American Economic History Exam
Bank
Course Introduction
American Economic History examines the development and transformation of the United States economy from colonial times to the present. The course explores key themes such as industrialization, technological innovation, labor movements, financial crises, government policy, and globalization. Students analyze the economic causes and consequences of major historical events including the Civil War, the Great Depression, and postwar growth, while considering the roles of institutions, demographics, and regional differences. By integrating economic theory with historical analysis, this course provides a deeper understanding of how economic forces have shaped American society and its position in the world.
Recommended Textbook
History of the American Economy With Infotrac 11th Edition by Gary M. Walton
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Chapter 1: Economic History
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Q1) Which of the following most accurately describes changes in life expectancy?
A)Life expectancy was relatively low until 1750,when it increased extremely rapidly.
B)Life expectancy has increased steadily during the past 6,000 years.
C)Life expectancy was low until after World War II,when it increased very quickly.
D)Life expectancy has exhibited significant cyclical patterns of growth and decline.
Answer: A
Q2) Which is most accurate about those who were in the bottom fifth of the income distribution in 1975?
A)In 1991,about 85% of them were still in the bottom fifth of the income distribution.
B)In 1991,about 50% were still in the bottom fifth of the income distribution.
C)In 1991,about 25% were in the bottom fifth and another 25% were in the second poorest group.
D)In 1991,about 30% were in the richest fifth and another 30% were in the second richest group.
Answer: D
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3
Chapter 2: Founding the Colonies
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Q1) Estimates of the North American Native American population in 1491
A)are inconclusive.
B)range in the hundreds of thousands.
C)range in the millions.
D)range in the ten of thousands.
Answer: C
Q2) Settlers often received 50 acres of land for each person whose passage they paid to America.This was known as
A)a special purpose grant.
B)an entailment.
C)the headright system.
D)planter's shares.
Answer: C
Q3) Which of the following phrases does not accurately describe a feature of the European economy during the Renaissance period?
A)technological advances in navigation
B)the rise of nation-states
C)declining population
D)increased security of persons and property
Answer: C
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Chapter 3: Colonial Economic Activities
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Q1) If a product exhibits increasing returns to scale,then the average cost of making the product will ______ as a company produces more of it?
A)Increase.
B)Decrease.
C)Remain the same.
D)There is insufficient information provided to answer the question.
Answer: A
Q2) What was not true about the economy of the Middle Colonies?
A)It was a net importer of food.
B)The farms were generally smaller than those in the South.
C)The crops did not have large economies of scale.
D)Its main agricultural products were grains.
Answer: A
Q3) The only mineral that was available in any significant quantity in colonial America was:
A)Gold.
B)Silver.
C)Iron.
D)Coal. Answer: A
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Chapter 4: The Economic Relations of the Colonies
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Q1) What statement most accurately describes the U.S.colonial economy in the 1700s?
A)The Middle Colonies had big trade surpluses from their large shipments of food.
B)The majority of the population lived in the large urban areas along the Atlantic coast.
C)Once indentured servants completed their indentures,they moved to the lower South,where the agricultural productivity was highest.
D)Colonial America was the first region in the world to permanently use paper money.
Q2) Which of the following most accurately describes what the text says about mercantilists?
A)They tried to build up the military power of their economies.
B)They tried to produce full employment.
C)They confused gold and silver with true wealth.
D)They were merely spokesmen for special interest groups.
Q3) Mercantilists wanted a favorable balance of trade,by which they meant
A)exports = imports.
B)exports > imports.
C)exports < imports.
D)To import nothing from the colonies.
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Chapter 5: Economic Progress and Wealth
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Q1) Which of the following provides an important source for data on colonial wealth?
A)census records
B)newspapers
C)records of charitable contributions
D)probate records
Q2) The colonists' per capita income on the eve of the Revolution was most comparable to the per capita income of:
A)China.
B)England.
C)Western Europe.
D)Western Africa.
