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 ________. 


the North

 


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

217. The stock market crashed in the year _________. 
1929

 


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.
 

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


1980; 1981–1982

 


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.
 

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


1981 and 1982

 


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

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


relief; recovery; reform

 


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.
 

221. About _____ percent of the money the government has been paying in farm subsidies has been going to large corporate farms. 
75

 


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

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


Herbert Hoover; Franklin D. Roosevelt

 


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.
 

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


2007; 2009

 


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.
 

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


Franklin D. Roosevelt

 


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.
 

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) ________. 
cotton; wheat; corn

 


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

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


1929

 


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.
 

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


transcontinental railroads

 


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

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. 


steel; oil

 


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

229. Today about _______% of all Americans live on farms. 
1.52 [4,500,000 divided by 303,766,000]

 


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

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


lowering the 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.
 

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


1920s

 


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

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


5

 


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

233. Between 1921 and 1929 national output rose about ______%. 
50

 


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

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


Herbert Hoover

 


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.
 

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


the federal government tried to balance its budget; the Federal Reserve slowed the growth of the money supply

 


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.
 

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


2; 2

 


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.
 

237. In 1790 the average farmer fed ____ people; today the average farmer feeds _____ people. 
4.5; 100

 


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

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


supply has outrun demand

 


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

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


Cars and houses

 


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

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


low-cost, easy-term mortgages; highways

 


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

241. Japan did not lead the world in automobile production in the 1950s because ________________________. 
Japan's industrial plant had been destroyed during World War II

 


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

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


the Korean War; the advent of television

 


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

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


the high protective tariff; the extension of slavery into the territories

 


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

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


1929; 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.
 

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

 


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

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


Veterans Administration; Federal Housing Administration

 


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

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


South

 


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

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


price controls (and wage controls)

 


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

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

 


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

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


New Deal

 


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.
 

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


"The American Century"

 


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

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


75

 


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

253. The record for the longest U.S. economic expansion started in March ______ and ended in March _____. 
1991; 2001

 


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

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


12

 


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.
 

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


investment

 


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

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 ______________. 


William Levitt construction

 


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

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

 


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

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


40

 


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

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


continued to rise

 


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

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


300

 


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

261. The worst recession we had since World War II occurred in ___________. 
2007–2009

 


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.
 

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. 


Soviet Union

 


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

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


housing

 


AACSB: Reflective Thinking
Bloom's: Remember
Difficulty: Medium
Learning Objective: 01-06 Differentiate the "new economy" from the "old economy."
Learning Objective: 01-07 Assess America's place in history.
 


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