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



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D. None of the statements are false.

 


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

80. The most rapid expansion in the use of electricity was in the period from 


A. 1900-1910.
B. 1910-1920.
C. 1920-1930.
D. 1930-1940.

 


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

81. The most accurate appraisal of the American economy early in the 21st century would be that we 
A. had the largest economy in the world with no major economic problems.
B. had the largest economy in the world, but were faced with some major economic problems.
C. did not have the largest economy in the world, and had no major economic problems.
D. did not have the largest economy in the world and did face some major economic problems.

 


AACSB: Analytic
Bloom's: Analyze
Difficulty: Easy
Learning Objective: 01-07 Assess America's place in history.
 

82. In which of these years was there very high inflation and a recession? 


A. 1937
B. 1980
C. 1990
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.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

83. The heart of the supply-side economic program was to 


A. raise taxes.
B. lower taxes.
C. raise government spending.
D. put people to work in government jobs.

 


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

84. The highest unemployment rate we experienced since the Great Depression was in 
A. 1973.
B. 1982.
C. 1990.
D. 2001.

 


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

85. About how many Americans still live on farms today? 


A. 4.5 million
B. 14.5 million
C. 24.5 million
D. 34.5 million
E. 45.5 million

 


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

86. Which statement is true? 


A. The number of people living on family farms has been increasing in recent years.
B. Most farm subsidy payments go to large corporate farms.
C. Our huge agricultural surpluses have completely eliminated starvation in this country.
D. None of the statements are true.

 


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

87. Since the government has been paying out farm subsidies 
A. the number of family farms has increased by about 40 percent.
B. the number of family farms has increased slightly.
C. the number of family farms has decreased slightly.
D. the number of family farms has decreased by 70 percent.

 


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

88. Which statement is true? 


A. America has always had a very productive agricultural sector.
B. The most influential factor in our economic development during the 19th century was a great abundance of labor.
C. The central problem of economics is an oversupply of capital.
D. None of the statements are true.

 


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

89. Which statement is false? 


A. Between 1789 and 1812 our population doubled.
B. Between 1812 and 1835 our population doubled.
C. Between 1835 and 1858 our population doubled.
D. None of the statements are false.

 


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

90. Which statement is true? 
A. All regions of the United States were primarily agricultural in 1865.
B. Only the South was primarily agricultural in 1865.
C. Only the North and West were primarily agricultural in 1865.
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.
 

91. Which region's agricultural system developed very differently from that of the rest of the nation? 


A. The West
B. The Midwest
C. New England
D. The South

 


AACSB: Reflective Thinking
Bloom's: Understand
Difficulty: Easy
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.
 

92. The "Okies" were associated with each of these EXCEPT 


A. the Dust Bowl.
B. John Steinbeck's The Grapes of Wrath.
C. the Great Depression.
D. the rust belt.

 


AACSB: Analytic
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.
 

93. Which one of the following would be the most accurate description of our economy since the beginning of the new millennium? 
A. We have had virtually no economic problems.
B. We are in the worst economic downturn since 1945.
C. Aside from the federal budget deficit, we have no major economic problems.
D. Our unemployment rates have been the lowest since World War II.

 


AACSB: Analytic
Bloom's: Analyze
Difficulty: Hard
Learning Objective: 01-07 Assess America's place in history.
 

94. Compared to our economic history between 1879 and 1945, our economic history since 1945 could be considered. 


A. much more stable.
B. about as stable.
C. much less stable.

 


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

95. The second half of the 1940s was a period of 


A. recession.
B. no economic growth.
C. very slow economic growth.
D. fairly high economic growth.

 


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

96. Highway and home construction had a boom from 
A. 1925–1940.
B. 1935–1950.
C. 1945–1960.
D. 1965–1980.
E. 1975–1990.

 


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

97. When General Dwight D. Eisenhower ran for the presidency for the first time, he said he would 


A. end the recession and end inflation.
B. end the recession and end the Korean War.
C. end inflation and end the Korean War.
D. end the recession, the Korean War, and inflation.

 


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

98. Which statement is false? 


A. Suburbanization was the migration of tens of millions of middle-class Americans—nearly all of them white—from the cities to the suburbs.
B. The people who moved to the suburbs were replaced in the cities by millions of poor people, the large majority of whom were black and Hispanic.
C. The inner cities today are socially isolated from the rest of the country.
D. None of these statements are false.

 


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

99. The suburbanization of America _______________ our dependence on oil imports. 
A. increased substantially
B. had on effect on
C. decreased substantially

 


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

100. Statement I. The late 1940s and the 1950s were one big construction boom.

Statement II. The Japanese had captured nearly 20 percent of the U.S. car market by the early 1950s. 
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: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

101. Which statement is more accurate? 


A. There is virtually no poverty in the United States.
B. There are a few pockets of poverty in America, but in most of the country there are no signs of poor people.
C. One effect of the global economy has been the loss of many jobs of various skill levels.
D. Nearly one half of all Americans are below the poverty line.

 


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

102. Which statement is true? 
A. Mass production can take place without mass consumption.
B. Mass consumption can take place without mass production.
C. Mass production can take place without mass consumption and mass consumption can take place without mass production.
D. Mass production cannot take place without mass consumption, nor can mass consumption take place without mass production.

