did not reach pre-War levels until the 20th century. recovered much more quickly than the agricultural sector. was slow to recover because of slow repairs to the South's transportation network.
recovered much more quickly than the agricultural sector.
Actions by the Second Bank of the United States: reduced the discount rate on state bank notes. increased the discount rate on state bank notes. created inflation. effectively ended the use of state bank notes.
reduced the discount rate on state bank notes.
In the 1960s and 1970s the U.S. passed several major consumer safety laws, including the Flammable Fabrics Act and the Child Protection Act. The economic impact of such legislation may include all of the following except: reducing the price of the regulated product. increasing the cost of producing the regulated product. reducing the supply of the regulated product. reducing competition within the regulated industry.
reducing the price of the regulated product.
Features of "Reagonomics" include all of the following except: reduction in marginal tax rates. increased government expenditures for defense. deregulation of business. regular increases in the minimum wage.
regular increases in the minimum wage.
Established in 1862, the Department of Agriculture's functions during the 19th and early 20th century included all of the following except research and experimentation on plant and animal breeding. regulation of agricultural prices and output. distribution of information through publications and experiment stations. regulation of quality through inspection of meat and dairy products.
regulation of agricultural prices and output.
According to research by Richard Sylla and John James on western farm mortgage rates, real rates were lower than rates charged to eastern manufacturers. relatively high real rates were due to the monopoly power of eastern financiers. relatively high rates reflected high lending risks associated with agricultural loans. Farmers' nominal rates were high, but real rates were actually less than those charged for most loans.
relatively high rates reflected high lending risks associated with agricultural loans.
Walton and Rockoff contend that the likelihood of a Great Depression happening again is _______ because (among other reasons) _______. substantial, our continued dependence on a highly volatile stock market. substantial, of our reliance on a fractional reserve banking system. remote, policymakers are unlikely to repeat the mistakes of the 1930s. remote, industry now makes up a much larger share of GNP than it did in the 1930s.
remote, policymakers are unlikely to repeat the mistakes of the 1930s.
According to Walton and Rockoff, the primary reason the Federal government failed to build an adequate highway system before the Civil War was the technology was not available. the canal craze diverted attention. rivalries among different sections of the country stalled legislation. the teachings of Adam Smith were taken too literally.
rivalries among different sections of the country stalled legislation.
In Commonwealth v. Hunt (1842) the Supreme Court of Massachusetts established a legal minimum wage in manufacturing. ruled that union members have the right to strike and push for a closed shop. found the Boston Bootmakers' Society guilty of unlawful conspiracy. established the 10-hour day as the legal maximum in manufacturing. All of the above.
ruled that union members have the right to strike and push for a closed shop.
Forms of federal taxation used to finance the war effort did NOT include the income tax. the corporate tax. the excess profits tax. sales tax.
sales tax.
At the time Jamestown was founded, about 300,000 native American Indians lived within 150 miles of the Atlantic Seaboard. bBy the middle of the eighteenth century that number had not changed. grown only modestly. shrunk to a third, at the most. shriveled to 3,000.
shrunk to a third, at the most.
Under the Coinage Act of 1792 gold coins contained more metal than silver coins of the same denomination. silver coins contained more metal than gold coins of the same denomination. gold coins contained about the same amount of metal as silver coins of the same denomination. gold coins were minted only in high denominations and silver coins were minted only in low denominations.
silver coins contained more metal than gold coins of the same denomination.
Most current economic historians believe that slavery was profitable and viable. slavery would have eventually ended due to its inherent unprofitability. slavery was economically inefficient. free labor was more productive than slave labor.
slavery was profitable and viable.
In defining the ____ from the railroad, economic historians measure the extra real GNP that can be attributed to this innovation. profits balance of trade wage income social savings
social savings
In Munn v. Illinois (1877), the Supreme Court held that state laws limiting prices charged by grain elevators were a violation of the Fifth Amendment. grain elevator and freight prices could only be regulated by the federal government. states have a right to regulate businesses within the state that are "clothed with a public interest." organizations like the Grangers violated federal conspiracy laws.
states have a right to regulate businesses within the state that are "clothed with a public interest."
