Chapter 01 a brief Economic History of the United States Multiple Choice Questions



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Fill in the Blank Questions
 

216. In the years before the Civil War, Southern states, because of high protective tariffs, were forced to buy most of their manufactured goods from ________. 


________________________________________

 

217. The stock market crashed in the year _________. 


________________________________________

 

218. In the 1980s, the U.S. had recessions in ________ and _________. 


________________________________________

 

219. The last year (s) of very high inflation was (were) ___________. 


________________________________________

 

220. The New Deal may be summarized by the words, __________, ____________ and __________. 


________________________________________

 

221. About _____ percent of the money the government has been paying in farm subsidies has been going to large corporate farms. 


________________________________________

 

222. The presidents most closely associated with the Great Depression were __________ and ___________. 


________________________________________

 
223. The worst recession since the Great Depression occurred in the years _______ to _________. 


________________________________________

 

224. The Social Security Act was passed during the administration of President _____________________. 


________________________________________

 

225. The three main crops of the nation from the end of the Civil War to the turn of the century (1900) were (1) _____, (2) ___________; and (3) ________. 


________________________________________

 

226. The Great Depression really began in the second half of the year _______. 


________________________________________

 

227. The building of the ________ were the key development in opening the era of mass production and mass consumption. 


________________________________________

 

228. Andrew Carnegie was largely responsible for the development of the _________ industry; while John D. Rockefeller was largely responsible for the development of the _________ industry. 


________________________________________

 

229. Today about _______% of all Americans live on farms. 


________________________________________

 
230. President Eisenhower considered his main economic task as ______________. 


________________________________________

 

231. The greatest expansion of the automobile industry occurred in the decade of the _____. 


________________________________________

 

232. In 1929 we produced over _____ million motor vehicles. 


________________________________________

 

233. Between 1921 and 1929 national output rose about ______%. 


________________________________________

 

234. Promises of "a chicken in every pot" and "two cars in every garage" were made by presidential candidate _______. 


________________________________________

 

235. The recession of 1937-38 had two basic causes: (1) ________________________; and (2) ________________________. 


________________________________________

 

236. In the 1970s we had _____ recessions and in the 1980s we had _____ recessions. 


________________________________________

 

237. In 1790 the average farmer fed ____ people; today the average farmer feeds _____ people. 


________________________________________

 
238. The basic reason why farm prices have declined has been that ________________________. 


________________________________________

 

239. What two main things did returning veterans want to buy after World War II? ___________________. 


________________________________________

 

240. The federal government facilitated suburbanization by providing _______________ and __________________. 


________________________________________

 

241. Japan did not lead the world in automobile production in the 1950s because ________________________. 


________________________________________

 

242. In the early 1950s the two new factors that stimulated our economy were ___________ and ___________. 


________________________________________

 

243. The two economic conflicts between the North and the South that led to the Civil War were (1) _________________ and (2) _______________. 


________________________________________

 

244. In the year _______ the stock market crashed, while the economy went into a major economic decline which lasted until the year _______. 


________________________________________

 
245. Mass production is possible only if there is also _________________________. 


________________________________________

 

246. After World War II millions of mortgages were provided by two federal government agencies, the __________ and the ___________. 


________________________________________

 

247. Since the Civil War, the poorest section of the country has been the _________. 


________________________________________

 

248. During World War II, the federal government instituted ______________ to keep down inflation. 


________________________________________

 

249. At the time of the Civil War the most important crop in the South was ________. 


________________________________________

 

250. The economic recovery program begun by the Roosevelt Administration to end the Great Depression was known as the ____________________. 


________________________________________

 

251. In 1941 Henry Luce coined the term ______________________ to describe the magnitude of America's economic and military prowess. 


________________________________________

 
252. Farms with sales of more than $250,000 account for __________ percent of U.S. agricultural sales. 


________________________________________

 

253. The record for the longest U.S. economic expansion started in March ______ and ended in March _____. 


________________________________________

 

254. Since the beginning of 1945 there have been ________ recessions in the United States. 


________________________________________

 

255. The major cause of the recession in 2001 was a decline in _____________ spending. 


________________________________________

 

256. The housing developments that were made up of identical, prefabricated houses, quickly built after World War II to meet the high demand for housing were produced by ______________. 


