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



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C. The output of farm labor doubled between 1900 and 1947, and doubled again between 1947 and 1960.
D. Today one farmer feeds about 20 people.

 


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

128. Which is the most accurate statement? 


A. In the years after World War II, millions of blacks moved to the suburbs.
B. No new homes were sold to black families in the Levittowns built in New York, New Jersey, Pennsylvania, and Maryland.
C. Today most of the communities built by the Levitt family are overwhelmingly black.
D. Although racial discrimination did take place in housing in the years immediately after World War II, by the early 1960s it was no longer taking place.

 


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

129. In the 1970s, the main economic problem was 
A. stagflation.
B. huge budget surpluses.
C. a slow growing money supply.
D. an economy that was expanding too rapidly.

 


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

130. Which president had to cope with both rising deficits and a rising rate of inflation? 


A. John Kennedy
B. Dwight Eisenhower
C. Jimmy Carter
D. Ronald Reagan

 


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

131. 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 said big government is not the answer to our problem, it is the problem. 
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: Hard
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

132. The longest and most severe of these recessions was in 
A. 2007 – 2009.
B. 1990–1991.
C. 1960–1961.
D. 1953–1954.

 


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.
 

133. Statement I. The baby boom after World War II, along with low gas prices, accelerated the trend toward suburbanization.

Statement II. The Japanese and West German industrial production was so damaged or destroyed after World War II that it wasn't until 1960 that these nations could effectively compete in the world market. 
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: Understand
Difficulty: Hard
Learning Objective: 01-03 Discuss the impact of World War II on our economy.
 

134. Which is the most accurate statement? 


A. The administration of President Dwight Eisenhower undid much of what remained of the New Deal.
B. After taking office, President Eisenhower made good on his pledge to end inflation.
C. Suburbanization was halted during the Eisenhower Administration.
D. There were no recessions during the Eisenhower Administration.

 


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

135. What was the most important consequence of suburbanization? 
A. It made people less dependent on their cars.
B. It was very bad for the construction industry.
C. It left the cities with large concentrations of poor people.
D. It raised the tax bases of most cities.

 


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

136. Statement I. Suburbanization increased our dependence on foreign oil.

Statement II. Once returning World War II veterans found new housing in the suburbs, the process of suburbanization came to a halt. 
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: 01-03 Discuss the impact of World War II on our economy.
 

137. Statement I. The New Deal brought the nation back to full employment within four years.

Statement II. The Social Security program was part of the New Deal. 
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: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
 

138. Statement I. There was a sharp recession in 1937–1938.
Statement II. In 1933 our unemployment rate was about 25 percent. 
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: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
 

139. What got our economy out of the Depression in the early 1940s? 


A. The New Deal
B. A tax cut
C. Spending on the war
D. Suburbanization

 


AACSB: Analytic
Bloom's: Understand
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.
 

140. Which statement is true? 


A. There were no recessions during the 1980s.
B. The 1920s was not a prosperous decade.
C. The federal government played a significant role during Dwight Eisenhower's presidency.
D. The longest recession since World War II began in 1990.

 


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.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

141. In early 2010 there were __________ Americans working than there were 10 years earlier. 
A. more
B. fewer
C. the same number of

 


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

142. Which statement is true? 


A. In 1900 most Americans lived on farms.
B. Our nation's industrial base was largely destroyed by World War I.
C. John D. Rockefeller controlled the U.S. automobile industry during the first two decades of the 20th century.
D. Andrew Carnegie was the leading steel producer in the U.S. in 1900.

 


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

143. Statement I. The Roaring Twenties began and ended with depressions.

Statement II. Although there was a stock market boom in the 1920s, most Americans experienced a declining standard of living during the entire decade. 
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: Understand
Difficulty: Hard
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
 

144. The New Deal was carried out during the administration of President 
A. Herbert Hoover.
B. Franklin Roosevelt.
C. Harry Truman.
D. Dwight Eisenhower.
E. Lyndon 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.
 

145. In the first week in March 1933, ______ banks had shut their doors. 


A. no
B. a few
C. nearly half
D. most
E. all

 


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.
 

146. The most important factor in reversing the economic decline of 1929–1933 was that 


A. the federal government finally balanced its budget.
B. the stock market began to rise.
C. people became more optimistic.
D. the federal government began to spend a huge amount of money.

 


AACSB: Analytic
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.
 

