History 218 Final

In the late 19th century, the chief railroad terminus was"

. Chicago.

A common unscrupulous financial practice of railroad promoters (and the basis of the Credit Mobilier scandal) involved

."insider" ownership of railroad construction companies.

Which of the following was not used to subsidize railroad companies and their building of railroads?

.Reduced corporate income taxes

The sustained productivity growth of railroads occurred primarily because of:

.increased economies of scale.

Between 1940 and 1944, real Federal spending increased by roughly ____ percent."

1000

At its maximum during the Great Depression unemployment reached approximately ___ percent of the labor force?

25

"From 1860 to 1910, miles of railroad track in operation increased from roughly ____ miles to _____ miles."

30,000; 250,000"

During the Great Depression, real GDP decreased by roughly ____ percent and unemployment rose to roughly ____ percent."

30;25

For the first time in the nation's history, by 1920 over ____ percent of the population were urban dwellers."

50

"In 1940, civilian purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had changed to ________."

92 percent; 50 percent.

In his Report on a National Bank, _________________ argued in favor of the establishment of a Bank of the United States."

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, and railroads grew the most."

Between 1820 and 1860, in the U.S."

All of the above

Union membership declined during the 1920s due to

All of the above

Early attempts to establish paper money were hampered by"

All of the above are correct.

Gains in railroad productivity were caused by

All of the above are correct.

The drop in unemployment from over 11 percent in 1939 to roughly 1 percent in 1944

All of the above are correct.

To mobilize resources in WWII, the United States relied on"

All of the above are correct.

Which was not a factor in causing the Great Depression?

All of the above were factors causing the Great Depression

Alexander Hamilton argued for a "National Bank" that would"

All of the above.

In the 1870s, excess capacity in the railroad industry led to "

All of the above.

Opponents of the First Bank of the U.S. argued that the bank"

All of the above.

The Elkins Act of 1903

All of the above.

Wartime economic mobilization resulted in

All of the above.

Members of the Populist Party supported"

All of the above."

Which of the following statements is most accurate about the role of minorities in the US?

Although African Americans had historically lived on agricultural areas, by 1970 about 75% of African Americans lived in urban areas. "

__________________ was a vocally and actively opposed the re-chartering of the Second Bank of the United States."

Andrew Jackson

Which groups were least likely to support restrictions on immigration?

Employers.

By 1900, the leading cotton producing state was"

Texas."

What best describes the changes in steel production from 1860-1910?

The Bessemer process replaced older methods of production and was later displaced by the open-hearth process.

Which of the following antebellum institutions acted most like a central bank?"

The Second Bank of the United States"

Which of the following is not accurate about the 1920s?

The ability of many Americans to afford consumer goods dropped sharply.

What is the best description of the US economy from 1929-1940?

The economy suffered an initial drop, a four-year expansion and then another drop towards the end of the decade. "

Which of the following is most accurate about the 1920s?

The rapid increases in income reduced the use of credit.

Trust busting, including the prosecution of the American Tobacco Company and Standard Oil, was a high priority of _________'s administration."

Theodore Roosevelt"

Which of the following is most accurate about the economic conditions in the 1920s?

There was a significant decrease in the number of hours worked per week.

What was not one of the primary reasons why people opposed the First and Second Banks of the United States? "

They printed too much money and triggered a substantial inflation.

Which of the following statements best describes the union movement between 1800-1860? "

Unions were composed primarily of craftsmen.

The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum U.S. is: "

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 Stock Market Crash of 1929 probably contributed ____ to the Great Depression because _____.

a good deal, consumer confidence and spending on durables were reduced. "

By mid-century, American workers benefited by state regulations providing for"

a ten-hour upper limit on the work day."

The GI Bill is often cited as a successful example of

a voucher program.

According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early 1900s because"

continuous-flow technologies were cost minimizing only when the inflow of inputs and the sale of outputs proceeded without interruption.

The 1920s were characterized by large numbers of bank failures each year, especially among country banks. Country banks were particularly inclined to fail because

farm mortgages constituted the major portion of their loans.

Wall Street bankers opposed the Second Bank of the United States. Their opposition was based on the idea that the Second Bank "

favored Philadelphia because that was where the head office of the bank was located.

President Jackson's reasons for vetoing the recharter the Second Bank of the United States did not include"

fears that the bank was nearing insolvency.

According to the Keynesian interpretation of the 1930's, the main reason we still had double digit unemployment in 1939 was that"

federal budget deficits were too small.

As a means of gaining monopoly power, holding companies were preferable to gentlemen's agreements and pooling because"

holding companies were legal in most states.

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

Henry Ford is most recognized for

implementing the first progressive, moving assembly-line system for large, complex final products. "

Before 1860, most of the U.S. population lived _____ and most workers _____ ."

in rural areas; self-employed"

Between 1810 and 1860 the number of workers in manufacturing "

increased twentyfold.

During the 1920s, income inequality ______ and the return on schooling was relatively _____. "

increased; high.

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

The McCallum management principles advocate the use of

internal accounting systems and performance evaluations.

Henry Bessemer is most recognized for

invention of a steel manufacturing process. "

The most significant kind of federal subsidy to railroads was

land grants.

The ownership of radios increased from ___ percent in 1920 to ___ percent in 1930.

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.

A "vertically integrated firm" is a firm that

manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm. "

"By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was"

manufacturing

Cyrus McCormick is best known for"

manufacturing the mechanical reaper."