________________________________________

 

257. This president made the campaign promise: "Read my lips: no new taxes." _____________. 


________________________________________

 

258. During World War II, _______ percent of our nation's output was devoted to the war effort. 


________________________________________

 
259. What was very unusual about the 2001 recession, was that consumer spending _______________________. 


________________________________________

 

260. The U.S. population is over _________ million. 


________________________________________

 

261. The worst recession we had since World War II occurred in ___________. 


________________________________________

 

262. The dissolving of the _____________ in 1991 resulted in a "peace dividend" for the United States that enabled us to divert tens of billions of dollars a year from military spending to much more productive uses. 


________________________________________

 

263. The bursting of the __________ market was largely responsible for setting off the Great Recession. 


________________________________________

 

Chapter 01 A Brief Economic History of the United States Answer Key


 

 


Multiple Choice Questions
 

1. The Social Security Program began during the administration of 


A. Franklin D. Roosevelt.
B. Harry S. Truman.
C. Dwight D. Eisenhower.
D. John F. Kennedy.
E. Lyndon B. Johnson.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Easy
Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
 

2. Which statement is true? 


A. A depression followed both World War I and World War II.
B. A depression followed neither World War I nor World War II.
C. A depression followed World War I, but not World War II.
D. A depression followed World War II but not World War I.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Easy
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
Learning Objective: 01-03 Discuss the impact of World War II on our economy.
 

3. There was full employment in 
A. 1929 and 1942.
B. Neither 1929 nor 1942.
C. 1929.
D. 1942.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
Learning Objective: 01-03 Discuss the impact of World War II on our economy.
 

4. During the 19th century, the great abundance of land compared to the availability of labor 


A. attracted millions of immigrants.
B. encouraged early marriage and large families.
C. encouraged rapid technological development.
D. All of the choices are true.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

5. Which of the following is true? 


A. The Japanese rebuilt their economy after World War II by selling its goods to their own rapidly growing population.
B. Slow U.S. population growth in the 19th century forced American farmers and manufacturers to seek foreign markets to propel its rapid economic growth.
C. The Japanese rebuilt their economy after World War II by targeting the large U.S. market, while their own market remained largely closed to U.S. manufactured goods.
D. America's rapid population growth in the 19th century slowed its economic growth rate.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-03 Discuss the impact of World War II on our economy.
 

6. The completion of the American national railroad network in the second half of the 19th century led to all of the following except 
A. that it enabled manufacturers to sell their products all over the country.
B. mass consumption.
C. increased prices of goods sold which led to more investment and more jobs.
D. higher wages.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Hard
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

7. Between 1939 and 1944 our national output 


A. rose by 50%.
B. nearly doubled.
C. rose by 150%.
D. nearly tripled.
E. quadrupled.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
 

8. The worst recession since World War II started in which year? 


A. 1953
B. 1957
C. 1973
D. 1981
E. 2007

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-04 List and discuss the major recessions we have had since World War II.
 

9. Which statement is true about the recession of 1990-91? 
A. It was the worst recession we have had since World War II.
B. It was the mildest recession we have had since World War II.
C. Our recovery from it was one of the strongest since World War II.
D. Our recovery from it was one of the weakest since World War II.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-04 List and discuss the major recessions we have had since World War II.
 

10. The early 1930s was a period of 


A. inflation and deflation.
B. neither inflation nor deflation.
C. inflation.
D. deflation.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
 

11. Which of the following explains the slower economic growth in the South compared to other regions of the country? 


A. Much of the South's capital, public and private, was destroyed in the Civil War.
B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s all bypassed the South.
C. The South remained an agricultural region after the Civil War instead of immediately becoming a higher productivity manufacturing region.
D. All of the choices are true.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

12. Under President Eisenhower we had _____ recessions. 
A. no
B. one
C. two
D. three
E. four

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Hard
Learning Objective: 01-04 List and discuss the major recessions we have had since World War II.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

13. Under President Eisenhower the problem of inflation. 


A. got a lot worse.
B. got a little worse.
C. stayed about the same.
D. got a little better.
E. got a lot better.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Hard
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

14. The decade that had the most stagflation was the 


A. 1930s.
B. 1940s.
C. 1950s.
D. 1960s.
E. 1970s.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

15. Which statement is true? 
A. In 1900 most Americans still lived on farms.
B. Except for the stock market, most of our economy was depressed in the 1920s.
C. There was a depression within three years after World War I.
D. None of the statements are true.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

16. Statement I. President Ronald Reagan said that if we cut tax rates, people would have more incentive to work, output would rise, and inflation would subside.