Q3) Based on the analysis of Alice Hanson Jones,what colonial region showed the most unequal distribution of wealth?
A)New England.
B)Middle Colonies.
C)South.
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Chapter 6: Three Crises and Revolt
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Q1) What was not a grievance of the Continental Congress that met in October 1774?
A)Taxes had been imposed upon the colonies by the British Parliament.
B)The colonies were not permitted to trade with nations other than England.
C)England had confiscated western colonial land.
D)Persons could be transported out of the colonies for trials.
Q2) Which one of the following was not a goal of the Navigation Acts?
A)Protect and encourage English and colonial shipping.
B)Ensure that major colonial imports from Europe were shipped from British ports.
C)Ensure that the bulk of desired colonial products were shipped to England.
D)Prevent West Indian planters from increasing their control over the U.S.colonial trade.
Q3) The Royal Proclamation of 1763 and the Quebec Act of 1774 had all of the following effects except:
A)increased the price of farm labor
B)increased the price of farm land
C)decreased competition for existing farmers
D)encouraged Scotch,Irish and German immigrants to rebel against England
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Chapter 7: Hard Realities for a New Nation
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Q1) During the Napoleonic Wars (1793-1815)
A)America experienced periods of full employment.
B)urbanization increased sharply.
C)America bore the brunt of the mercantilist policies of both England and France.
D)Both a and c are correct.
E) Both a and b are correct.
Q2) During the period following the Revolution,
A)the populations of the major cities increased dramatically.
B)per capita exports decreased slightly for the southern states.
C)per capita exports decreased sharply for the southern states.
D)on average,per capita exports increased.
Q3) What generated the most revenue for the U.S.government in the first 20 years after the Revolution?
A)Income taxes
B)Property taxes
C)Tariffs on goods imported from other nations
D)Inheritance taxes
E)Taxes on products shipped between states
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Chapter 8: Land and the Early Western Movements
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Q1) What would best characterize the relationship between corn prices,wheat prices and the public sale of western land (OH,IL,IN,MI,IA,WI,MO)between 1815-1860?
A)All three were very positively correlated.
B)Land sales increased first,which drew people to move and produce more crops,which increased the crop prices.
C)As land sales increased,corn prices increased and wheat prices decreased as farmers substituted from wheat to corn.
D)Land sales were negatively related to both the wheat and corn prices.
Q2) U.S.citizens migrating to Illinois in the first half of the 19 century would most likely have come from:
A)Massachusetts and New Jersey.
B)California and Oregon.
C)North and South Carolina.
D)Up the Mississippi River from Louisiana and Mississippi.
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10
Chapter 9: Transportation and Market Growth
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Q1) What is the best inference about the impact of a decrease in transportation costs?
A)The demand and supply curves will shift out,which will increase quantities of goods.
B)The supply curve will shift out,which will lead to lower prices to consumers.
C)Farmers will earn a smaller share of the selling price of their crops.
D)The demand curve will shift out,which will lead to higher prices and quantities of goods.
Q2) Robert Fulton is most recognized for
A)inventing of the cotton gin.
B)building the first steamboat.
C)being one of the primary advocates of the abolition movement.
D)developing the technology to power railroad engines.
Q3) Until the 1840s,the leading transport route in the US (in terms of volume of freight from the West)was
A)the Northern Gateway.
B)the Northeastern Gateway.
C)the Southern Gateway.
D)the Erie Canal.
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Chapter 10: Market Expansion Industry in First Transition
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Q1) Which of the following phrases does not describe an essential characteristic of a factory?
A)produces a standardized product to be sold in a wide market
B)relies on stocks and bonds in order to finance plants and machinery
C)assemble workers under a definite organizational discipline
D)carries out complex operations in one building or in adjacent buildings
Q2) From 1800-1860 which part of the nation was most opposed to high tariffs?
A)South.
B)New England.
C)Middle Atlantic States.
D)Far Western States.
