Economic History of the United States Final
Exam Questions
Course Introduction
This course explores the development of the United States economy from colonial times to the present, examining the major forces and events that have shaped economic growth and transformation. Topics include the colonial economy, slavery, industrialization, the rise of big business, labor movements, the Great Depression, the New Deal, postwar prosperity, and recent economic changes. Students will analyze how historical trends in trade, technology, policy, and institutions have influenced economic performance and social structures, fostering a deeper understanding of the dynamic interplay between economics and society across different periods in U.S. history.
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 is true about present day Americans who are at the official poverty level?
A)Their incomes are about the same as those at the poverty level in 1950.
B)Their incomes are higher than all but the richest Americans in 1900.
C)Their incomes are about the same as those at the poverty level in 1900.
D)Their incomes are about the same as those in the middle class in 1950.
Answer: B
Q2) Per capita GDP in the US during the 20 century _____.
A)has remained about the same.
B)increased until about 1970 and decreased since then.
C)was cyclical,but generally trending upward throughout the century.
D)grew very quickly for the first half of the century and grew at a much lower rate in the second half of the century.
Answer: C
Q3) Which most accurately describes U.S.GDP from 1900 to 2007 (in 2000 constant dollars)?
A)U.S.GDP per capita decreased much more rapidly than prices.
B)U.S.GDP per capita has held constant.
C)U.S.GDP per capita has increased by nearly twofold..
D)U.S.GDP per capita has increased by nearly eightfold..
Answer: D
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Chapter 2: Founding the Colonies
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Q1) Bartholomew Dias was recognized for being the first to achieve what accomplishment?
A)Rounding the Cape of Good Hope.
B)Sailing from Europe to India and back.
C)Sailing around the world.
D)Reaching South America.
E)Exploring the interior of Canada.
Answer: A
Q2) People from which nation were most likely to come to colonial North America as indentured servants?
A)England.
B)Liberia.
C)Germany.
D)France.
Answer: A
Q3) The market for indentured servants could be best described as:
A)A monopoly.
B)An oligopoly.
C)A competitive market.
Answer: C
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Chapter 3: Colonial Economic Activities
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Q1) What was not true about the New England colonial economy?
A)It was the leading fishing industry in the colonies.
B)It was a net importer of food.
C)It was the leading colonial shipping industry in the colonies.
D)It was the most productive area in terms of agriculture.
Answer: D
Q2) Agricultural staples of the colonial South included A)rice.
B)tobacco.
C)indigo.
D)All of the above.
Answer: B
Q3) Which colony was the last of the original 13 to be founded,and was designed to assist those who owed debts in the Old World?
A)Georgia.
B)Rhode Island.
C)Florida.
D)Pennsylvania.
Answer: A
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Chapter 4: The Economic Relations of the Colonies
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Q1) The Navigation Acts
A)required certain commodities to be traded within the British empire only.
B)provided for the free trade of colonial goods,including tobacco,indigo and sugar.
C)required all colonial trade to be carried on English vessels.
D)were abolished in 1700.
E)both a and c are correct.
Q2) 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.
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Chapter 5: Economic Progress and Wealth
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Q1) Compared with the 19th century,during the colonial period technological changes that raised output relative to inputs
A)were slow and steady.
B)increased in the early part of the period,but fell off dramatically after 1643.
C)remained minor and sporadic.
D)increased dramatically after 1643.
Q2) 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.
Q3) Today _________ countries generate average income levels that approach the earnings of free Americans on the eve of the revolution.
A)almost no
B)relatively few
C)many
D)most
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Chapter 6: Three Crises and Revolt
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Q1) Which one of the following colonial groups actually benefited from the Navigation Acts?
A)Southern tobacco farmers
B)New England shipbuilders
C)colonists who bought goods imported from non-imperial sources
D)No colonial group benefited from the Navigation Acts.
Q2) The Tea Act
A)raised the price of tea to colonists.
B)allowed for more "middlemen" to be involved in the exportation of tea from India to America.