 


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

103. As a manufacturer becomes a mass producer, generally productivity ____ and wage rates ____. 


A. falls, fall
B. rises, rise
C. rises, fall
D. falls, rise

 


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

104. Which is the most accurate description of Japanese reindustrialization after World War II? 


A. Japanese manufacturers concentrated almost entirely on selling to the Japanese home market.
B. Japanese manufacturers charged twice as much to Americans as to Japanese for the same products.
C. Japanese manufacturers charged the Japanese twice as much as the Americans for the same products.
D. Japan concentrated on supplying the American market with luxury items that were not being produced in the United States.

 


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

105. Which statement is true? 
A. The recessions of 1973–1975 and 1981–1982 were both mild.
B. The recessions of 1973–1975 and 1981–1982 were both severe.
C. The recession of 1973–1975 was mild; the recession of 1981–1982 was severe.
D. The recession of 1973–1975 was severe; the recession of 1981–1982 was mild.

 


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.
 

106. Which statement is true? 


A. The recessions of 2001 and 2007–2009 were both mild.
B. The recessions of 2001 and 2007–2009 were both severe.
C. The recession of 2007–2009 was mild; the recession of 2001 was severe.
D. The recession of 2001 was mild; the recession of 2007–2009 was severe.

 


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.
 

107. Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were 


A. technological talent.
B. the world's first universal public education system.
C. a large agricultural surplus.
D. entrepreneurial abilities of great industrialists.
E. all of the choices are true.

 


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

108. In the decades leading to the Civil War __________ supported high protective tariffs. 
A. both the North and the South
B. neither the North nor the South
C. only the North
D. only the South

 


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

109. Economic conflict(s) leading to the Civil War __________________________. 


A. were over tariffs and the extension of slavery into the new territories
B. was the growing free trade with England
C. was Abraham Lincoln freeing the slaves
D. None of the choices are true

 


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

110. In the decades before the Civil War, the South _________________________. 


A. opposed the extension of slavery into the territories
B. supported the extension of slavery into the territories
C. cooperated with the North to establish both free and slavery territories
D. None of the choices are true

 


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

111. What caused the major economic conflict between the North and the South immediately before the outbreak of the Civil War? 
A. Agricultural development.
B. Industrialization in the North.
C. Trade barriers with England.
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.
 

112. The Southern economy ________________ from the damages of the Civil War. 


A. quickly recovered
B. experienced no lingering effects
C. suffered decades of economic transition

 


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

113. During World War II our economy grew by about ________ percent a year. 


A. 5
B. 10
C. 15
D. 20
E. 25

 


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

114. The prototype of suburban tract development was in 
A. Newton, Massachusetts.
B. San Luis Obispo, California.
C. Camden, New Jersey.
D. Butte, Montana.
E. Levittown, New York.

 


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

115. _______________ sold low-priced, prefabricated homes to people who wanted to move to the suburbs after World War II. 


A. Andrew Carnegie
B. William Levitt
C. Henry Ford
D. Cyrus McCormick

 


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

116. Statement I. William Levitt and other suburban developers were guilty of housing discrimination in the years after World War II.

Statement II. The suburbanization of the country did not really get rolling until the 1970s. 
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: Analytic
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-03 Discuss the impact of World War II on our economy.
 

117. There are _______ family farms today than at any previous time in our history. 
A. more
B. fewer
C. about the same number of

 


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

118. Which statement best compares our economic condition in 1933 and today? 


A. We were much better off in 1933.
B. We are much better off today.
C. Economic conditions were about the same.

 


AACSB: Analytic
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.
Learning Objective: 01-06 Differentiate the "new economy" from the "old economy."
 

119. Our economy was most depressed in 


A. 1923.
B. 1933.
C. 1943.
D. 1953.
E. 1963.

 


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.
 

120. The world's number one economic power, in terms of total output, is 
A. the United States.
B. Germany.
C. China.
D. Japan.

 


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

121. Which statement is false? 


A. The 1990s was one of the most prosperous decades in our history.
B. Our economy reached its tenth year of steady expansion in the spring of 2001.
C. Compared to other decades, the 1990s was a decade was unique in that it had strong economic growth with no recessions.
D. At the end of the 1990s, the government was running budget surpluses.

 


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

122. Which statement is true? 


A. Our economy is larger than Japan's and our population is larger than Japan's.
B. Our economy is smaller than Japan's and our population is smaller than Japan's.
C. Our economy is larger than Japan's and our population is smaller than Japan's.
D. Our economy is smaller than Japan's and our population is larger than Japan's.

 


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

123. Statement I. The generation that came of age in the 21st century did better economically than their parents' generation.

Statement II. The American economic picture was brighter in the 1980s than the 1990s. 


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: Analytic
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.
 

124. Statement I. Small farmers can still easily survive thanks to government programs.

Statement II. During the 19th century, the U.S. government gave away 160-acre plots of land to anyone willing to clear the land and farm on it. 
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: Analytic
Bloom's: Remember
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.
 

125. Which presidential candidate made this pledge: "Read my lips: no new taxes"? 


A. Richard Nixon (1968)
B. Gerald Ford (1974)
C. Jimmy Carter (1976)
D. Ronald Reagan (1980)
E. George H.W. Bush (1988)

 


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

126. Statement I. In the future the bulk of our food will be grown on huge corporate farms.
Statement II. The primary purpose of price-support payments to farmers was to save the family farm. 
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: Hard
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

127. Which is the most accurate statement? 


A. The number of family farms has been increasing since 1960.
B. Nearly 20 million Americans live on farms today.
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