Q3) The first factories in the US were developed within the __________ industry.
A)iron smelting
B)grain milling
C)boot and shoe
D)cotton textile
Q4) Which was not a way in which tariffs hurt the South?
A)Southern produced products lost US market share.
B)The tariffs raised the price of imported goods to consumers.
C)England had less money with which to purchase American made goods.
Page 12
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Chapter 11: Labor During the Early Industrial Period
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Q1) In Commonwealth v.Hunt (1842)the Supreme Court of Massachusetts
A)established a legal minimum wage in manufacturing.
B)ruled that union members have the right to strike and push for a closed shop.
C)found the Boston Bootmakers' Society guilty of unlawful conspiracy.
D)established the 10-hour day as the legal maximum in manufacturing.
E) All of the above.
Q2) In the 1850s,the growth rate of real wages in U.S.manufacturing slowed to nearly zero because
A)the demand for manufacturing labor and the supply of manufacturing labor increased by approximately the same amount during this period.
B)the demand for manufacturing labor and the supply of manufacturing labor decreased by approximately the same amount during this period.
C)the demand for manufacturing labor increased more rapidly than the supply of manufacturing labor during this period.
D)the demand for manufacturing labor increased while the supply of manufacturing labor decreased during this period.
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Chapter 12: Money and Banking in the Developing Economy
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Q1) Under the bimetallic standard of the 19th century,
A)gold was initially valued at about 15 times that of silver.
B)price fluctuations of gold and silver eased the adoption of the system.
C)price fluctuations caused hoarding of undervalued coins.
D)Both a and b are correct.
E)Both a and c are correct.
Q2) The Coinage Act of 1792
A)designated both gold and silver as the monetary standard for the U.S.
B)designated gold as the monetary standard for the U.S.
C)designated silver as the monetary standard for the U.S.
D)designated paper Treasury notes as the monetary standard for the U.S.
Q3) All of the following means were used to reduce problems associated with the circulation of commercial bank notes except
A)a pledge by the Treasury to accept all bank notes issued by state-chartered banks.
B)anticounterfeiting associations formed by commercial banks.
C)bank note reporters and counterfeit detectors,such as Thompson's Reporter and Hodges' Bank Note Safeguard.
D)note brokers who bought and sold commercial bank notes.
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Chapter 13: The Entrenchment of Slavery and Regional Conflict
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Q1) Which did not contribute to the rise of "King Cotton"?
A)Eli Whitney's invention of the cotton gin in 1793
B)soils and climate of the new Southwest
C)large shifts in slave populations
D)declines in slave populations that drove mechanical innovation
Q2) The majority of slaves that were brought to the New World during the colonial period were used in the production of:
A)cotton.
B)sugar.
C)tobacco.
D)rice.
Q3) According to estimates by Richard Vedder,rates of exploitation for slaves
A)are similar to those of antebellum manufacturing workers.
B)indicate that slaves received nearly the full value marginal product of their labor.
C)equaled 50-65 percent of their value marginal product.
D)cannot be determined due to inadequate data on maintenance costs of adult slaves.
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15
Chapter 14: War, Recovery and Regional Divergence
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Q1) The best description of US economic growth during the 1800s is:
A)The annual growth rate for the 20 years preceding the Civil War was about the same as the annual growth rate from 1870-1899 while the growth rate during the Civil War was higher than either period.
B)The annual growth rate for the 20 years preceding the Civil War was lower than the annual growth rate from 1870-1899.
C)The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899.
Q2) Sharecropping
A)allowed tenant farmers and land owners to share the risks and benefits of farming.
B)gave freed slaves more control over their workday.
C)relied on contracts that were usually renegotiated annually.
D)created little incentive for long-term investments in improvement of farm land.
E) All of the above.
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Chapter 15: Agricultures Western Advance
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Q1) Between 1870-1910,quantitative evidence shows very little,if any growth in bushels produced per acre for crops like corn and wheat.Which of the following statements correctly depicts the situation of farmers during this period?
