Economics of the United States
Mock Exam
Course Introduction
This course provides an in-depth analysis of the economic structure and development of the United States. Students will explore key topics such as economic growth, unemployment, inflation, fiscal and monetary policy, income distribution, and the role of government in the U.S. economy. The course examines historical and contemporary policy debates, regional economic disparities, and the impact of globalization on the American economy. Through case studies and data analysis, students will gain a comprehensive understanding of economic issues facing the United States and the theoretical frameworks used to interpret them.
Recommended Textbook
History of the American Economy With Infotrac 11th Edition by Gary M. Walton
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782 Verified Questions
782 Flashcards
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Page 2
Chapter 1: Economic History
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Sample Questions
Q1) Which of the following most accurately describes world population growth?
A)World population has increased steadily during the past 6,000 years.
B)World population has exhibited significant cyclical patterns of growth and decline.
C)World population was relatively small until 1750,when it increased extremely rapidly.
D)World population was small until after World War II,when it increased very quickly.
Answer: C
Q2) Nobel laureate Robert Fogel contends that which of the following are good proxies for current levels of nutrition?
A)Changes in height during the growing years
B)Total height
C)Total weight
D)Changes in weight during the growing years
Answer: A
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Chapter 2: Founding the Colonies
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Q1) Which of the following is the most accurate statement about the Native Americans during the colonial period?
A)There is a strong consensus among historians about the size of the Native American population at the time of arrival of the first European settlers.
B)Native Americans rarely formed trading alliances with the European settlers.
C)The significant deterioration of the Native American population occurred after 1825,when the US started to expand to the west.
D)The susceptibility to disease was one of the primary reasons the Native American population declined.
Answer: D
Q2) A student is working on a group class-project where the same grade is assigned to everyone in the group.He chooses to not contribute to the project.What term best describes this situation?
A)Moral hazard.
B)Tragedy of the Commons.
C)Public good problem.
D)Free Rider.
Answer: A
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Chapter 3: Colonial Economic Activities
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Q1) 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
Q2) 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
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Chapter 4: The Economic Relations of the Colonies
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Q1) The Middle Colonies' exports went primarily to A)the United Kingdom.
B)continental Europe.
C)the West Indies.
D)Africa.
Q2) What was not a problem with using commodity money in the US colonies prior to 1700?
A)Very few people were willing to accept commodities as payment.
B)Commodity spoilage rates were high.
C)Controlling the quality of payments made with commodities.
D)High storage costs of commodities.
Q3) New England's imports came primarily from A)the United Kingdom.
B)continental Europe.
C)the West Indies.
D)Africa.
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Chapter 5: Economic Progress and Wealth
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Q1) According to a 1964 speech by George R.Taylor,the economic growth rate in the colonies
A)was essentially zero for most of the 18 century.
B)was large enough to allow for a doubling of incomes every decade.
C)implies that income almost doubled between 1710 and 1775.
D)can never be accurately estimated due to insufficient data.
Q2) Increases in productivity due to changes in technological capacity could be best represented by:
A)Shift out in the demand curve.
B)Shift out in the supply curve.
C)Shift out in both the demand and supply curves.
D)Shift back in the supply curve.
Q3) The largest productivity gains in colonial shipping were from
A)decreased layover times in ports.
B)lower costs associated with the increase in size of the vessels.
C)the increased speed of the ships.
D)the use of larger ships
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Chapter 6: Three Crises and Revolt
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Q1) 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
Q2) In a Crown colony
A)both its governor and upper house were appointed by the Crown.
B)the governor was appointed by the Crown while the upper house was elected by the propertied adult males within the colony.
C)only the lower house could initiate fiscal legislation.
D)Both a and b are correct.
E)Both a and c are correct.
Q3) The Navigation Acts
A)placed tariffs on the import of British goods by the colonies.
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.
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Chapter 7: Hard Realities for a New Nation
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Q1) Immediately following the Revolution,
A)America found itself outside the protection of the British empire.
B)trade alliances with both Spain and France began to crumble.
C)all American-built vessels were ineligible to trade with the British Empire.
D)All of the above are correct.
E)Only a and b are correct.
Q2) If a the price index was 60 in 2000 and the price index was 90 in 2009,the best estimate of the annual inflation rate between 1998 and 1999 is A)15%.
B)40%.
C)50%.
D)90%.
E)7/5.
Q3) During the Revolutionary War,the U.S.trade deficit increased because
A)U.S.imports decreased,while U.S.exports increased.
B)U.S.imports increased,while U.S.exports decreased.