C)made tea an "enumerated good" under the Navigation Acts.
D)harmed smugglers of Dutch tea.
Q3) Which of the following provisions was not a component of the Intolerable Acts?
A)Permitted British officials charged with crimes to be tried in Britain.
B)Raised taxes in Boston to pay for the tea destroyed during the Boston Tea Party.
C)Provided for the quartering of troops in the city of Boston.
D)Revised the charter of Massachusetts to make some rights dependent on the decisions of a governor who was appointed by England.
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Chapter 7: Hard Realities for a New Nation
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Q1) For the U.S. ,the Revolutionary War (1775-1781)period could best described as having a rapid growth in:
A)Trade.
B)Inflation.
C)Real per capita income.
D)Slave imports.
Q2) 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.
Q3) 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.
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Chapter 8: Land and the Early Western Movements
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Q1) A liberal philosophy of land distribution would support which of the following rules about paying for western land?
A)High minimum acreage rules for people buying land.
B)High minimum prices for land.
C)Credit payments for the land.
Q2) The Land Ordinances of 1785 and 1787 included provisions for all of the following except:
A)surveys prior to sale of Western land.
B)the number of states that could be created from the Northwest Territory.
C)guidelines for the eventual creation of Western states.
D)sale of the land in plots of one square mile.
E) All of the above were provisions of the ordinances.
Q3) A conservative philosophy of land distribution would not support which of the following?
A)High minimum acreage rules for people buying land.
B)High minimum prices for land.
C)Credit payments for the land.
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Chapter 9: Transportation and Market Growth
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Q1) What was not a benefit of the development of a national market?
A)Increased production by reducing tragedy of the commons problems.
B)Permitted greater division of labor.
C)Enabled people and organizations to engage more in their comparative advantages.
D)Led to lower costs because of increasing returns to scale could be taken advantage of in more industries.
Q2) Clipper ships
A)allowed for profitable shipping on both short and long journeys.
B)dominated Atlantic trade by 1850.
C)were among the first ships to have iron hulls.
D)earned huge profits transporting passengers and cargo during the gold rushes to California and Australia.
E) All of the above.
Q3) Which of the following antebellum transportation innovations was financed primarily by government funds?
A)the Erie Canal
B)the New Orleans steamboat
C)the Lancaster Turnpike
D)the Ann McKim clipper ship
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Chapter 10: Market Expansion Industry in First Transition
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Q1) What best describes the antebellum economy?
A)By 1860 the size of most American firms was comparable to the size of firms today.
B)Manufacturing had replaced agriculture as the largest sector of employment in the US.
C)Heavy equipment was one of the top-three manufacturing sectors.
D)The U.S.developed many new ways of combining factors of production to substitute capital for labor.
Q2) Samuel Slater is most recognized for
A)inventing the cotton gin.
B)inventing the telegraph.
C)lobbying the government for the abolition of slavery.
D)playing an integral role in developing the first American factory.
Q3) The primary source of power for industrial production in the antebellum period was A)coal.
B)steam.
C)water.
D)wood.
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Chapter 11: Labor During the Early Industrial Period
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Q1) If the U.S.Gini coefficient increased from 0.4 in 1970 to 0.6 in 1990,what would be most accurate?
A)Income inequality increased in the U.S.
B)Per capita income increased in the U.S.
C)Both income inequality and per capita income increased.
D)Income inequality decreased.
E)The growth rate of income increased.
Q2) 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.
Q3) The Waltham System
A)employed whole families to work in textile mills.
B)employed young women in their late teens and early twenties.
C)employed young children,who often worked 10-12 hours per day.
D)was considered a disreputable form of employment for women.
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Page 13
Chapter 12: Money and Banking in the Developing Economy
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Q1) President Jackson's reasons for vetoing the recharter the Second Bank of the United States did not include
A)fears that the bank was nearing insolvency.
B)questions of constitutionality.
C)concerns over foreign ownership.
D)fears that the bank could undo democracy itself.