A)Although output per acre was not growing,increased labor productivity allowed farmers to earn profits.
B)Farmers exited corn and wheat production due to lack of profits in these crops.
C)Because output per acre was not growing,farmers were forced to produce corn and wheat on farms of 60 acres or less.
D)Corn and wheat production became concentrated in the Great Lakes region,where small farms were common after the Civil War.
Q2) The rise in agricultural discontent in the late 19th century can be best explained by
A)the rise of railroad cartels in the Midwest.
B)the rise of global market forces not easily observed by the farmers.
C)a decline in the value of agricultural exports from 1870 to 1900.
D)predatory lending by banks,resulting in increased farm repossessions.
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Chapter 16: Railroads and Economic Change
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Q1) Types of price discrimination practiced by post-bellum railroads included all of the following except:
A)varied rates based on passenger's gender.
B)varied rates based on town of origin.
C)higher rates per mile for short-hauls than for long-hauls.
D)higher rates per ton for manufactured goods than for raw materials.
Q2) Widespread assumptions about the first transatlantic railroad did NOT include
A)that government support was as essential.
B)that profits to the nation would be enormous.
C)that private investors would be easily compensated for any risk.
D)that transatlantic crossing via rail would take a fraction of the time of a clipper ship passage.
Q3) The Grangers would most likely support which policy?
A)Price controls on grain operators
B)Price deflation
C)A strong commitment to backing currency only with gold
D)Federal government aid to railroads
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18
Chapter 17: Industrial Expansion and Concentration
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Q1) Which of the following statements presents accurate information about the Standard Oil merger?
A)The Standard Oil merger is an example of a vertical merger.
B)Standard Oil was initially organized as a holding company.
C)The petroleum refining industry was never particularly competitive,and was dominated by a few large firms even prior to the Standard Oil merger.
D)Following the merger,Standard Oil controlled 90 percent of U.S.refining capacity.
E)All of the above.
Q2) The leading producer of manufactured goods in 1900 was A)the United States.
B)Germany.
C)England.
D)Canada.
Q3) The McCallum management principles advocate the use of
A)time-motion study to determine the most productive way to perform job-tasks.
B)employee stock-purchase programs.
C)internal accounting systems and performance evaluations.
D)leveraged buy-outs to increase the firm's control of an industry.
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Chapter 18: The Emergence of Americas Labor Consciousness
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Q1) The American Federation of Labor
A)was an amalgamation of two labor organizations.
B)had over 1 million members by 1905.
C)sought to control job opportunities and conditions within each craft.
D)allied with the National Civic Federation in attempt to create a more favorable public image.
E) All of the above.
Q2) Violent labor-management conflicts of the late 1800s included all of the following except
A)the Haymarket Square riot
B)the Carnegie Homestead Works incident
C)the Pullman strike
D)the Credit Mobilier scandal
Q3) Which of the following was never a labor union?
A)American Federation of Labor
B)Labor Relations Board
C)Congress for Industrial Organization
D)Knights of Labor
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Chapter 19: Money, Prices, and Finance in the Postbellum
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Q1) During the Civil War,inflation caused U.S.prices to rise by roughly
A)12 percent.
B)32 percent.
C)54 percent.
D)76 percent.
Q2) In accordance with the "Fisher effect,"
A)farmers with mortgages could benefit from inflation.
B)expectation of inflation could trigger higher interest rates for mortgages.
C)if silver inflation was expected,farmers could command lower interest rates when renewing a mortgage.
D)All of the above are correct.
E) Only a and b are correct.
Q3) The years between 1896 and World War I were characterized by
A)rapidly rising prices in the U.S.
B)wild fluctuations in international exchange rates.
C)the "heyday" of the gold standard in the U.S.and most industrialized countries.
D)barriers that prevented the flow of goods and capital across international borders.
E) All of the above.
