History of Economic Thought Practice Questions
Course Introduction
History of Economic Thought explores the evolution of economic ideas and theories from ancient times to the modern era. The course examines contributions of key thinkers such as Adam Smith, David Ricardo, Karl Marx, John Maynard Keynes, and beyond, situating their work within the social, political, and historical contexts of their time. Students will analyze how shifts in philosophical, mathematical, and empirical approaches have shaped the development of economics as a discipline and consider the relevance of past theories to contemporary economic debates and policy discussions.
Recommended Textbook
History of the American Economy With Infotrac 11th Edition by Gary M. Walton
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Page 2
Chapter 1: Economic History
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Sample Questions
Q1) Which is true about present day Americans who are at the official poverty level?
A)Their incomes are about the same as the average world income.
B)Their incomes are about half of the average world income.
C)Their incomes are above the world average per capita income.
D)Their incomes are about the average income of people in nations like China,India and Pakistan.
Answer: C
Q2) 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
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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Sample Questions
Q1) The agreement that established Spain and Portugal's rights to explore various parts of the world was called:
A)The Treaty of Spain.
B)The Treaty of Paris.
C)The Treaty of Tordezillas.
D)The Spanish-Portuguese Covenant.
E)The London Accord.
Answer: D
Q2) Of the English-owned joint stock companies that operated in North America,which was the only one to survive longer than 20 years?
A)The London Company
B)The New Plymouth Company
C)The Hudson Bay Company
D)The Massachusetts Bay Company
Answer: C
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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Sample Questions
Q1) If a product exhibits decreasing 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) In colonial Georgia,
A)communal agriculture was successful.
B)cotton plantations were flourishing by the early 1700s.
C)the slave population assisted free colonists in defending the Florida border.
D)slavery was initially prohibited.
Answer: D
Q3) 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
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Page 5
Chapter 4: The Economic Relations of the Colonies
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Q1) 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.
Q2) The Currency Act of 1751
A)required English merchants to accept bills of credit at full face value.
B)was passed in response to English merchants' concerns about the fluctuating value of colonial money.
C)established dollar bills as legal tender in the colonies.
D)ended the use of paper money in the colonies.
Q3) During the colonial period,commodities that could only be exported legally to Britain were known as _______.
A)Foxwell goods.
B)tariff goods.
C)scot-free goods.
D)enumerated goods.
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Chapter 5: Economic Progress and Wealth
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Q1) Low-cost flyboats offered an attractive alternative to heavier,more costly ships;however,their use was limited in many areas due to
A)privateering and piracy.
B)colonial laws that specified minimum crew sizes for many voyages.
C)the Navigation Acts.
D)the inability of New England shipbuilders to manufacture flyboats.
Q2) During the 100 years before the Revolutionary war,shipping costs were reduced by nearly
A)10 percent.
B)25 percent.
C)50 percent.
D)70 percent.
E)Shipping costs increased during that period.
Q3) 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
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Chapter 6: Three Crises and Revolt
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Q1) The piecemeal actions of Parliament to curtail the various colonial manufacturing activities
A)stemmed from a deep-seated fear of American competition.
B)were punitive,in response to colonial smuggling and price dumping.
C)were a roundabout attempt to undermine the colonial shipbuilding industry.
D)were largely taken to protect vested,well-lobbied interests.
Q2) The costs and benefits of mercantilist policies on the colonies produced a ______ to the American colonies.
A)small net benefit
B)small net cost
C)large net cost
D)large net benefit
Q3) One of the most important reasons for England's reasserting its authority over the colonial United States prior to the Revolution is
A)England's commitment to mercantilism.
B)the end of the Seven Years War.
C)the end of the English Revolution.
D)the fall of Spain as a world power.
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Chapter 7: Hard Realities for a New Nation
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Q1) When the colonies obtained independence they were no longer bound by a number of English laws,including the Navigation Acts.What best describes the impact of the removal of the Navigation Acts for commodities that were imported from Europe via England?
A)A shift out of the supply curve and a shift back in the demand curve,which Lowered prices.
B)A shift out in the supply curve,which decreased the price and increased the Quantity.
C)A shift back in both the supply and demand curves,which decreased quantity.
D)A shift back in the demand curve,which lowered both price and quantity.
Q2) 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.
Q3) What was not one of the Constitutional compromises about slavery?