Data on Northeastern manufacturing firms show that firm size (number of workers per firm) increased for _________________ between 1820 and 1860."

mechanized and nonmechanized industries

Between 1860 and 1910, the _______________ industry showed the greatest percentage increase in value added per worker."

men's clothing

The 1920 census reported that ________ percent of Americans were urban dwellers.

more than 50

The U.S. population of growth rate in the first half of the 19th century was"

much higher than that of most European countries.

Under the Dawes Act of 1887,"

nearly 100 acres of Indian territories were opened for public purchase."

The charter of the Bank of the United States was not renewed in 1811 in part because"

of fears of foreign ownership and manipulation.

A monopsony is a market in which"

one firm is the sole buyer of a good or service."

The abrupt end of long distance cattle drives in 1885 was primarily due to"

organized efforts by northern cattlemen to reduce overstocking of cattle on the northern ranges.

In 1790, there were only three banks in the U.S. By 1811, there were 88. Most of these new banks were"

private-sector, state-chartered banks."

"In the Wabash case (1886), the Supreme Court held that"

states cannot enact laws that interfere with interstate commerce.

In Munn v. Illinois (1877), the Supreme Court held that"

states have a right to regulate businesses within the state that are "clothed with a public interest."

Widespread assumptions about the first transatlantic railroad did NOT include

that private investors would be easily compensated for any risk.

The first farm organization of importance was"

the Grangers."

Which of the following antebellum banking innovations was the forerunner of the modern Federal Deposit Insurance Corporation (FDIC)?"

the Safety Fund Act"

The considerable rise of manufacturing in the last half of the 19th century has become known as

the Second Industrial Revolution."

The leading producer of manufactured goods in 1900 was

the United States."

In the antebellum period, the largest source of employment was"

the agricultural sector."

The draft is analogous to a tax, where the amount of the tax equals

the difference between what a soldier would need to be paid to serve voluntarily and his/her actual pay.

What is the best description of the US economy between 1921 and 1928?

Most of the major sectors were growing very rapidly.

The Second Bank of the United States rose to prominence under the leadership of"

Nicholas Biddle."

The high period of immigration in the first half of the 19th century was caused by"

Only a and b are correct.

The Smoot-Hawley Tariff

Only b and c are correct.

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.

A horizontal merger

combines firms that produce similar products."

Mass production integrates

continuous flow and interchangeable parts.

The Morrill Act of 1862 established"

"land-grant" colleges that provided agricultural education and research."

Which was not a result of the California gold rush? "

A significant decrease in the prices of farm goods.

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?"

Certain sections of railroad were monopolized, resulting in unreasonably high freight rates."

What was the least important method of financing World War II?

Creating new money

From which country came the fewest immigrants during the large wave of immigrants who arrived in the U.S. in the 1840s and 1850s? "

Spain.

which U.S. President was in office for most of World War II?

Franklin D. Roosevelt.

Which of the following statements best describes antebellum immigration to the U.S.? "

Immigration from England was relatively constant over time compared to the immigration rate from other nations.

The first independent federal regulatory agency was

Interstate Commerce Commission.

What best describes real per capita GDP in the US between 1929 and 1959?

It grew the most during World War II.

According to Walton and Rockoff, Keynesian economists would probably argue that Keynesian policies failed to alleviate the Great Depression because _____. "

Keynesian policies were never tried on a sufficient scale.

The population of the United States grew _____ during the first half of the 19th century."

about 3 percent per year

"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"

at Promontory Point.

Cartels

attempt to restrict output in order to raise prices.

Andrew Carnegie is most recognized for

being a leader in the steel industry

In the late 1800s and early 1900s, the primary source of energy for manufacturing was"

coal."

John D. Rockefeller is most recognized for

developing the oil industry

The Rhode Island System"

employed whole families to work in textile mills."

The Waltham System "

employed young women in their late teens and early twenties.

A closed shop is an agreement whereby"

employees must join a recognized union as a condition of employment.

Improvements in transportation during the first half of the 19th century"

enhanced labor mobility and made both product and labor markets more competitive.

Which of the following was not a major source of economic growth in the 1920s?

railroad construction

Modern investment banking houses emerged in the U.S. in the 19th century to assist in financing

railroad construction.

Walton and Rockoff contend that the likelihood of a Great Depression happening again is _______ because (among other reasons) _______.

remote, policymakers are unlikely to repeat the mistakes of the 1930s. "

Early efforts by states to regulate the railroads

resulted in Granger laws

In the United States in the 1920s, there were many bank failures in ___ areas, as the result of ___. "

rural, pro-urban Federal spending policies. "

Forms of federal taxation used to finance the war effort did NOT include

sales tax.

In the term Free Banking the "free" means

the freedom of anyone to start a bank.

As the U.S. became increasingly industrialized in the 19th century,"

the income of the poor grew more slowly than the income of the rich.

Walton and Rockoff contend that a repetition of the Great Depression is unlikely for all of the following reasons except ____.

the public is unlikely, even in a depression, to vote for a radical government that would frighten business and inhibit investment, the way it did in the 1930s."

Which of the following is an example of a horizontal merger?

the purchase of E.C. Knight Company by American Sugar Refining Company

Many late 19th century managerial innovations were first developed by

the railroads.

In the early 1900s, the Homestead Act "

was modified to allow settlers to obtain larger, more practical-sized farms."

Between 1875 and 1895, "

wholesale farm prices and consumer prices fell, but wholesale farm prices fell more rapidly."