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Chapter 20: Commerce at Home and Abroad
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Q1) Which of the following is true?
A)Advertising on a national scale became a widely accepted practice,but only after the Civil War.
B)The first attempts at advertising on more than the local level were directed at consumers rather than retailers.
C)By 1910,advertising was a billion-dollar industry.
D)Only a and b are correct.
E) Only a and c are correct.
Q2) Between 1800 and 1910,the percentage of the U.S.population living in cities of 100,000 residents or larger went from ____ percent to roughly ___ percent.
A)15;20
B)10;20
C)5;20
D)0;20
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Chapter 21: Mobilizing for War
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Q1) Which of the following was not a reason why wages in the US increased during World War I?
A)A sharp decrease in immigration during the war.
B)A large increase in drafting men into the armed forces.
C)A large increase in the number of government contracts.
D)A large increase in the number of women who were employed in the labor market.
Q2) What best describes the role of the United States in World War I?
A)The U.S.entered World War I as soon as it started.
B)The U.S.was a neutral moderator throughout the war.
C)The U.S.entered the war on the side of Russia and opposed Austria Hungary.
D)U.S.business suffered severe financial losses during the war.
Q3) The War Industries Board,headed by Bernard Baruch,performed all of the following functions except
A)negotiating prices of key industrial products.
B)developing and implementing the bulkline pricing system to determine industrial prices that maximized output.
C)establishing a ratings system for government contracts.
D)establishing and enforcing minimum wages for manufacturing workers.
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Chapter 22: The Roaring Twenties
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Q1) Between 1922 and 1929 stock prices increased by more than A)100%.
B)200%.
C)300%.
D)1000%.
Q2) According to recent research by Golden and Katz,__________ led the way in establishing high schools in the 1920s.
A)the urban centers of the North
B)the mid-Atlantic states
C)California
D)the Middle West,including Iowa and Nebraska
Q3) Which of the following is most accurate about the economic conditions in the 1920s?
A)The large increases in demand for products generated significant cyclical unemployment.
B)There was a significant decrease in the number of hours worked per week.
C)Agriculture was the leading growth sector of the economy.
D)The net migration pattern was from urban to rural.
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Chapter 23: The Great Depression
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Q1) In regards to the uncommon length of the Great Depression,both Shumpter and Higgs contend that
A)private investment remained depressed in part due to the political climate created by the New Deal.
B)Social Security and the freedoms granted to labor,along with a progressive tax structure promoted growth in private investment.
C)the undistributed profits tax of 1936 encouraged businesses to undertake long-term investments.
D)the New Deal rhetoric from President Roosevelt,offered a pro-business slant that offended labor groups.
Q2) During the Federal Bank Holiday ordered by President Roosevelt
A)new supplies of gold were distributed to the banks.
B)a national monetary commission was set up.
C)the banks were inspected.
D)the leadership of the Federal Reserve System was replaced.
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Chapter 24: The New Deal
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Q1) During the Great Depression,union membership _____ due to _____.
A)expanded,greater cooperation between radicals and conservatives in the labor movement.
B)expanded,the passage of pro-union legislation.
C)contracted,greater conflict between radicals and conservatives in the labor movement.
D)contracted,people wouldn't risk losing their jobs by joining a union when unemployment was high.
Q2) The New Deal policies both relieved distress and reformed the system to prevent future depressions.An example of the former is the ___ while the ___ is an example of the latter.
A)Civilian Conservation Corps;Works Projects Administration.
B)Works Projects Administration;Industrial Organization Review Board.
C)Civilian Conservation Corps;Securities and Exchange Commission.
D)Federal Deposit Insurance Corporation;Industrial Organization Review Board.
Q3) What was not a significant cause of the Great Depression?
A)Bank failures.
B)Stock market crash.
C)Government fiscal and monetary policy.
D)Large increase in imports that took jobs away from American workers.