Q2) If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1,
A)people will cease to use gold and silver as money.
B)the Treasury will be forced to issue paper money.
C)gold is undervalued at the mint.
D)silver is undervalued at the mint.
Q3) What best describes the US experience with banking from 1785 until the Civil War?
A)There was a national bank for the entire time period.
B)The first two national banks were largely foreign owned.
C)Only gold was used to back currency.
D)Only national banks could print 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) Approximately how many slaves were brought from Africa to the New World during the operation of the transatlantic slave trade?
A)50,000
B)700,000
C)5 million
D)10 million
Q3) The colonial U.S.accounted for approximately what share of the transatlantic slave trade?
A)3 percent
B)6 percent
C)12 percent
D)36 percent
E)72 percent
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Chapter 14: War, Recovery and Regional Divergence
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Q1) What is the best description of Northern wages from 1860-1864?
A)A relatively large decrease in demand relative to the decrease in supply led to lower wages and fewer people working.
B)An increase in the demand for labor and decrease in the supply of labor led to
C)Increases in both the demand and supply for labor led to more people employed who were working for about the same wages.
D)A decrease in the demand for labor coupled with an increase in the supply led to many fewer people working,but those who were employed worked for higher wages.
Q2) What Supreme Court case ruled separate education for blacks and whites was constitutional provided that it was equal?
A)Plessy vs.Ferguson
B)Munn vs.Illinois
C)The Dred Scott Case
D)Brown vs.Board of Education
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Chapter 15: Agricultures Western Advance
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Q1) Established in 1862,the Department of Agriculture's functions during the 19th and early 20th century included all of the following except
A)research and experimentation on plant and animal breeding.
B)regulation of agricultural prices and output.
C)distribution of information through publications and experiment stations.
D)regulation of quality through inspection of meat and dairy products.
Q2) The terms of trade for the American farmer during the last part of the 19th century
A)were made worse by political unrest.
B)were caused by a decrease in the supply of agricultural products.
C)could be enhanced by mechanization.
D)worsened in part due to increased mechanization.
E)Both c and d are correct.
Q3) Which of the following statements correctly characterizes farm incomes in the second half of the 19th century?
A)Real per capita income fell.
B)The rate of growth in real income per worker was negative.
C)Nominal per capita income fell,but real per capita income remained unchanged.
D)Growth rates in per capita income were positive,but small.
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Chapter 16: Railroads and Economic Change
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Q1) During the last part of the 19th century,which factor contributed to the lag in railroad construction in the Southeast and Southwest?
A)sparseness of population
B)war-induced poverty
C)costal shipping
D)All of the above are correct.
E)Only b and c are correct.
Q2) Between 1864 and 1900,the largest portion of railroad track (as a percentage of total annual construction)was laid in which region of the U.S.?
A)the Southeast
B)the Northeast
C)the Pacific Northwest
D)the Great Plains region
Q3) The first independent federal regulatory agency was
A)Interstate Commerce Commission.
B)Federal Trade Commission.
C)Federal Bureau of Alcohol,Tobacco,and Fire Arms.
D)United States Fair Trade Commission.
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Chapter 17: Industrial Expansion and Concentration
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Q1) "Taylorism" has been described as
A)dehumanizing.
B)the exploitation of labor.
C)using science to increase production.
D)All of the above are correct.
E)Only b and c are correct.
Q2) The term "________" denotes the adaptation of new technological ideas to existing products and services.
A)invention
B)merger
C)innovation
D)economies of scale
Q3) A _________ is an agreement under which stockholders of several formerly-competing companies turn over their shares to a group that exercises voting control over the companies.
A)trust
B)gentleman's agreement
C)holding company
D)pooling arrangement
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Page 19
Chapter 18: The Emergence of Americas Labor Consciousness
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Q1) In 1860 the ratio of farmers to manufacturing workers was roughly ____ ;by 1910 that ratio was ____ .