147. Which statement is false? 
A. During the 19th century the main cash crops grown in the South were cotton, rice, sugar, and tobacco.
B. The only real economic conflict between the North and the South before the Civil War was over slavery.
C. It took most parts of the South about a century to recover economically from the effects of the Civil War.
D. Southern agriculture developed very differently from agriculture in other regions of the nation.

 


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

148. Which one of the following was the strategy followed by Japanese industrialists after World War II? 


A. They sold low-priced goods to the low end of the American market while they rebuilt their industrial base.
B. They charged Japanese consumers much lower prices than they charged American consumers, since Americans could afford to pay more for these goods.
C. They sold high-priced goods to the high end of the American market, leaving the low end to Korea and Taiwan.
D. They received tens of billions of dollars in aid from the U.S. government and have still not paid back a penny.

 


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

149. Which one of the following was a basic economic conflict between the North and the South in the years preceding the Civil War? 
A. The North opposed the high protective tariffs the South supported to protect its manufactured goods.
B. The South opposed the high protective tariffs the North supported to protect its manufactured goods.
C. The North demanded the abolition of slavery.
D. The North opposed the building of a transcontinental railroad.

 


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

150. In 1860 four-fifths of the farms with over 500 acres were in the 


A. North.
B. East.
C. South.
D. West.

 


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

151. For most of the 19th century in the American West, there was 


A. an abundance of labor relative to land.
B. abundance of land relative to labor.
C. an abundance of both labor and land.
D. a scarcity of both labor and land.

 


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

152. The Age of the great industrial capitalist was 
A. the last quarter of the 18th century.
B. the first quarter of the 19th century.
C. the second quarter of the 19th century.
D. the third quarter of the 19th century.
E. the fourth quarter of the 19th century

 


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

153. The U.S. did not lapse back into a depression after World War II ended for all of the following reasons EXCEPT 


A. a larger role taken on by the federal government.
B. pent up demand for housing and automobiles.
C. government programs that aided the trend toward suburbanization.
D. a return to laissez-faire economic policies.

 


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

154. The United States experienced depressions in all of the following decades except 


A. the 1890s.
B. the 1920s.
C. the 1930s.
D. the 1950s.

 


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

155. Which of the following decline in output in the U.S. since 1870 resulted in the largest percentage decline in output? 
A. The depression of the 1890s.
B. The 1973-75 recession.
C. The depression of the 1930s.
D. The 2007-2009 recession.

 


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

156. Which of the following would not be considered a boom period as measured by the percentage growth rate of U.S. output of goods and services? 


A. The Roaring 20s
B. The conversion from a wartime to a peacetime economy following World War II
C. World War II
D. The late 1990s

 


AACSB: Analytic
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-03 Discuss the impact of World War II on our economy.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

157. What was the most influential factor in our economic development during the 19th century? 


A. The abundance of capital
B. The abundance of labor
C. Mass production
D. The abundance of land

 


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

158. The South's economy was based on production of 
A. iron, steel and textiles.
B. corn, wheat and soybeans.
C. tobacco, cotton and rice.
D. iron, wheat and cotton.

 


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

159. Which of the following is false? 


A. The completion of the national railroad network by 1890 led to the development of a national American market rather than just a series of smaller regional markets.
B. Before the Civil War the North and the South were in agreement on the issue of protective tariffs, but were in conflict over the spread of slavery into the new Western territories.
C. The U.S. was the first mass-consumption society.
D. From 1900 to the end of World War I, U.S. farmers prospered.

 


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

160. Economic growth was stimulated by suburbanization 


A. in the first five years after World War II.
B. in the 15 years following World War II.
C. from the mid 1960s to the mid 1970s.
D. after the Persian Gulf War.

 


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

161. In which of the following decades did the American government take a more "hands off" or "let it alone" approach in its role in the economy? 
A. 1980s
B. 1970s
C. 1940s
D. 1930s
E. 1920s

 


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

162. The United States experienced _______________ from 1930 to 1933. 


A. stagflation
B. inflation
C. deflation
D. budget surpluses

 


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.
 

163. Today farms with sales of more than $250,000 a year account for about _____ percent of all agriculture sales. 


A. 5
B. 25
C. 50
D. 75
E. 95

 


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

164. In which year did the United States account for half the world's manufacturing output? 
A. 1925
B. 1945
C. 1965
D. 1985
E. 2005

 


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

165. World War II veterans benefited from each of these programs except 


A. VA mortgage loans.
B. the GI bill of rights.
C. the construction of the national highway network.
D. the ending of housing discrimination in the late 1940s.