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Chapter 25: World War II
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Q1) The draft is analogous to a tax,where the amount of the tax equals
A)the discounted present value of the soldier's lost private sector income.
B)the estimated value of a human life.
C)the difference between what a soldier would need to be paid to serve voluntarily and his/her actual pay.
D)The soldier's earnings while enlisted.
Q2) An economy producing at the wrong point on its production possibility frontier is ___.
A)efficient,because it is on the production possibility frontier.
B)inefficient,because the combination of goods and services produced is not what people want.
C)efficient,because the economy is producing goods at the lowest possible cost.
D)inefficient,because that combination of goods could be produced at a lower cost if more efficient technology were employed.
Q3) If supply is perfectly inelastic and demand increases,
A)price falls and output rises.
B)price rises and output falls.
C)price rises and output remains unchanged.
D) price rises and output rises.
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Chapter 26: The Changing Role of the Federal Government
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Q1) Federal support for road building into publicly owned commercial forests has caused
A)an increase in the supply of timber.
B)an increase in the demand for timber.
C)higher timber prices.
D)a shortage of timber.
E) All of the above.
Q2) In early 1996,Congress passed the "Freedom to Farm Bill." Following the bill's enactment,
A)farmers found that competition from international agriculture declined.
B)farm prices rose steadily for the next 4 years.
C)agriculture was completely deregulated,and farmers began to operate without any government subsidies or assistance.
D)farm prices fell,leading Congress to authorize emergency payments to farmers in 1998 and 1999.
Q3) Alfred Kahn's plan for airline deregulation emphasized
A)marginal cost pricing of tickets.
B)average cost pricing of tickets.
C)federal subsidies for certain airlines.
D)increased federal taxes on airline profits.
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Page 28
Chapter 27: Government the Business Cycle After World
War II
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Q1) The Laffer curve expresses a relationship between A)tax rates and tax revenues.
B)inflation and unemployment.
C)interest rates and saving.
D)money supply and the price level.
Q2) Robert Lucas and his followers have argued that the Philips curve appears to be
A)a vertical line.
B)a horizontal line.
C)a negatively-sloped curve.
D)a positively-sloped curve.
Q3) Following World War II,the U.S.and most developed countries adopted a system of fixed exchange rates known as
A)the Heller plan.
B)the new gold standard.
C)the Bretton Woods system.
D)the Geneva accord.
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Chapter 28: Manufacturing, Productivity, and Labor
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Q1) In the 1970s,members of the Law and Economics program at the University of Chicago argued that
A) per se rules should be adopted by the Supreme Court and used to decide antitrust cases.
B)large firms should always be broken up in order to encourage competition.
C)large market shares may be due to efficient management or innovation.
D)courts should "get out of the antitrust business".
Q2) In 2001,women in most occupations earned ________ of what males in the same occupation earned.
A)less than 30 percent
B)about 50 percent
C)about 70 percent
D)about 90 percent
Q3) According to the text,the growth of service sector employment in the US has contributed to
A)higher unemployment rates in the postwar period.
B)a slowdown in the growth of real wages during the postwar period.
C)reduced economic stability in the postwar period.
D)an increase in the power and membership of unions.
E) All of the above.
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Chapter 29: Achievements of the Past, Challenges for the Future
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33 Verified Questions
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Source URL: https://quizplus.com/quiz/44485
Sample Questions
Q1) Economists often examine GNP to estimate changes in the well being of people.If one only studied GNP,which of the following would lead to one to overestimate the true increases in peoples' well being?
A)Decreasing average hours of work.
B)Increasing life expectancy.
C)Decreasing levels of pollution.
D)Decreasing amounts of production in the home.
E)Increases in product quality.
Q2) Over the long run,per capita incomes in different regions of the United States have
A)gradually diverged with the Northeastern region leading all other income groups.
B)gradually converged.
C)gradually converged until roughly 1985,and then diverged as the Western states outpaced other regions.
D)have converged,with the exception of the South.
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