The most important reason for the increasing prominence of the corporation was protection from creditors. that some businesses required more capital than one person or a few people could provide. the use of "double liability." None of the above were reasons.
that some businesses required more capital than one person or a few people could provide.
New Jersey adopted a policy of gradual emancipation slaves that freed male slaves when they reached age 25. This policy meant that slave owners earned a rate of return ______. of zero, because profits during the slave's working years about equaled the costs of rearing a slave. that was about equal to the normal return, because the profits earned up to age 25 exceeded rearing costs by a substantial margin. a very high rate of return because slaves were generally unproductive after their peak years. that cannot be calculated because of a lack of data.
that was about equal to the normal return, because the profits earned up to age 25 exceeded rearing costs by a substantial margin.
The most notable surfaced road of the 19th century, ___________, was built using federal government funds. the Cumberland Road the Wilderness Road the Natchez Trail the Forbes Road
the Cumberland Road
Which of the following antebellum transportation innovations earned the greatest rate of return? corporate-owned turnpikes the National Road the Erie Canal the Mainline Canal
the Erie Canal
Which of the following antebellum transportation innovations was financed primarily by government funds? the Erie Canal the New Orleans steamboat the Lancaster Turnpike the Ann McKim clipper ship
the Erie Canal
During the Great Depression, one reason the Federal Reserve did not respond forcefully was the "free gold problem," which refers to the idea that ___. gold was fleeing Nazi Germany, thus undermining the Fed's attempt to control the money supply. gold was essentially free because people had excess supplies of currency that could be converted into gold. the Fed claimed that almost all its gold was tied up by reserve requirements (there was little free so it could not increase the money supply). gold was essentially free because silver, which existed in abundance, could be converted into gold at the fixed rate of 16:1.
the Fed claimed that almost all its gold was tied up by reserve requirements (there was little free so it could not increase the money supply).
The first farm organization of importance was the Grangers. the Greenback Party. the Southern Alliance. The Populists.
the Grangers.
Between 1864 and 1900, the largest portion of railroad track (as a percentage of total annual construction) was laid in which region of the U.S.? the Southeast the Northeast the Pacific Northwest the Great Plains region
the Great Plains region
The establishment of Jamestown in 1607 was financed by the London Company. the Plymouth Company. the English Parliament. Sir Walter Raleigh.
the London Company.
Data presented in the text compare exports per capita in the early 1790s with exports per capita just prior to the Revolution. The data show that by the early 1790s, exports per capita had increased in _____________, but had decreased in ___________________. the Upper South; the Lower South the Upper South; New England New England; the Middle Atlantic states the Middle Atlantic states; the Upper and Lower South
the Middle Atlantic states; the Upper and Lower South
According to recent research by Goldin and Katz, __________ led the way in establishing high schools in the 1920s. the urban centers of the North the mid-Atlantic states California the Middle West, including Iowa and Nebraska
the Middle West, including Iowa and Nebraska
During the colonial period, this region specialized in grain production, primarily using family farms: the Middle colonies the Southern colonies the Caribbean Newfoundland
the Middle colonies
The Southern Colonies' exports went primarily to the United Kingdom. continental Europe. the West Indies. Africa.
the United Kingdom.
The leading producer of manufactured goods in 1900 was the United States. Germany. England. Canada.
the United States.
In terms of exports from the colonies, ______ and ______ were the top two trading partners. the United Kingdom; Africa Southern Europe; the West Indies the West Indies; the United Kingdom the United kingdom; Southern Europe.
the West Indies; the United Kingdom
On the eve of the Civil War, which U.S. region had the highest per capita income? the Northeast region the South Atlantic region the North Central region the West South Central region
the West South Central region
In the antebellum period, the largest source of employment was the agricultural sector. the manufacturing sector. government (local, state and federal) the service industry.
the agricultural sector.
The Homestead Act was passed in 1862. However, only about 20 percent of newly-added farm land between 1870 and 1900 belonged to homesteads because Americans were more interested in moving to cities than to homesteads. the available land was best suited for grazing livestock, but 160-acre plots were too small to do so profitably. a treaty between the U.S. government and Native Americans prevented homesteaders from acquiring most of the land. homestead filing fees were gradually increased during this time period.
the available land was best suited for grazing livestock, but 160-acre plots were too small to do so profitably.
