Econ 2800 Ch. 28

the per se phase in antitrust policy began when _____ joined the Justice Department in 1938

Thurman Arnold

during the postwar period the portion of total employment declined in the ______ sector

agricultural; manufacturing; mining; construction

junk bonds are securities with

high risk and high yield

technological innovations and the increased mechanization of industry

ultimately create new jobs that replace old jobs

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 of 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

the largest merger in American history was the of

America Online and Timer Warner in 2000

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 rule

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

explanations for the decline in US productivity in the 1970s and 1980s include all of the following except

a wave of corporate mergers that reduced competition

in 2001, women in most occupations earned _____ of what males in the same occupations earned

about 70%

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 earned an average of about 70% of what whites earn, while Hispanics earn an average of about 75% of what whites earn

in the postwar period the rate of immigration to the US has

continuously increased

leverage refers to a firm's

debt to equity ratio

Americans who benefit from immigration include

firms that hire immigrants; workers whose skills are complementary with immigrants' skills; consumers who purchase goods produced using immigrants' labor; property owners who own land in immigrant neighborhoods

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

productivity

increased slightly from 1970 to 1980; rose rapidly after WWII; is a fundamental determinant of real wages

the decline in the US manufacturing sector was the result of

increasing productivity in the manufacturing sector; the increasing ability of consumers to purchase foreign manufactured goods more cheaply; faster growth of the service sector

productivity growth in the service sector

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

in 2001 the labor force participation rate of married women equaled

just over 60%

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 of 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 underfunded

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

less than 20%

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 increase for each of the following groups except

married men

Productivity is defined as

output per labor hour

new immigration law 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

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

rising real wages; an increase in the years of schooling completed by women; declining fertility rates; the growth of the service sector

productivity is hardest to measure in which sector

service

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

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

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 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

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

which is not a cause of the deterioration of the strength of labor

the rise of the service sector; regional shifts in manufacturing; foreign industrial competition; a high rate of immigration of unskilled workers who tend to fear taking part in union activities

the primary area of growth in the modern US economy is

the service sector

the period from 1977 through 1989 saw a wave of corporate mergers in the US

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

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

total manufacturing output