C)U.S.exports decreased more than U.S.imports decreased.
D)U.S.imports decreased more than U.S.exports decreased.
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Chapter 8: Land and the Early Western Movements
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Q1) Which statement best describes the trend in land allocation laws from the Land Ordinance of 1785 to the Homestead Act of 1862?
A)The changes were more favorable to those who held a conservative belief about land allocation.
B)The changes were more favorable to those who held a liberal belief about land allocation.
C)There was no consistent trend in the changes;some changes favored the conservatives and others favored the liberals.
Q2) What best describes westward movement of population between 1800-1860?
A)The 1850s was the decade when the largest number of people moved to the west.
B)The large increase in and sales in this period was based on speculation.
C)Migrants moved to the west because they were "pushed" out of the east,where conditions were getting worse.
D)Corn prices were relatively low in the decades when migration to the west was largest.
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Chapter 9: Transportation and Market Growth
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Sample Questions
Q1) Between 1820 and 1840 freight rates on western rivers declined drastically.The main reason for this drop in prices was _________.
A)the decline in the price level.
B)tolls and other barriers to trade decreased.
C)the decline in monopoly power.
D)the steamboat was used more frequently.
Q2) When considering the price lags of the West behind the East,by the eve of the Civil War the lag was
A)roughly one year.
B)six months.
C)three months.
D)virtually eliminated.
Q3) 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.
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11
Chapter 10: Market Expansion Industry in First Transition
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Sample Questions
Q1) According to the 1860 census,the top employer in manufacturing was the _______ industry.
A)boot and shoe
B)cotton textile
C)flour and meal
D)iron
Q2) Tariffs comprised approximately what percentage of the federal government revenues between 1790 and 1860?
A)97%.
B)55%.
C)25%.
D)1%.
Q3) The most important reason for the increasing prominence of the corporation was A)protection from creditors.
B)that some businesses required more capital than one person or a few people could provide.
C)the use of "double liability."
D)None of the above were reasons.
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Chapter 11: Labor During the Early Industrial Period
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Q1) The high period of immigration in the first half of the 19th century was caused by
A)the Irish potato famine.
B)political unrest in Europe.
C)political unrest in China.
D)Only a and b are correct.
E)None of the above are correct.
Q2) The population of the United States grew _____ during the first half of the 19th century.
A)slowly
B)erratically
C)about 3 percent per year
D)about 6 percent per year
Q3) In the antebellum period,the largest source of employment was
A)the agricultural sector.
B)the manufacturing sector.
C)government (local,state and federal)
D)the service industry.
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13
Chapter 12: Money and Banking in the Developing Economy
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Sample Questions
Q1) Which of the following was not true of the First and Second Banks of the United States?
A)They had branches throughout the country.
B)They issued paper money.
C)They made loans to private individuals.
D)They set the bimetallic ratio.
Q2) Which of the following antebellum banking innovations was the forerunner of the modern Federal Deposit Insurance Corporation (FDIC)?
A)the Suffolk System
B)the Safety Fund Act
C)the Forstall System
D)the bimetallic standard
Q3) What was not one of the primary reasons why people opposed the First and Second Banks of the United States?
A)They printed too much money and triggered a substantial inflation.
B)They had monopoly control over some banking activities.
C)They were unconstitutional.
D)They did not provide sufficiently generous lending policies.
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14
Chapter 13: The Entrenchment of Slavery and Regional Conflict
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Sample Questions
Q1) 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
Q2) By 1825,what area in the New World had the greatest portion of slaves?
A)Spanish colonies
B)The West Indies
C)The United States
D)Brazil
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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Page 15
Chapter 14: War, Recovery and Regional Divergence
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Q1) What was not one of the causes of hardship for Southern agricultural products in the immediate post-Civil War period (1870-1890)?
A)Increased infestation by boll weevils and other insects.
B)Significant withdrawal of women and children from the fields.
C)Increased competition from new cotton producers in other areas of the world.
D)The loss of the plantation system.
Q2) During the Civil War years,
A)the slight stimulus to manufacturing was startling.
B)iron production for both small arms and railroads increased rapidly.
C)production of boots and shoes in Massachusetts nearly doubled.
D)Both b and c are correct.
Q3) The annual rate of growth of commodity output during the Civil War
A)held constant from the previous decade.
B)increased by roughly 25 percent.
C)fell by more than 50 percent.
D)None of the above is correct.
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16
Chapter 15: Agricultures Western Advance
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Sample Questions
Q1) The first major step toward natural resource reform was
A)the General Revision Act of 1891.