Statement II. President Reagan presided over the worst recession we have had since World War II. 
A. Statement I is true and statement II is false.
B. Statement II is true and statement I is false.
C. Both statements are true.
D. Both statements are false.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-04 List and discuss the major recessions we have had since World War II.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

17. Which of the following is true? 


A. The completion of the transcontinental railroad system in the 1880s eventually made the United States the world's first mass market.
B. Southern manufacturers benefited from high protective tariffs of the 19th century that kept out cheaper Japanese manufactured goods.
C. The canal system linking east-coast rivers with the Great Lakes in the 1820s created an "American economy" rather than just a series of regional economies located in one country.
D. Agricultural inventions such as John Deere's steel plows did little to improve farm productivity.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Hard
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

18. The name of Andrew Carnegie is most closely associated with 
A. the steel industry.
B. the rubber industry.
C. the meatpacking industry.
D. the chemical industry.
E. the computer industry.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

19. Which was a decade of high inflation and high unemployment? 


A. The 1920s
B. The 1940s
C. The 1950s
D. The 1960s
E. The 1970s

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

20. The transcontinental railroads were completed in the 25 years 


A. before the Civil War.
B. after the Civil War.
C. after 1890.
D. after the 20th century began.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

21. Each of these were minor recessions except for 
A. 1981–1982.
B. 1980.
C. 1990–1991.
D. 2001.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-04 List and discuss the major recessions we have had since World War II.
 

22. Cyrus McCormick and Eli Whitney were important in the technology of 


A. steel.
B. automobiles.
C. agriculture.
D. oil.
E. chemicals.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Easy
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

23. Which statement is true? 


A. The United States has a larger national output than any other country in the world.
B. We have had recessions about every three years since World War II.
C. There were no recessions while Ronald Reagan was president.
D. None of the statements are true.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Easy
Learning Objective: 01-04 List and discuss the major recessions we have had since World War II.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

24. Which statement is true? 
A. More than any other region in the nation, the South prospered the most in the years following the Civil War.
B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s, all bypassed the South.
C. Before the Civil War most of the nation's large farms were located in the North.
D. None of the choices are true.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

25. Between 1836 and 1851 travel time between New York and Chicago was cut from 


A. a month to two days.
B. a month to a week.
C. two weeks to one week.
D. two weeks to two days.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

26. The first automobile manufacturer to use a division of labor and to use a moving assembly line was 


A. Henry Ford.
B. Henry Leland.
C. Henry Olds.
D. Andrew Carnegie.
E. Alfred Sloan.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

27. The United States truly became a mass consumption society in 
A. the early 1900s.
B. the 1920s.
C. the 1940s.
D. the 1960s.
E. the 1980s.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

28. The United States emerged from ___________ with its industrial plant intact. 


A. Both World War I and World War II
B. Neither World War I nor World War II
C. World War I, but not World War II
D. World War II, but not World War I

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

29. Which statement is true? 


A. Few Americans blamed Herbert Hoover for the Great Depression.
B. The U.S. experienced a brief depression in the early 1920s.
C. Most American homes were not wired for electricity until the late 1940s.
D. None of the choices are true.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

30. Between 1921 and 1929 national output 
A. declined slightly.
B. stayed about the same.
C. rose slightly.
D. rose by about 50%.
E. almost doubled.

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

31. In the late 1920s, you could buy $10,000 worth of stock by putting down as little as 


A. $100.
B. $1,000.
C. $2,500.
D. $5,000.
E. $10,000.

 


AACSB: Analytic
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
 

32. The Great Depression began in 


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