A)1:1;1:5
B)1:3;1:1
C)3:1;1:1
D)10:1;1:1
Q2) The Contract Labor Law,which was passed in 1864 and repealed in 1868,
A)authorized labor contracts made abroad between American companies and foreign workers.
B)resulted in a large increase in European immigration to the U.S.
C)was supported by American wage earners.
D)authorized workers to strike and engage in collective bargaining.
Q3) If skilled labor is ___ unskilled labor,then an influx of unskilled immigrants could ____ the demand for skilled labor.
A)a substitute for;raise
B)a complement to;raise
C)a complement to;lower
D)a complement to;substitute.
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Chapter
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Q1) Most of the increase in total money supply between 1860 and 1920 was due to
A)an increase in national bank notes.
B)the growth of bank deposits.
C)an increase in greenbacks.
D)new discoveries of gold and silver.
Q2) Market barriers imposed on national banks
A)included both restrictions on mortgages and high capital requirements.
B)allowed rural banks to charge higher rates.
C)allowed national banks to price discriminate.
D)All of the above are correct.
E) Only a and b are correct.
Q3) In the late 1800s,problems with the U.S.banking system included
A)uneven distribution of notes throughout the country.
B)varied banking regulations across states.
C)the use of "country bank" reserves to support call loans made by larger urban banks.
D)the tendency of commercial banks to reduce money and credit during recessions.
E)All of the above.
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Page 21
Chapter 20: Commerce at Home and Abroad
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Q1) Which of the following is least accurate about the meat packing industry about 1900?
A)The 1898 "embalmed beef" scandal documented how adulterated beef was provided to the American Army during the Spanish-American War.
B)Upton Sinclair's 1906 novel The Jungle raised national concern about the unsanitary conditions involved in meat processing.
C)Meat packing firms welcomed government regulation of the industry because it gave firms clear and accurate public information about the shipments of every other firm,which helped firms to engage in cartel behavior.
D)Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
Q2) Which of the following is least accurate in characterizing changes in retailing in the second half of the 19 century?
A)Large growth in the number of department stores.
B)Large growth in the number of chain stores.
C)Large growth in the number of "general stores."
D)Large growth in the number of mail-order houses.
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Chapter 21: Mobilizing for War
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Q1) 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.
Q2) One of the causes of World War I was _________.
A)the deteriorating standards of living in Europe.
B)the assassination in Serbia of Austrian Archduke Ferdinand.
C)Europe had experienced several wars in recent decades that spilled over into World War I.
D)the European working class was increasingly fractured and nationalistic.
Q3) Between 1914 and 1920,the US price level ______________.
A)fell dramatically.
B)nearly doubled.
C)rose and fell in accordance with intensity of the war.
D)remained relatively stable.
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Chapter 22: The Roaring Twenties
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Q1) The 1920s were characterized by large numbers of bank failures each year,especially among country banks.Country banks were particularly inclined to fail because
A)they tended to open too many branches.
B)they were not allowed to issue checking accounts.
C)they were not allowed to join the Federal Reserve system.
D)farm mortgages constituted the major portion of their loans.
E)All of the above.
Q2) Which of the following pieces of agricultural legislation might be thought of as a solution to a problem that did not exist?
A)the Federal Intermediate Credit Act
B)the Smoot-Hawley Tariff Act
C)the Agricultural Marketing Act
D)the Capper-Volstead Act
Q3) What is the best description of the US economy between 1921 and 1928?
A)Most of the major sectors were growing very rapidly.
B)Hyperinflation led to large decreases in the standard of living.
C)Real average wage growth was stagnant.
D)Unemployment fluctuated dramatically.
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Chapter 23: The Great Depression
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Q1) 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.
Q2) Andrea Schwatz has argued that the Great Depression was caused by
A)the fall in the stock of money.
B)the fall in consumer durable spending.
C)the fall in investment spending.
D)the increase in nominal wages.
Q3) During the Federal Bank Holiday ordered by President Roosevelt and the week that followed it,
A)new supplies of gold were distributed to the banks.
