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



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A. the second half of 1929.
B. the middle of 1930.
C. early 1932.
D. march 1933.
E. may 1937.

 


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.
 

33. The recovery from the low point of the Great Depression lasted for ____ months. 
A. 12
B. 25
C. 50
D. 90
E. 125

 


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

34. The recession of 1937-38 could be blamed on 


A. both the Roosevelt Administration and the Federal Reserve Board.
B. neither the Roosevelt Administration nor the Federal Reserve Board.
C. the Roosevelt Administration, but not the Federal Reserve Board.
D. the Federal Reserve Board, but not the Roosevelt Administration.

 


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.
 

35. There were a huge number of bank failures between 


A. 1930 and 1933.
B. 1933 and 1936.
C. 1936 and 1939.
D. 1939 and 1942.
E. 1942 and 1945.

 


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.
 

36. Which statement is most accurate? 
A. Had the stock market not crashed in 1929, there would have been no business downturn in the early 1930s.
B. Whether or not the stock market crashed, we definitely would have had a depression anyway.
C. Had it not been for the speedy and powerful reactions of the administration of Herbert Hoover, the depression would have been much worse.
D. It was not until the massive arms build-up leading up to our involvement in World War II that we finally began to emerge from the Great Depression.

 


AACSB: Reflective Thinking
Bloom's: Understand
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.
 

37. Which statement is true? 


A. We have had at least one recession in the 1940s, 1950s, 1960s, 1970s, 1980s, and 1990s.
B. We have had at least two recessions in any one decade since World War II.
C. We have had at least three recessions in all of the decades since World War II.
D. None of the choices are true.

 


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

38. The creation of the dust bowl and the migration of the "Okies" to California took place in the 


A. 1920s.
B. 1930s.
C. 1940s.
D. 1950s.
E. 1960s.

 


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.
 

39. All of the nation's banks were closed in the first week of March, in the year 
A. 1929.
B. 1930.
C. 1931.
D. 1932.
E. 1933.

 


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.
 

40. During the depths of the Great Depression our official unemployment rate reached ________ percent. 


A. 10
B. 15
C. 20
D. 25
E. 30

 


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.
 

41. The economic expansion which began in 1933 was due to 


A. The fact that business had hit bottom and was ready to rebound.
B. The efforts of the Roosevelt Administration to stimulate the economy.
C. Both the efforts of the Roosevelt Administration and the readiness of business to rebound.
D. Neither the efforts of the Roosevelt Administration nor the readiness of business to rebound.

 


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.
 

42. In 1937–1938, the number of unemployed 
A. fell dramatically by about 5 million.
B. fell slightly by about 1 million.
C. rose slightly by about 1 million.
D. rose dramatically by about 5 million.

 


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.
 

43. Which statement is false? 


A. Most jobs in defense plants during World War II were held by white males.
B. The federal government instituted wage and price controls during World War II.
C. Very little new housing was built during the Great Depression and World War II.
D. None of the statements are false.

 


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

44. All of the following reflects our current economic situation except 


A. the hourly wage adjusted for inflation is lower than it was in 1973.
B. our trade deficit, while large, has fallen in the last few years.
C. our savings rate has fallen to zero.
D. our federal budget deficit is at a record high.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Easy
Learning Objective: 01-06 Differentiate the "new economy" from the "old economy."
 

45. In the years immediately after the American Revolution 
A. both labor and capital were scarce.
B. neither labor nor capital were scarce.
C. labor was scarce and capital was plentiful.
D. capital was scarce and labor was plentiful.

 


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

46. An American farmer today feeds over ______ people. 


A. 5
B. 15
C. 30
D. 50
E. 100

 


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

47. Between 1850 and 1950 the productivity of the average American farm worker 


A. declined.
B. remained about the same.
C. doubled.
D. quadrupled.

 


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

48. Which of the following has been one of the most productive sectors of the U.S. economy through the 19th, 20th and 21st centuries? 
A. Textiles
B. Steamships
C. Steel
D. Agriculture

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
Learning Objective: 01-07 Assess America's place in history.
 

49. Since World War II, about ______ out of every ten family farms have disappeared. 


A. one
B. three
C. five
D. seven
E. nine

 


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

50. Of all the money spent on farm price supports, about ______ percent goes to large corporate farms. 


A. 10
B. 25
C. 50
D. 75
E. 95

 


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

51. Henry Ford 
A. was the second automobile manufacturer to use a moving assembly line.
B. was the first automobile manufacturer to manufacture a standardized engine with interchangeable parts.
C. sold millions of cars at a small unit of profit that allowed his company to keep auto prices low and wages high.
D. all of the statements are true.

 


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

52. Which statement is the most accurate? 


A. There are virtually no Americans who go hungry.
B. There are a few Americans who go hungry.
C. There are millions of Americans who go hungry.
D. About one third of Americans go hungry.

 


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

53. Which statement is most accurate with respect to the federal government's land policies in the 19th century? 


A. It gave away land, and rarely if ever charged even a token amount per acre.
B. It gave away a lot of land and charged a token amount for the rest.
C. It gave away no land, but charged only a token amount.
D. It charged a fairly substantial amount for the land it sold.

 


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

54. Which statement is false? 
A. Before the Civil War about three quarters of the farms of over 500 acres were located in the South.
B. The great abundance of land was the most influential factor in our economic development during the 19th century.
C. Although the percentage of Americans living on farms has declined substantially over the last 70 years, the actual number of people living on farms has remained constant.
D. None of the statements are false.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

55. Each of the following was an effect of cheap or free land during the 19th century except 


A. a high marriage rate.
B. a high birth rate.
C. a high rate of immigration.
D. a rapid rate of technological development.
E. a high rate of migration from the farms to the cities.

