Econ History Chapter 28

Productivity

All of the above are correct.

Which of the following statements correctly characterizes fertility rates in the postwar period?

The birth rate peaked in the late 1950s, then began a steep decline reaching very low rates in the 1970s.

The per se phase in antitrust policy began when _______ joined the Justice Department in 1938.

Thurman Arnold

In the last 20 years all of the following measures of the manufacturing sector have declined except

total manufacturing output.

Technological innovations and the increasing mechanization of industry

ultimately create new jobs that replace old jobs.

Explanations for the decline in U.S. productivity in the 1970s and 1980s include all of the following except:

wave of corporate mergers that reduced competition.

According to Joseph Schumpeter, the success of capitalism relies on

"gales of creative destruction."

From 1950 to 2007, manufacturing as a percentage of GDP went from roughly ____ percent to roughly ____ percent.

25;10

By 2007, energy use per dollar of GDP was ____ percent of what it was in 1970.

50

Which of the following statements about the percent of the population completing high school by persons age 25 and over in 2000 is MOST accurate?

African Americans graduate at a rate about 10 percentage points less than whites, and Hispanics graduate at a rate about 30 percentage points less than whites.

According to the text, which of the following factors contributed to the increased labor force participation rate of women during the postwar period?

All of the above

The decline in the US manufacturing sector was the result of

All of the above are correct.

Which is not a cause of the deterioration of the strength of labor?

All of the above are correct.

Americans who benefit from immigration include

All of the above.

During the postwar period, the portion of total employment declined in the ______ sector.

All of the above.

The largest merger in American history was that of

America Online and Time Warner in 2000.

Which of the following statements about the percent of the population completing high school by persons age 25 and over is MOST accurate?

Between 1940 and 2000, the rate for whites increased about 3 times and the rate for blacks increased about 10 times.

Which of the following statements about the 2000 average wages of blacks and Hispanics compared to whites is MOST accurate?

By 2000, African Americans earn an average of about 70% of what whites earn, while Hispanics earn an average of about 75% of what whites earn.

Productivity is hardest to measure in which sector?

Service.

Which of the following statements is most accurate about immigration in the 20th century?

The number of immigrants decreased from 1900 until the Great Depression, increased consistently between 1940 and 2000, and is now about the same as it was in 1900.

Which of the following statements correctly characterizes the trend in real wages since 1960?

The real product wage kept pace with labor productivity, but the real consumption wage was fairly stagnant.

Ling-Temco-Voight (LTV) is an example of

a conglomerate.

From the late 1930s until the early 1970s, courts tended to follow per se rules when deciding antitrust cases. According to these rules,

a firm's control of a large market share was considered intrinsically illegal.

According to the text, the growth of service sector employment in the US has contributed to

a slowdown in the growth of real wages during the postwar period.

In 2001, women in most occupations earned ________ of what males in the same occupation earned.

about 70 percent

In the postwar period, the rate of immigration to the US has

continuously increased.

everage refers to a firm's

debt to equity ratio.

A conglomerate merger is a combination of

firms that produce unrelated products or services.

Response to the energy crisis of the early 1970s did not include

gasoline "rationing by price."

By 1964, nearly all blacks outside the South were covered by laws that allowed the government to issue cease and desist orders against discriminating firms. According to recent research by William Collins, these laws

had some success in improving the wages and working conditions of African-American women.

Junk bonds are securities with

high risk and high yield.

Productivity growth in the service sector

is notoriously difficult to measure and has been slow compared with productivity growth in manufacturing.

In 2001, the labor force participation rate of married women equaled ________.

just over 60 percent.

In the 1970s, members of the Law and Economics program at the University of Chicago argued that

large market shares may be due to efficient management or innovation.

Which of the following statements about the "separate but equal" provision of Plessy v. Ferguson is MOST accurate?

led to the creation of African-American schools that were systematically under funded.

In 2001, the percent of total employment in the manufacturing, mining, and construction sector equaled

less than 20 percent.

During the 1990s, the nominal price of crude oil ____ and the real price ____.

leveled off; fell

All of the following served to reduce labor market discrimination against women and minorities except

marriage bars.

Between 1960 and 2001, the labor force participation rate increased for each of the following groups except

married men

Productivity is defined as

output per labor hour.

New immigration laws championed by the Kennedy and Johnson administrations

placed a high priority on uniting families.

In the mid-1970s, antitrust policy began a new phase characterized by

reliance on economic analysis.

Relative to the white median family income, since 1980 African-American median family income has ________ and Hispanic median family income has __________.

risen; remained about the same

Key features of the American labor market in the postwar period include all of the following except

steadily increasing union membership.

All of the following have played a role in reducing union strength since 1970 except

the Supreme Court's decision to apply antitrust laws to union organization efforts.

The primary area of growth in the modern U.S. economy is

the service sector.

The period from 1977 through 1989 saw a wave of corporate mergers in the U.S. These mergers were characterized by

the use of junk bonds for financing buyouts.

The primary purpose of a conglomerate merger is

to avoid adverse effects of business cycles through diversification.