Study Questions Introduction to United States Economic History Final

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Study Questions Introduction to United States Economic History Final
Short answer- Briefly define each of the following terms economic concepts and be able to explain why it is important in understanding US Economic History

  1. Bimetallic standard

  2. Real GDP

  3. Nominal GDP

  4. MV=PY

  5. Bank note

  6. Economies of Scale

  7. Banking Panic

  8. Fractional reserve banking system

  9. Monopoly

  10. Economies of scale

  11. Horizontal merger

  12. Vertical Merger

  13. Lender of last resort

Short answer: Briefly define each of the following terms and explain why it is important in US Economic History before the Civil War

  1. Greenbacks

  2. National Banking act of 1864

  3. Panic of 1907

  4. Sherman Act

Longer Answers:

  1. True, false or uncertain. For each of following statements, indicate whether each statement is true, false or uncertain and write a two or three sentence explanation of why.

  1. Railroads were indispensible to US economic growth.

  2. Stock market crash of 1929 was responsible for the Great Depression

  3. The New Deal may have made the Great Depression worse.

  4. Unions were an important factor in increasing wages of workers before World War II.

  1. How was immigration after the Civil War different than it had been before the Civil War?

  1. The Great Depression has been called “the most important economic event of the twentieth century.” Explain why.

  1. Explain the various theories of what caused the Great Depression? Why did it last so long?

  1. Explain using Gresham’s Law how decisions made about financing the Civil War led to the disappearance of gold and silver coins from circulation.

  1. Identify each of the following and explain the arguments which suggest it should have a favorable impact of economic growth, those which suggest a negative impact on economic growth and what effect the regulation actually appears to have had.

  1. Interstate Commerce Commission

  2. Sherman Act

  3. Federal Reserve Act

  1. Describe how the position of the United States in the world economy changed as a result of WWI. Why did this change occur?

  2. How was the growth of the US population after the Civil War after Civil War different than it was before? Your answer should discuss the rate of growth and the causes of growth, birth rate, death rate and immigration.

  1. Why did farmers favor the monetization of silver? Why did the silver producers? Were their arguments correct?

  1. How did the structure of industry change after the Civil War? Why did it change? What was the effect on consumers of products?

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