After 1960, all of the following declined except the number of U.S. farms. the portion of U.S. labor force employed by the agricultural sector. the total amount of U.S. land devoted to farming. the average acreage per U.S. farm.
the average acreage per U.S. farm.
During the Federal Bank Holiday ordered by President Roosevelt new supplies of gold were distributed to the banks. a national monetary commission was set up. the banks were inspected. the leadership of the Federal Reserve System was replaced.
the banks were inspected.
According to the text, studies of 18th century colonial demographics indicate that, compared to Europe, the birthrate in the colonies was lower. women in the colonies tended to marry later in life. the child mortality rate in the colonies was lower. average life expectancy for males in the colonies was lower. All of the above.
the child mortality rate in the colonies was lower.
The primary reason for the success of the colonial shipbuilding industry was the plentiful supply of skilled labor. low wages in the American shipbuilding industry. a plentiful supply of iron ore. the close proximity of raw materials, especially lumber.
the close proximity of raw materials, especially lumber.
Provisions of the National Bank Act of 1863 included all of the following except mandated legal reserve requirements for banks chartered under the Act. the requirement that banks chartered under the Act purchase a certain amount of US government bonds. the creation of a currency with a standard design. the creation of a central bank responsible for serving as a lender of last resort and an overseer of the money supply.
the creation of a central bank responsible for serving as a lender of last resort and an overseer of the money supply.
In the 1850s, the growth rate of real wages in U.S. manufacturing slowed to nearly zero because the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period. the demand for manufacturing labor and the supply of manufacturing labor decreased by approximately the same amount during this period. the demand for manufacturing labor increased more rapidly than the supply of manufacturing labor during this period. the demand for manufacturing labor increased while the supply of manufacturing labor decreased during this period.
the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period.
"Economic exploitation" is measured by the sum of all input costs, both direct and indirect. the difference between the value of output a worker adds and what she receives. the difference between a monopoly's profit and the profit of a competitive firm. the average wage of a skilled worker divided by the average wage of an unskilled worker.
the difference between the value of output a worker adds and what she receives.
The draft is analogous to a tax, where the amount of the tax equals the discounted present value of the soldier's lost private sector income. the estimated value of a human life. the difference between what a soldier would need to be paid to serve voluntarily and his/her actual pay. The soldier's earnings while enlisted.
the difference between what a soldier would need to be paid to serve voluntarily and his/her actual pay.
New Deal environmental policies included all of the following except: withdrawal of much of the public domain from private entry. the use of the "soil bank" to encourage agricultural conservation. projects such as the TVA that simultaneously protected many resources in a region. the establishment of Yellowstone as a national park.
the establishment of Yellowstone as a national park.
Despite dramatic increases in trackage during the antebellum period, the U.S. was slow to develop an integrated railroad system. This was primarily due to the opposition of municipal governments to railroads. the opposition of the federal government to railroads. the failure to adopt a standard gauge for track. heavy taxes on railroad companies.
the failure to adopt a standard gauge for track.
Anna Schwatz and Milton Friedman have argued that the Great Depression was caused by the fall in the stock of money. the fall in consumer durable spending. the fall in investment spending. the increase in nominal wages.
the fall in the stock of money.
The best explanation for the end of free immigration in the 1920s is _____. the belated recognition that immigrants remitted large sums of money to their homelands undermining the balance of payments. the fear that America would be deluged by immigrants fleeing the war devastated economies of central and eastern Europe. the growing realization that free immigration produced a burdensome increase in welfare roles. the growing realization that free immigration undermined the incomes of blacks and women.
the fear that America would be deluged by immigrants fleeing the war devastated economies of central and eastern Europe.
In the term "Free Banking," the "free" means the freedom of any state legislature to charter a bank. the freedom of banks to mint U.S. coins. the freedom of anyone to start a bank. None of the above are correct.
the freedom of anyone to start a bank.