A)Limited the importation of slaves to 20 years.
B)Northern states had to abide by the Southern states' slavery laws.
C)Prevented imported slaves from being taxed.
D)Slaves counted a 60% of a person for congressional representation.
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Chapter 8: Land and the Early Western Movements
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Q1) The pace of settlement of the Old Northwest (Ohio,Indiana,Illinois,... )was determined primarily by the prices of
A)soybeans,sorghum,and potatoes.
B)gold and silver.
C)corn,hogs,and wheat.
D)cattle,leather,and cheese.
Q2) Which was not one of the main U.S.land acquisitions?
A)The Oregon Country.
B)The Texas Annexation.
C)The Florida Acquisition.
D)The Gadsden Purchase.
E)All of the above are U.S.land acquisitions.
Q3) 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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Page 10
Chapter 9: Transportation and Market Growth
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Q1) Which did not cause significant navigation problems on inland waterways?
A)ice
B)variations in the heights of rivers
C)sand bars
D)sunken ships
E)inland piracy
Q2) The term "transportation revolution" implies
A)binding the East and West politically.
B)binding the East and West economically.
C)rapidly introduced technological innovations.
D)All of the above are implied.
Q3) Public versus private initiatives to expand canals and railroads
A)featured a large percentage of government investment.
B)featured a small percentage of government investment.
C)were dominated by private investment.
D)were exclusively private due to "strict constructionism."
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Chapter 10: Market Expansion Industry in First Transition
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Sample Questions
Q1) The antebellum period was characterized by many changes in tariff rates.What best describes the effect of removing a tariff on foreign cotton textiles?
A)The total supply curve of textiles would shift back.
B)The price of both foreign-made and domestic-made textiles would decrease.
C)The price of foreign-made textiles would decrease and the price of domestic-made textiles would increase.
D)The total (foreign and domestically produced.quantity of textiles purchased in the US would decrease.
E)The real income of textile consumers would decrease.
Q2) 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.
Q3) High value-added per employee is associated with
A)"high-tech," capital intensive industries.
B)"low-tech," labor intensive industries.
C)the shoe industry in 1860.
D)the use of unskilled labor.
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Chapter 11: Labor During the Early Industrial Period
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Sample Questions
Q1) Which of the following statements best describes the union movement between 1800-1860?
A)Unions were composed primarily of craftsmen.
B)Unions were concentrated primarily in rural towns and villages.
C)Union membership grew consistently through the period and comprised a substantial portion of the working population.
D)Women were more likely to belong to unions than men.
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) Between 1810 and 1860 the number of workers in manufacturing
A)doubled.
B)tripled.
C)increased fivefold.
D)increased tenfold.
E)increased twentyfold.
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Page 13
Chapter 12: Money and Banking in the Developing Economy
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Sample Questions
Q1) 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
Q2) 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.
Q3) 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.
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Page 14
Chapter 13: The Entrenchment of Slavery and Regional Conflict
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Sample Questions
Q1) If the consumer price index in 2007 is 25 times that of 1860,and a slave cost
$2,000,how much is that in terms of 2007 dollars?
A)$12,500
B)$25,000
C)$50,000
D)$75,000
E)$750,000
Q2) 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.
Q3) Between 1810 and 1860,the value of slaves in the United States
A)nearly doubled.
B)tripled.
C)increased nearly fourfold.
D)increased nearly tenfold.
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Page 15
Chapter 14: War, Recovery and Regional Divergence
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Q1) In response to Southern restrictions on the export of cotton in 1861 and 1862,
A)Britain was forced to give financial aid to the Confederate government due to its dependence on Southern cotton.
B)Britain provided a naval blockade protecting ships carrying Southern cotton.
C)the price of Southern cotton soared,allowing Southern planters to earn substantial profits.
D)Britain relied on alternate sources of supply to meet its cotton demand.
Q2) Which statement best describes the immediate post-slavery experience for ex-slaves?
A)They were able to engage fully in the economic,social and political activities in their towns.
B)Freedmen took advantage of the educational opportunities available to them and had education rates equal to those of whites.
C)Most freedmen immediately moved north.
D)Their life expectancies increased dramatically.
E)Their income increased relative to the income of whites.