B)a national monetary commission was set up.
C)the banks were inspected.
D)actions were taken to take the US off the gold standard
E)Both c and d are correct.
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25
Chapter 24: The New Deal
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Q1) According to Freidman and Schwartz,the most important structural change in the banking system to result from the 1933 panic
A)were laws barring short calls on equities.
B)was Federal insurance of bank deposits.
C)was an unprecedented increase in regulation.
D)was the loss of public confidence.
Q2) 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.
Q3) The National Recovery Act
A)largely redistributed rather than expanded incomes.
B)cut unemployment in half.
C)was declared unconstitutional by the Supreme Court.
D)Both a and b are correct.
E) Both a and c are correct.
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Chapter 25: World War II
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Q1) What statement best describes the production and allocation of resources after the United States entered World War II?
A)Government spending as a percentage of GNP during this period never exceeded the maximum level at the height of the Depression under Roosevelt's New Deal policies.
B)Production shifted out closer to the production possibilities frontier,primarily as a result of technical change.
C)Production shifted out toward the production possibilities frontier,primarily as a result of underutilized resources being utilized.
D)Greater production of goods to support the war involved nominally higher incidents of disabling injuries in the workplace,yet not increases in the rates of disabling injuries.
Q2) During World War II,price supports for agriculture
A)were not generally needed because of high demand.
B)were considered by Congress but never enacted.
C)were rescinded in order to encourage reductions in output.
D)led to decreases in the supply of many products.
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Chapter 26: The Changing Role of the Federal Government
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Q1) Under the deficiency payments system,which was used to subsidize grain production,
A)the government purchased all surplus grain and destroys it.
B)deficiency payments were increased when farmers cultivated their land more intensively.
C)farmers were required reduce cultivated acreage by 10 percent.
D)farmers had a greater incentive to engage in beneficial crop rotation.
Q2) The "Great Society" initiative led to the creation of A)Medicare.
B)Rent subsidies for the poor.
C)the Department of Transportation.
D)the Department of Housing and Urban Development.
E) All of the above.
Q3) 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.
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Chapter 27: Government the Business Cycle After World
War II
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Q1) The economic boom of the 1990s was caused in part by
A)America "getting wired."
B)low interest rates.
C)an investment boom as the use of personal computers and the Internet became ubiquitous.
D)All of the above are correct.
E) Only a and c are correct.
Q2) Over time,the Phillips curve has
A)remained stable.
B)shifted downward.
C)shifted upward.
D)has become positively sloped.
Q3) Fiscal and monetary policies adopted by the Carter administration in the first half of his term resulted in
A)stable prices and low unemployment.
B)deflation.
C)a rapid rise in the inflation rate.
D)a balanced federal budget.
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Chapter 28: Manufacturing, Productivity, and Labor
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Q1) By 1964,nearly all blacks outside the South were covered by laws that allowed the government to issue cease and desist orders against discriminating firms.According to recent research by William Collins,these laws
A)were successful in improving the wages and working conditions of all African-Americans.
B)were successful in improving the wages and working conditions of only Southern African-Americans.
C)led to lower wages and deteriorating working conditions for African-Americans. D)had some success in improving the wages and working conditions of African-American women.
Q2) 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".
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Chapter 29: Achievements of the Past, Challenges for the Future
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Source URL: https://quizplus.com/quiz/44485
Sample Questions
Q1) Changes in what sector best explain changes in union rates throughout American history?
A)Agricultural.
B)Government.
C)Manufacturing.
D)Service.
Q2) If you based your estimate on how long it took poor regions of the United States to catch up to the per capita incomes of the rest of the nation,how long do you believe it would take Eastern Europe to obtain per capita incomes comparable to those of Western Europe?
A)About one year.
B)About five to ten years.
C)About twenty five years.
D)Several generations.
Q3) In which period did women make the least significant strides in the labor market?
A)1970-1990.
B)1940-1945.
C)1830-1860.
D)1790-1800.
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