 


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

166. Which is the most accurate statement? 


A. The problem of hunger has been virtually eliminated in the United States.
B. Farmers are less productive today than they were 40 years ago.
C. The 1990s will go down in history as one of the most prosperous decades since the founding of the republic.
D. Oil prices declined in 1973.

 


AACSB: Analytic
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.
 

167. Each of the following took place in the latter half of the 1990s except 
A. a declining federal budget deficit.
B. a declining unemployment rate.
C. the spread of computerization.
D. a rising rate of inflation.

 


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

168. Each of the following took place in the latter half of the 1990s except 


A. a falling rate of inflation.
B. a rising stock market.
C. an economic boom.
D. a rising unemployment rate.

 


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

169. The symbiotic relationship between mass production and mass consumption was best personified by 


A. John D. Rockefeller.
B. Andrew Carnegie.
C. Henry Ford.
D. John Deere.

 


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

170. Which of the following best describes the state of agriculture at the present time? 
A. Things have never been better, especially for the small farmer.
B. The small farmer is selling an increasing percentage of farm output.
C. American farms are so productive that the U.S. often exports one-third of its corn, wheat and other crops.
D. There has been a substantial shift of population back to the farms.

 


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

171. Which of the following statements is true? 


A. The average farm has gone from 500 acres in the 19th century to 100 acres today.
B. The Freedom to Farm Act of 1996 ended government payments to farmers.
C. Despite hundreds of billions of dollars on farm price-support payments since World War II, the family farm is vanishing.
D. About 20 million people live on farms today.

 


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.
 

172. Which of the following is true? 


A. Twenty-five percent of Americans were officially unemployed in 1933.
B. Our economy expanded steadily from 1933 to 1937.
C. Once the Great Depression began in 1929, our economy moved steadily downhill until 1933.
D. All of the choices are true.

 


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.
 

173. Which statement is false? 
A. The rate of inflation rose during the Eisenhower Administration.
B. Our economy has not had an unemployment rate below 5 percent since the early 1940s.
C. President Reagan believed the federal government should "tax, tax, tax, spend, spend, spend", its way to prosperity.
D. All of the statements are false.

 


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

174. Which statement is false? 


A. President Eisenhower presided over three recessions.
B. At the close of the 20th century the unemployment rate was below 5 percent.
C. Our longest economic expansion was for six years during the Reagan Administration.
D. None of the choices are false.

 


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

175. Which statement is true? 


A. There was a great deal of stagflation in the 1960s.
B. We had full employment for most of the 1980s.
C. We have had twelve recessions since the beginning of 1945.
D. None of the choices are true.

 


AACSB: Analytic
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.
 

176. Which statement is true? 
A. There was a great deal of stagflation in the 1970s.
B. We had the worst recession since World War II in the late 2000s.
C. We have had twelve recessions since January, 1945.
D. All of the choices are true.

 


AACSB: Analytic
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.
 

177. Which of the following was an element of the New Deal? 


A. Wage and price controls
B. Unemployment insurance and bank deposit insurance
C. Regulation of the stock market
D. Unemployment insurance, bank deposit insurance, and regulation of the stock market, but not wage and price controls

 


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.
 

178. In which of the following years was there a recession? 


A. 1942
B. 1950
C. 1965
D. 1973

 


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.
 

179. Which of the following statements is false? 
A. In the early 19th century, the United States suffered from a scarcity of labor-relative to land.
B. At the time of the American Revolution, about nine of every ten Americans lived on a farm.
C. The transcontinental railroads completed in the 1880s brought railroads to every region of the country.
D. Between 1939 and 1944, federal government spending rose by 400 percent.

 


AACSB: Analytic
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.
 

180. Which of the following statements is false? 


A. The recession of 2001 was mild.
B. Output in the United States fell by about one-half between 1929 and 1933.
C. The inflation rate declined during the Eisenhower and Reagan administrations.
D. The unemployment rate was less than 3 percent in 1944.
E. None of these statements are false

 


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

181. Which of the following statements is true? 


A. There was a great deal of stagflation in the 1930s.
B. The inflation rate fell during the Eisenhower Administration, but rose during the Reagan years.
C. Output in the United States fell by about one-third between 1929 and 1933.
D. The Medicare and Medicaid programs were inaugurated during the New Deal.