 


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

56. Basically our high rate of population growth since the time of George Washington's presidency 


A. has been a drag on our rate of economic growth.
B. pushed up our rate of unemployment.
C. created a growing problem of not enough food to feed everyone.
D. provided a market for our farmers and manufacturers.

 


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

57. Southern agriculture differed markedly from agriculture in the rest of the country before the Civil War in each of these respects EXCEPT 
A. it had, on the average, larger farms.
B. it had slavery.
C. it had different major crops.
D. it had more subsistence farming.

 


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

58. From 1865 to 1900, the production of wheat, corn, and cotton 


A. increased much more slowly than population growth.
B. increased somewhat more slowly than population growth.
C. increased at about the same pace as population growth.
D. increased faster than population growth.

 


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

59. The mechanical reaper was invented by 


A. Eli Whitney.
B. The Marsh brothers.
C. John Deere.
D. Cyrus McCormick.

 


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

60. The American economy is ________ economy in the world today. 
A. the largest and the fastest growing
B. neither the largest nor the fastest growing
C. the largest, but not the fastest growing
D. the fastest growing, but not the largest

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Easy
Learning Objective: 01-07 Assess America's place in history.
 

61. Inflation adjusted hourly wages for the average hourly worker is _______ today than it was in 1973. 


A. higher
B. lower
C. about the same

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-07 Assess America's place in history.
 

62. Which is the most accurate statement about the recessions we have had since World War II? 


A. They have all been very mild.
B. They have all been very severe.
C. Three have been very severe.
D. None have been severe.

 


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.
 

63. Which statement is most accurate? 
A. Aside from some large federal budget deficits, the economic record left by the Reagan Administration was an almost complete success.
B. While the downside of the Reagan years were huge budget and trade deficits, the good news was the decline of double-digit inflation.
C. The Reagan Administration's policies had virtually no effect on the economic performance during the 1980s.
D. The Reagan Administration was a complete failure from an economic standpoint.

 


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

64. The New Deal was the economic program of 


A. Herbert Hoover.
B. Franklin D. Roosevelt.
C. Dwight D. Eisenhower.
D. Lyndon B. Johnson.
E. Ronald Reagan.

 


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.
 

65. The New Deal 


A. may be summarized by these words: relief, recovery, and reform.
B. introduced Medicare and Medicaid.
C. succeeded in quickly ending the Great Depression.
D. reduced the economic role of the federal government.

 


AACSB: Reflective Thinking
Bloom's: Understand
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.
 

66. Who said the nation was "ill-fed, ill-clothed, and ill-housed?" 
A. Herbert Hoover
B. Franklin D. Roosevelt
C. Lyndon B. Johnson
D. Jimmy Carter
E. Ronald Reagan

 


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.
 

67. Comparing the United States economy in 1900 with our economy today, all of the following are still present EXCEPT 


A. large agricultural surpluses.
B. an abundance of entrepreneurial ability.
C. "cutting edge" technological progress.
D. a positive balance of trade with the rest of the world.

 


AACSB: Analytic
Bloom's: Analyze
Difficulty: Medium
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
Learning Objective: 01-06 Differentiate the "new economy" from the "old economy."
 

68. Each of the following were created under the New Deal EXCEPT 


A. Social Security.
B. the Federal Deposit Insurance Corporation (FDIC).
C. the Securities and Exchange Commission (SEC).
D. food stamps.

 


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.
 

69. Inflation was the nation's number-one economic worry during 
A. the 1920s.
B. 1930s.
C. the late 1950s.
D. the early 1960s.
E. the 1970s.

 


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

70. Which statement is the most accurate? 


A. Business activity in 1929 began to decline a few months before the stock market crash.
B. The stock market crashed a few months before business activity began to decline.
C. The stock market crashed at virtually the same time that business activity began to decline.
D. None of these statements are accurate.

 


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.
 

71. Which statement is false? 


A. Had the stock market not crashed and the rest of the world not gone into a depression, the U.S. depression might have been avoided.
B. By the end of 1930 thousands of banks had failed.
C. By the first week in March 1933 every single bank in the United States had shut its doors.
D. None of the statements are false.

 


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.
 

72. The low point of the Great Depression was reached in the year 
A. 1929.
B. 1931.
C. 1933.
D. 1935.
E. 1937.

 


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.
 

73. Who promised "two cars in every garage and a chicken in every pot?" 


A. Herbert Hoover
B. Franklin D. Roosevelt
C. Dwight D. Eisenhower
D. John F. Kennedy
E. Ronald Reagan

 


AACSB: Reflective Thinking
Bloom's: Understand
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.
 

74. Choosing from among the following, the worst recession was in 


A. 1937–1938.
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.
 

75. For all intents and purposes, the Great Depression ended in 
A. 1933.
B. 1937.
C. 1941.
D. 1945.
E. 1950.

 


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.
 

76. Of the 2.2 million working farms in the U.S., _________ of them produce more than $5,000 worth of agricultural products. 


A. one quarter
B. half
C. three quarters
D. one third

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
Learning Objective: 01-07 Assess America's place in history.
 

77. Agricultural prices fell during each of these periods EXCEPT 


A. 1865–1900.
B. 1900–1919.
C. 1929–1933.
D. There is no exception. Agricultural prices fell in all these time periods.

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-06 Differentiate the "new economy" from the "old economy."
 

78. Which statement is true? 
A. There was brief depression in the early 1920s.
B. Between 1921 and 1929 national output tripled.
C. The automobile market was completely saturated by 1921 and sales remained low for the rest of the decade.
D. None of these statements are true.

 


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

79. Which statement is false? 


A. The spreading use of electricity during the 1920s helped create rapid economic expansion in that decade.
B. The stock market rose very rapidly in the late 1920s.
C. Between 1921 and 1929 national output rose by 50 percent.
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