Settlers often received 50 acres of land for each person whose passage they paid to America. This was known as a special purpose grant. an entailment. the headright system. planter's shares.
the headright system.
As the U.S. became increasingly industrialized in the 19th century, the poor got poorer. the rich got poorer. the income of the poor grew more slowly than the income of the rich. the income of the poor grew more rapidly than the income of the rich.
the income of the poor grew more slowly than the income of the rich.
Which of the following methods of generating federal government revenue was first introduced during the Civil War? the personal income tax inflationary finance import tariffs bond sales
the personal income tax
During the three decades immediately following World War II, conservative forces successfully blocked any expansion of New Deal-type programs. the prevailing liberal ideology led to the passage of legislation that increased Social Security benefits, created of Medicare, and increased the minimum wage. disillusionment with government led to deregulation of airlines and other industries. most policy makers and the general public rejected Keynesian policies.
the prevailing liberal ideology led to the passage of legislation that increased Social Security benefits, created of Medicare, and increased the minimum wage.
According to Walton and Rockoff, which of the following was the most important in bringing the banking crises of the 1930s to an end? the elimination of many weak banks through bankruptcy (survival of the fittest). the promise of federal bank deposit insurance. New Deal spending programs. World War II.
the promise of federal bank deposit insurance.
If the government-imposed price of corn is greater than the market price, the quantity of corn supplied will exceed the quantity of corn demanded. the quantity of corn supplied will be less than the quantity of corn demanded. the demand curve for corn will increase. the supply curve for corn will increase.
the quantity of corn supplied will exceed the quantity of corn demanded.
After computing the social savings from the railroads, Fogel concluded that ______. the railroads were indispensable to the economic development of the United States. the railroads were not indispensable in 1850 but by 1890 were dispensable. the railroads could explain only a small fraction of the growth in real income in the United States. economics is not sufficiently scientific to make a meaningful calculation of the social savings.
the railroads could explain only a small fraction of the growth in real income in the United States.
The break-up of slave families was most often due to the sale of fathers. the sale of mothers. the sale of children. divorce.
the sale of children.
Between 1820 and 1840 freight rates on western rivers declined drastically. The main reason for this drop in prices was _________. the decline in the price level. tolls and other barriers to trade decreased. the decline in monopoly power. the steamboat was used more frequently.
the steamboat was used more frequently.
Compared to the Erie Canal, the primary disadvantage of Pennsylvania canals was state government resistance to providing funds for canal building. the steep, mountainous terrain of Pennsylvania. a pre-existing network of railroads in Pennsylvania. lack of adequate rainfall in Pennsylvania.
the steep, mountainous terrain of Pennsylvania.
The first banking crisis of the 1930s was probably caused by low farm prices. the stock market crash. antagonism between Wall Street banks and Main Street banks. Bank of England attempts to preserve the gold standard by raising interest rates.
the stock market crash.
A notable and unique feature of the colonial monetary system was the use of minted silver coins. An early form of "credit card.". the use of a widely accepted paper currency. the development of checking accounts issued by private commercial banks.
the use of a widely accepted paper currency.
"Value added" is defined as the price of the product multiplied by the quantity produced. total sales revenue divided by the quantity produced. total sales revenue minus sales taxes. the value of total product minus raw materials costs.
the value of total product minus raw materials costs.
In considering the financial history of the transcontinental railroads, the text argues that there was surprisingly little corruption given the corruption in other walks of life at the time. there was surprisingly little corruption, mostly involving the buying off of federal regulators when rate controls became unreasonable. there was a great deal of corruption, mostly in the form of high fees charged immigrants for what was really free federal land. there was a great deal of corruption, mostly because construction companies were run by insiders.
there was a great deal of corruption, mostly because construction companies were run by insiders.
Republicans in Congress pushed for the passage of the National Bank Act of 1863 because they wanted the executive branch to have more control over the amount of notes in circulation. they wanted to encourage a mild inflation in the U.S. they felt that the Act would reduce the temptation for weak administrations to over issue paper currency. they wanted to reduce the number of banks in the U.S.
they felt that the Act would reduce the temptation for weak administrations to over issue paper currency.