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16
Chapter 15: Agricultures Western Advance
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Sample Questions
Q1) According to Gary Libecap and Ronald Johnson,one positive outcome of the fraud that often allowed large companies to obtain land intended for homesteaders was
A)fines charged to fraudulent companies provided substantial revenues for the federal government.
B)resources were transferred to companies that could take advantage of economies of scale.
C)conflicts between farmers and railroads were reduced.
D)legislators friendly to economic development were elected because of backing from the fraudulent companies.
Q2) Between 1870 and 1900,total land under cultivation
A)increased by roughly 25 percent
B)increased by roughly 50 percent.
C)more than doubled.
D)increased fourfold.
Q3) Increases in the price of farm labor during the post-bellum period led to
A)an increase in farmers' demand for capital equipment.
B)a decrease in farmers' demand for land.
C)a decrease in the demand for food.
D)an increase in the demand for fertilizer.
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Page 17
Chapter 16: Railroads and Economic Change
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Sample Questions
Q1) Fogel argued that railroads were more cost effective than canals because railroads were faster and were in service all year and that using rail instead of canals would ____.
A)lower freight rates on the railroads.
B)lower government subsidies for railroads.
C)lower inventories of grain in the East.
D)reduce the wheat being shipped to Europe.
Q2) 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.
Q3) Early efforts by states to regulate the railroads
A)resulted in "Granger laws."
B)resulted in laws that were initially supported by the railroads.
C)outlawed product discrimination.
D)allowed for higher charges on short haul freight.
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18
Chapter 17: Industrial Expansion and Concentration
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Sample Questions
Q1) Which of the following is an example of a horizontal merger?
A)the consolidation of marketing,processing and purchasing departments by Armour Meat Company
B)the purchase of E.C.Knight Company by American Sugar Refining Company
C)the purchase of Colorado silver mines by the Tiffany Jewelry Company
D)Federal Steel Company's alliance with American Bridge Company
Q2) John D.Rockefeller is most recognized for:
A)developing the oil industry.
B)being an early promoter of the computer industry.
C)lobbying the government for the abolition of slavery.
D)inventing new technology to further the steel production process.
E)being an initial supporter of minimum wage laws.
Q3) Henry Bessemer is most recognized for
A)the invention of air brakes for trains.
B)his role as an early union leader.
C)invention of a steel manufacturing process.
D)the development of refrigerated train cars.
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Chapter 18: The Emergence of Americas Labor Consciousness
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Q1) 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.
Q2) 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.
Q3) All of the following groups benefited from immigration to the U.S.in the late 19 and early 20 century except
A)steamship companies
B)mining companies
C)manufacturing companies
D)railroads
E) All of the above benefited from immigration.
Page 20
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Chapter
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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) 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.
Q3) Americans who supported William Jennings Bryan and the "Free Silver" movement
A)advocated a reduction in the U.S.money supply.
B)included the US Secretary of the Treasury.
C)wanted to increase the U.S.price level.
D)wanted free railroad transport of silver from western mines to the east.
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Page 21
Chapter 20: Commerce at Home and Abroad
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Q1) 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
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.
Q3) 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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Chapter 21: Mobilizing for War
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Q1) 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.
Q2) During the post war period,
A)an economic slowdown occurred immediately following the Armistice.
B)a vigorous boom began in 1919.
C)the Federal Reserve followed a policy of keeping its discount rate below market rates.
D)All of the above are correct.
E) Only b and c are correct.
Q3) 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.
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23
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) What best describes the reason for the large migration of African-Americans from the south to the north during the 1920s?
A)This movement was just a continuation of the same trend that had been occurring in large scale since the end of the Civil War.
B)African-Americans moved north to reunite families that had been divided during the many years of slavery.
C)The African-Americans who had worked in the south had mostly been employed in the manufacturing sector,which suffered a downturn in the 1920s.
D)Employers in the North who had traditionally hired many immigrants had to search elsewhere when immigration restrictions were imposed.
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Page 24
Chapter 23: The Great Depression
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Q1) One reason the Federal Reserve Board in Washington did not act as a lender of last resort during the early years of the Great Depression,was its power struggle with ____.
A)U.S.Treasury.
B)foreign central banks.
C)Federal Reserve Bank of New York.
D)President Roosevelt.
Q2) The Stock Market Crash of 1929 probably contributed ____ to the Great Depression because _____.
A)little,it did no more than wipe out the speculative gains made earlier.