B)the Commons Preservation Act of 1896.
C)the Reclamation Act of 1902.
D)the Snowden-Higgs Act of 1904.
Q2) According to the text,what best explains the price for federal land that would have maximized real GNP?
A)Some price above zero that maximizes government revenues to be redistributed fairly to the people.
B)Some price above zero that minimizes negative environmental externalities.
C)A price equal to zero that eliminates the welfare loss associated with land not used for production.
D)A subsidized price that distributes land based on egalitarian principles.
Q3) Problems for farmers in the last half of the 19 century included
A)falling per capita incomes.
B)reduced domestic agricultural output.
C)rising prices for consumer goods.
D)increased world supply of agricultural products.
E) All of the above.
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Page 17
Chapter 16: Railroads and Economic Change
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Sample Questions
Q1) In the Wabash case (1886),the Supreme Court held that
A)states cannot enact laws that interfere with interstate commerce.
B)states could restrict price-discrimination based on person,but not price-discrimination based on place.
C)states could regulate railroad rates on long-hauls,but not rates on short-hauls.
D)held that railroad practices could not be regulated by any federal or state governing body.
Q2) Albert Fishlow argued that if the railroads were built ahead of demand we would observe initial profit rates that were very ______ and initial population densities that were very _______.
A)low;high.
B)high;low.
C)low;low.
D)high;high.
Q3) The Grangers were:
A)an organization designed to support the interests of railroads.
B)an agrarian society.
C)an abolitionist organization.
D)a society that petitioned for Prohibition.
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Page 18
Chapter 17: Industrial Expansion and Concentration
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Q1) What best describes the changes in steel production from 1860-1910?
A)The open-hearth process quickly became the dominant production process after it was invented.
B)Technological change in steel production changed relatively slowly.
C)No technological changes occurred in the steel industry.
D)The production of steel stayed constant through this period,but it became much more efficient.
Q2) In the late 1800s and early 1900s,the primary source of energy for manufacturing was
A)coal.
B)petroleum.
C)water.
D)electricity.
Q3) Based on evidence from the turn of the century,the income elasticity of flour and meal
A)is greater than one.
B)is less than one.
C)approaches infinity.
D)equals zero.
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Page 19
Chapter 18: The Emergence of Americas Labor Consciousness
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Q1) 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.
Q2) During what period did the greatest violence between organized labor and companies occur?
A)1800-1820.
B)1860-1870.
C)1875-1895.
D)1910-1930.
Q3) All of the following groups benefited from immigration to the U.S.in the late 19 and early 20 century except
A)manufacturing and mining companies.
B)retailers.
C)railroad companies.
D)unskilled native workers.
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Chapter 19: Money, Prices, and Finance in the Postbellum
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Sample Questions
Q1) 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.
Q2) In 1865,Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation.This tax
A)ended the dual banking system in the U.S.
B)was less than the tax on national bank notes.
C)was rescinded in 1870.
D)was avoided through the use of demand deposits.
Q3) Which of the following most accurately describes the "Fisher effect?"
A)Interest rates increase after inflation and decrease after deflation,but with a long lag.
B)Interest rates are independent of inflation and deflation.
C)Interest rates increase after inflation,but are not affected by deflation.
D)Increasing interest rates precede inflation and decreasing interest rates precede deflation.
Page 21
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Chapter 20: Commerce at Home and Abroad
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Sample Questions
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) What most accurately describes the US tariff policy between 1850 and 1910?
A)The US was strongly committed to free trade throughout the period.
B)The US became more protectionist during the Civil War and the level of tariffs remained high through 1910.
C)The US had very high tariff barriers at the beginning of this period,but lowered them consistently throughout this period.
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22
Chapter 21: Mobilizing for War
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Q1) The best description of the economic ideology during World War I was __________.
A)The belief that the economy could be strengthened by centralized coordination.
B)The economy would work best with a strong commitment to the free market.
C)The US should eliminate many federal agencies during World War I to make the government more efficient.
Q2) What best describes the impact of a price ceiling in a competitive market?
A)This benefits all consumers because they are able to obtain the good for a lower price.
B)The quantity supplied will be in excess of the quantity demanded.
C)It will likely lead to consumers waiting in line for longer periods of time to buy the good.
D)It will benefit both consumers and producers of the good.
Q3) If a government wants to distribute the burden of increased spending onto future generations it should:
A)Increase taxes.
B)Borrow from the public.
C)Print more money.
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23
Chapter 22: The Roaring Twenties
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Q1) Union membership declined during the 1920s due to
A)the growth of the service sector.