 


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.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

182. Which statement is true? 
A. President Eisenhower did not attempt to undo the legacies of the New Deal, such as Social Security and unemployment insurance.
B. There was a major tax increase in 1964.
C. A war in Vietnam and a "war on poverty" in the Johnson Administration helped to reduce the federal budget deficit.
D. None of the choices are true.

 


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.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

183. During George W. Bush's presidency 


A. the job market was quite robust.
B. our federal budget deficit hit a record high.
C. the federal budget surpluses in the last years of the Clinton presidency continued.
D. we experienced a very high inflation rate.

 


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

184. Which of the following is false? 


A. The U.S. has had twelve recessions since January 1945.
B. The U.S. has had a great deal of stagflation in the 1970s.
C. The U.S. has not had a depression since the 1930s.
D. The U.S. had rising inflation all throughout the 1990s.

 


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.
 

185. Which statement is true? 
A. Subsidy payments to farmers were almost completely phased out in 2007.
B. The so-called new economy of the 1990s was neither new, nor very different from the economy of the previous 25 years.
C. Until the time of the Great Depression, the United States was primarily an agricultural nation.
D. There were no recessions during the presidency of Bill Clinton (January 1993–January 2000).

 


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.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

186. Which of the following describes what happened to the economy of the South after the Civil War? 


A. The South, with the aid of new capital investment, public and private, became industrialized two decades after the Civil War.
B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s played a key role in the industrialization of the South in the 1880s and 1890s.
C. The South remained the poorest region in the country until the growth of the Sun Belt took off in the 1960s.
D. The South remained a largely agricultural section of the economy until the 21st century.

 


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

187. 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 were hurt by the high protective tariffs of the 19th century that kept out cheaper British manufactured goods.
C. The national railroad network 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 greatly improved farm productivity.
E. All 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.
 

188. Ransom E. Olds 


A. was the first automobile manufacturer to use a division of labor and an 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 dominate the industry.
D. All of the choices are true.

 


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

189. Comparing the United States economy in the 1920s with the economy in the 1990s, all of the following were similar EXCEPT 


A. both decades had strong economic expansion.
B. both decades had soaring stock markets.
C. both decades had rapid technological progress.
D. both decades had the federal government take a laissez-faire approach to the economy.

 


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

190. Comparing the United States economy in the 1920s with the economy in the 1990s, both decades 
A. had slow economic growth.
B. had a lack of any government regulation of the stock market.
C. suffered from economic depressions.
D. had soaring stock markets.

 


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

191. The longest economic expansion on record lasted 


A. almost five years
B. almost six years
C. nine years
D. ten years
E. almost twelve years

 


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

192. Which of the following wars consumed almost half of our nation's total output? 


A. The Civil War
B. World War I
C. World War II
D. The Vietnam War

 


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

193. The United States experienced a depression in which of the following decades? 
A. The 1920s
B. The 1940s
C. The 1950s
D. The 1970s

 


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

194. Which of the following was NOT a time period in which output in the U.S. sharply rose? 


A. World War I
B. The Roaring Twenties
C. The early 1930s
D. The 1960s
E. The late 1990s

 


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

195. Statement I: Over the last two or three decades, our economy has become increasingly integrated with the global economy.


Statement II: While the global economy has caused the loss of millions of manufacturing jobs, so far white-collar jobs have not moved offshore. 
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: Understand
Difficulty: Medium
Learning Objective: 01-06 Differentiate the "new economy" from the "old economy."
 

196. In the 1990s our economy generated more than _______ million additional jobs. 
A. 5
B. 10
C. 15
D. 20

 


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

197. Which of the following was considered a mild recession? 


A. 1937–1938
B. 1973–1975
C. 1981–1982
D. 1990–1991

 


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

198. Which of the following is false? 


A. The completion of the national railroad network by 1890 led to the development of a national American market rather than just a series of smaller regional markets.
B. Northern manufacturers benefited from high protective tariffs, which kept out cheaper British goods.
C. The U.S. was the first mass-consumption society.
D. Aside from slavery, southern and northern agriculture were very similar.

 


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

199. The massive shift of population and industry out the large central cities from the late 1940s through the 1960s was caused by 
A. terrorist attacks.
B. the mechanization of agriculture.
C. suburbanization.
D. the widespread use of electricity.
E. fear of nuclear war.