For the tenant in the post-bellum South, the advantage of sharecropping compared with renting for cash was that _____. the sharecropper's output was less dependent on weather. the sharecropper realized all of the gains from extra effort. sharecropping required more capital than renting. under sharecropping the landlord absorbed part of the risk of a bad harvest.
under sharecropping the landlord absorbed part of the risk of a bad harvest.
The proliferation of the horse in the 17th century caused Great Plains Indians to increase their reliance on agricultural work. engage in less tribal warfare. use smaller and more independent hunting groups. kill fewer bison, but make more intensive use of the meat on the carcass.
use smaller and more independent hunting groups.
Food rationing during World War I under the wartime food administration featured voluntary calls for "Meatless Mondays" and "Wheatless Wednesdays." a broad policy of direct controls on prices set by the Food Administrator. rationing for all food products except sugar. a pervasive belief that fear of government retribution, rather than appeals to moral principles, was key to reducing consumption, and maintaining food surpluses for export.
voluntary calls for "Meatless Mondays" and "Wheatless Wednesdays."
In the election of 1896, supporters of William McKinley included all of the following except advocates for the gold standard. voters opposed to high tariffs. industrial employers in the East. Republicans.
voters opposed to high tariffs.
Americans who supported William Jennings Bryan and the "Free Silver" movement advocated a reduction in the U.S. money supply. included the US Secretary of the Treasury. wanted to increase the U.S. price level. wanted free railroad transport of silver from western mines to the east.
wanted to increase the U.S. price level.
According to Friedman and Schwartz, the most important structural change in the banking system to result from the 1933 panic were laws barring short calls on equities. was Federal insurance of bank deposits. was an unprecedented increase in regulation. was the loss of public confidence.
was Federal insurance of bank deposits.
The financial crisis that began in 2007 was predicted in detail by Alan Greespan and Ben Bernanke. was centered on subprime lending and the complex financial instruments based on subprime loans. was caused by a downturn in the stock market. None of the above are correct.
was centered on subprime lending and the complex financial instruments based on subprime loans.
Per capita GDP in the US between 1900 and 2011 _____. a) has remained about the same. b) increased until about 1970 and decreased since then. c) was cyclical, but generally trending upward throughout the century. d) grew very quickly for the first half of the century and grew at a much lower rate in the second half of the century.
was cyclical, but generally trending upward throughout the century.
The galloping inflation of the Revolutionary War period persisted throughout the 19th century because of over-issue of paper money by the states. has been exaggerated; prices were, in fact, quite moderate during the War. was particularly steep because the central government had no taxation powers to back it even partially. was accelerated by the repudiation of most wartime-issued paper money following the War.
was particularly steep because the central government had no taxation powers to back it even partially.
The Embargo Act (1807) had a devastating effect on U.S. manufacturing. led to increases in U.S. exports and per capita income. increased U.S. imports, but decreased U.S. exports. was replaced by the Non-Importation Act of 1809. All of the above.
was replaced by the Non-Importation Act of 1809.
The primary source of power for industrial production in the antebellum period was coal. steam. water. wood.
water
Transfer payments include government spending on tanks and planes. government spending on national forests and parks. the salaries of senators and federal judges. welfare benefits and Social Security payments.
welfare benefits and Social Security payments.
Redemptioners were immigrants who came to America as missionaries. were brought over on credit provided by ship captains. had previously been imprisoned in England. refused to work as indentured servants.
were brought over on credit provided by ship captains.
According to Joseph Schumpeter, many Midwestern railroads were built too late and thus faced heavy competition from trucks. were built ahead of demand. were unnecessary because they followed routes already adequately served by other means of transportation. would have been built more quickly in the absence of government aid.
were built ahead of demand.
The piecemeal actions of Parliament to curtail the various colonial manufacturing activities stemmed from a deep-seated fear of American competition. were punitive, in response to colonial smuggling and price dumping. were a roundabout attempt to undermine the colonial shipbuilding industry. were largely taken to protect vested, well-lobbied interests.
were largely taken to protect vested, well-lobbied interests.