B)little,the Fed responded by increasing the money supply.
C)a good deal,corporations could no longer raise investment funds.
D)a good deal,consumer confidence and spending on durables were reduced.
Q3) What best describes US federal fiscal experience in the late 1920s and early 1930s?
A)Revenues collected increased rapidly through the period.
B)A balanced budget was maintained for most of the Depression.
C)Tax rates were consistently lowered to spur economic growth.
D)Expenditures grew by over 300% from 1927 to 1940.
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Chapter 24: The New Deal
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Q1) Which were among the important reforms of the banking system that resulted from the financial crisis of the 1920 and 1930s?
A)the Glass-Steagall Act
B)the prohibition of interest payments on bank deposits
C)the separation of commercial banking from investment banking
D)All of the above are correct.
E) Only a and c are correct.
Q2) Which of the following is least accurate about labor and employment during the Great Depression?
A)New social security programs were established.
B)The price level decreased.
C)Average real wages decreased.
D)Unemployment rates dropped throughout the course of the Great Depression.
Q3) What was not one of the government's strategies to pull the nation out of the Great Depression?
A)Large subsidies for manufacturing companies.
B)Sizable increases in employment of emergency workers.
C)Development of the Federal Deposit Insurance Corporation (FDIC).
D)Institute price controls for farmers.
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Chapter 25: World War II
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Questions
Q1) 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.
Q2) In 1940,federal government purchases of goods and services equaled roughly _____ of GDP;by 1943,this figure had risen to ________.
A)20 percent;30 percent
B)8 percent;50 percent
C)15 percent;20 percent
D)1 percent;25 percent
Q3) When an economy is at full employment,increases in military production
A)cause a movement along the PPF.
B)cause an outward shift in the PPF.
C)mean that the economy is operating outside the PPF.
D)mean that the economy is operating inside the PPF.
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Page 27
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) The passage of major pieces of consumer protection legislation in the postwar period
A)was one of the most dramatic development of that period.
B)was influenced by the "red scare," and other hysteria over rumors of deliberate sabotage of consumer products.
C)often were the result of highly visible public tragedies.
D)Both a and b are correct.
E) Both a and c are correct.
Q3) By 1994,the percentage of the U.S.labor force employed in agriculture was
A)less than 3 percent.
B)between 5 and 7 percent.
C)about 10 percent.
D)15 percent.
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Page 28
Chapter 27: Government the Business Cycle After World
War II
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Source URL: https://quizplus.com/quiz/44483
Sample Questions
Q1) Following the lifting of price controls that had been implemented in the early 1970s,inflation skyrocketed.Economists' explanations for this acceleration in the price level include
A)the increase in the money supply that also occurred during the early 1970s.
B)increases in the federal government deficit,especially in 1971 and 1972.
C)supply-side shocks in oil and food.
D)the release of inflationary pressures that built up during the period of price controls.
E) All of the above.
Q2) Fiscal policy aims to influence the overall health of the economy through changes in A)the money supply.
B)government spending and tax rates.
C)interest rates.
D)international exchange rates.
E) All of the above.
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Chapter 28: Manufacturing, Productivity, and Labor
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48 Verified Questions
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Sample Questions
Q1) Junk bonds are securities with
A)low risk and low yield.
B)high risk and high yield.
C)low risk and high yield.
D)high risk and low yield.
Q2) Measured in BTUs per dollar of real GDP,energy consumption fell by only 5 percent between 1970 and 1975,but had fallen by almost 30 percent by 1990.These figures illustrate the fact that
A)energy demand does not respond to price changes in the short run.
B)energy demand does not respond to price changes in the long run.
C)energy demand is more elastic in the short run than in the long run.
D)energy demand is more elastic in the long run than in the short run.
Q3) 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.
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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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Sample Questions
Q1) Which of the following is most accurate?
A)African Americans were generally hurt economically relative to whites during WW II.
B)African American education rates are now about the same as those of whites.
C)The poverty rate for African Americans is about 300% larger than the rate for whites.
D)The average household income of African Americans is currently about 90% of whites'.
Q2) During the second half of the nineteenth century and first half of the twentieth century,per capita incomes on the West Coast of the US were ___ than the national average,and per capita incomes in the South were ___ than the national average.
A)lower,higher.
B)higher,lower.
C)lower,lower.
D)higher,higher.
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