 


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

200. In the late 1920s, you could buy $5,000 worth of stock by putting down as little as 


A. $100
B. $200
C. $500
D. $1,000
E. $2,500

 


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.
 

201. Which of the following factors was NOT responsible for the decline in farmers as a percent of the U.S. population from after the Civil War to 1900? 


A. Falling prices for corn, wheat, and cotton
B. The demand for food outstripped supply
C. New technology
D. The government's liberal land policy that increased output

 


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

202. The recession of 1937-38 could be blamed on 
A. the Roosevelt Administration's deficit spending.
B. the Roosevelt Administration's attempt to balance the budget.
C. the Federal Reserve's driving down interest rates.
D. a large tax cut.

 


AACSB: Analytic
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.
 

203. Henry Leland 


A. was the first automobile producer to use the movable assembly line.
B. was the first automobile producer to manufacture a standardized engine with interchangeable parts.
C. sold millions of cars at a small unit of profit that allowed his company to dominate the industry.
D. 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.
 

204. Which government reform or program did not occur in the 1930s? 


A. The creation of the Federal Deposit Insurance Corporation (FDIC)
B. The GI bill of rights
C. The creation of the Securities Exchange Commission
D. The Social Security System

 


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.
 

205. Which is the most accurate statement? 
A. Our trade deficit is at a record level and will remain so for the foreseeable future.
B. The economic response to the attacks on 9/11 was similar to the economic response to the attack of Pearl Harbor in 1941.
C. The United States economy is almost self-sufficient.
D. The year 2001 was one of the best in terms of economic performance for the United States.

 


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.
 

206. Each of the following took place in the 1930s EXCEPT 


A. the collapse of the entire international financial structure.
B. a drought that became known as the Dust Bowl wiped out millions of farmers.
C. all of the nation's banks were closed in the first week of March 1933.
D. the fulfillment of the promise: "two cars in every garage" and "a chicken in every pot".

 


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.
 

207. In the 1937–1938 economic downturn 


A. the number of unemployed rose dramatically by about 5 million.
B. industrial production fell by 30 percent.
C. presidential as well as Federal Reserve policy helped to cause the decline.
D. All of the choices are true.

 


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.
 

208. The "New Economy", a period marked by major technological change, low inflation, low unemployment, and rapidly growing productivity characterized 
A. the 1920s.
B. the 1960s.
C. the 1990s.
D. All of the decades listed.

 


AACSB: Analytic
Bloom's: Understand
Difficulty: Medium
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
Learning Objective: 01-06 Differentiate the "new economy" from the "old economy."
 

209. Which of the following industrial changes allowed the smallest start-up manufacturers to compete with great industrial capitalists? 


A. A positive trade balance at the turn of the 20th century.
B. The completion of the national railroad network.
C. The development of the moving assembly line as a division of labor in manufacturing.
D. The transition from private electric generators to centralized utility based power production.

 


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

210. A freeze on wages and prices was introduced by President 


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

 


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.
Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s.
 

211. Which statement about the United States at present is false? 
A. We have the world's largest economy.
B. Our federal deficits have been at record highs for the last few years.
C. The Social Security and Medicare trust funds are safe for at least the next two generations.
D. In 2005, our savings rate fell below zero.
E. We are borrowing almost $2 billion a day from foreigners to finance our trade and budget deficits.

 


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

212. At the end of World War I (1918), the United States 


A. emerged as the world's leading industrial power.
B. was the world's largest economy.
C. was the largest consumer market.
D. had become the greatest military power.
E. 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.
 

213. Statement I: The dissolving of the Soviet Union 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 toward much more productive uses.

Statement II: By the end of the 20th century the United States faced no economic problems and "we were clearly at the top of our game". 
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: 01-06 Differentiate the "new economy" from the "old economy."
 

214. Statement I: The abuse of power by the industrial capitalists at the end of the 19th century led to the rise of labor unions and the passage of antitrust legislation.

Statement II: The widespread bank failures of the 1920s became even worse in the early 1930s. 


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: Understand
Difficulty: Hard
Learning Objective: 01-01 Summarize America's economic development in the 19th century.
Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery.
 

215. Since the millennium, job growth is 


A. growing.
B. about the same as it was in the 1990s.
C. lagging.

 


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

 

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