B)increased use of high-tech,labor-saving devices in the manufacturing sector.
C)firms' use of "yellow-dog" contracts.
D)poor union leadership.
E)All of the above.
Q2) _____ illustrates the speculative temper of the 1920s.
A)The Ponzi scheme
B)The New York pyramid scandal
C)The Florida Land Boom
D)Both a and b are correct.
E) Both a and c are correct.
Q3) The 1920 census reported that ________ percent of Americans were urban dwellers.
A)just over 10
B)approximately 20
C)more than 50
D)75
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Chapter 23: The Great Depression
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Q1) Between 1929 and 1933,nominal interest rates ___,and real interest rates ___.
A)rose,rose.
B)rose,fell.
C)fell,rose.
D)fell,fell.
Q2) 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.
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25
Chapter 24: The New Deal
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Q1) Concerning the effect of New Deal farm measures,Walton and Rockoff conclude that the New Deal _____.
A)simply failed to help farmers because the farmer's terms of trade did not improve.
B)helped the farmer to a limited extent primarily through the stimulation of aggregate demand.
C)helped the farmer to a substantial extent by limiting farm output.
D)helped the farmer to a substantial extent by increasing farm output.
Q2) Which of the following did the Fair Labor Standards Act (FLSA)of 1938 not accomplish?
A)Lowered the maximum work week to 44 hours for many industries.
B)Outlawed companies' rights to break union strikes.
C)Prohibited many forms of child labor.
D)Set a minimum wage for laborers.
Q3) What is not one of the reasons why farmers prefer price supports more than direct income supplements?
A)Direct income supplements tend to remain fixed over time.
B)Direct income supplements tend to provide lower benefits.
C)Direct income supplements tend to go predominantly to poor farmers.
D)Direct income supplements tend to be viewed as demeaning.
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Page 26
Chapter 25: World War II
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Q1) 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.
Q2) Between 1940 and 1944,real Federal spending increased by roughly ____ percent.
A)100
B)250
C)750
D)1000
Q3) Forms of federal taxation used to finance the war effort did NOT include A)the income tax.
B)the corporate tax.
C)the excess profits tax.
D)sales tax.
Q4) The GI Bill is often cited as a successful example of A)universal health insurance.
B)an unemployment compensation program.
C)a voucher program.
D)a job training program.
Page 27
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Chapter 26: The Changing Role of the Federal Government
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Q1) Between 1965 and 1972,eight major pieces of consumer-protection legislation were enacted.This burst of legislative activity was largely driven by
A)increased public fears following the thalidomide tragedy.
B)public outcry following a series of steamboat explosions.
C)a general lack of faith in the market.
D)widespread support for the "Reagan Revolution."
Q2) Which is true of total federal spending relative to GDP?
A)It is the most commonly used measure of the size of government.
B)There really is no upper limit to the ratio of total government spending to GDP.
C)It has steadily increased over the last 50 years.
D)All of the above are correct.
E) Only a and c are correct.
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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Page 28
Chapter 27: Government the Business Cycle After World
War II
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Q1) The Federal Reserve chair with the longest tenure is A)Alan Greenspan.
B)Paul Volcker.
C)Milton Friedman.
D)Arthur Laffer.
Q2) 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.
Q3) Over time,the Phillips curve has A)remained stable.
B)shifted downward.
C)shifted upward.
D)has become positively sloped.
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Chapter 28: Manufacturing, Productivity, and Labor
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Q1) Response to the energy crisis of the early 1970s did not include
A)gasoline "rationing by waiting."
B)gasoline "rationing by price."
C)increased bureaucratic involvement.
D)Americans insulating their homes.
Q2) According to economic theory,the real wage should
A)be greater than the price of the product produced.
B)equal the marginal physical product of labor.
C)be less than the marginal product of capital.
D)decline as productivity rises.
Q3) Relative to the white median family income,since 1980 African-American median family income has ________ and Hispanic median family income has __________.
A)increased;also increased
B)fallen;also fallen
C)increased;remained about the same
D)fallen;increased
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Chapter 29: Achievements of the Past, Challenges for the Future
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Q1) With respect to real per capita incomes,the United States' position
A)as leader has reversed with the United Kingdom since 1980.
B)as leader has reversed with Canada since 1980.
C)as leader has reversed with Sweden since 1980.
D)has not changed much since 1980.
Q2) Throughout U.S.history,which of the following sources provided the bulk of funds for railroad construction?
A)the federal government
B)state governments
C)local governments
D)private investors
Q3) 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.
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