Macroeconomic Perspectives in U.S. History
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Course Introduction
This course explores the development of the U.S. economy from colonial times to the present through a macroeconomic lens. Students analyze major economic events, policies, and transformations, such as industrialization, the Great Depression, post-war growth, and globalization, considering how these shaped national income, employment, inflation, and fiscal and monetary policies. Attention is given to the interaction between economic theory and historical context, helping students understand how economic forces and policy decisions influenced the trajectory of American society and the broader global economy.
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 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
Q2) 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
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Chapter 2: Founding the Colonies
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Q1) If a series of severe storms in the Atlantic Ocean drastically significantly disrupted the slave transatlantic slave trade,which would most accurately describe the market for slaves in colonial America?
A)The price of slaves would increase and the quantity of slaves would decrease.
B)The price and quantity of slaves would increase.
C)The price and quantity of slaves would decrease.
D)The price of slaves would decrease and the quantity of slaves would increase.
Answer: A
Q2) Bartholomew Dias was one of the leading explorers for which nation?
A)England
B)France.
C)Holland.
D)Portugal.
E)Spain.
Answer: D
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) 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
Q2) The fishing and whaling occupations in the early colonies
A)never amounted to a significant economic force.
B)were a major influence in the early colonial economy.
C)developed into a significant economic force only in the eighteenth century.
D)were mixed in their economic impact,with fishing being the least important.
Answer: B
Q3) Agricultural staples of the colonial South included A)rice.
B)tobacco.
C)indigo.
D)All of the above.
Answer: B
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Chapter 4: The Economic Relations of the Colonies
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Q1) Which of the following statements correctly characterizes the colonial commodity trade deficit?
A)The Middle colonies had the largest commodity trade deficit.
B)The Southern colonies exported more to Great Britain & Ireland than they imported.
C)The colonies experienced commodity trade deficits not only in their trade with England,but also in trade with Southern Europe and Africa.
D)The colonies had a commodity trade deficit with Great Britain,but a commodity trade surplus once all trades were taken into account.
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.
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Chapter 5: Economic Progress and Wealth
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Q1) 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.
Q2) On the eve of the Revolution,the quality of life in the colonies
A)was comparable to that of third-world countries today.
B)compared favorably with that of other countries during the same period.
C)had reached a level that would not be achieved again until the late 19 century.
D)was declining.
Q3) If the incomes of New Englanders increased and they demanded more tobacco,then tobacco would be:
A)a normal good.
B)an inferior good.
C)a substitute good.
D)a complementary good.
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Chapter 6: Three Crises and Revolt
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Q1) 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.
Q2) An economic analysis of the burdens imposed on the colonists by the Navigation Acts for commodities that were imported from Europe via England can best be described as:
A)A shift back in the demand curve and a resulting decrease in the price of the goods.
B)A shift back in both the supply and demand curves.
C)A shift out of the supply curve and a shift back in the demand curve.
D)A shift back in the supply curve,which increases the price and decreases the quantity.
Q3) 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.
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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) The economic system envisioned by the Constitution _________.
A)embodied Adam Smith's emphasis on protecting private property.
B)used the Civil Code of France,rather than the English Common Law,as its foundation.
C)enshrined the traditional 18 century model of mercantilism which allowed the government to have large control over private ownership of goods and services.
D)fostered Jefferson's idea of a democracy based primarily on agriculture.
Q3) What method did the U.S.use to fund most of the cost of the Revolutionary War?
A)Increases in taxes.
B)Increases in the money supply.
C)Increases in bond sales.
D)Increases in tariffs.
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Chapter 8: Land and the Early Western Movements
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Q1) 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.
Q2) Which was not one of the main U.S.land acquisitions?
A)Mexican Cession.
B)Western Purchase.
C)Gadsden Purchase.
D)The Oregon Country.
Q3) What industry was the main economic impetus behind antebellum migration to the West Coast?
A)Fishing.
B)Cattle.
C)Fruit.
D)Mining.
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Chapter 9: Transportation and Market Growth
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Q1) Which statement best describes the relationship between steamboats,keelboats and flatboats on the Mississippi River in the antebellum period?
A)Steamboats were substitutes for both keelboats and flatboats.
B)Steamboats were complements for both keelboats and flatboats.
C)Steamboats were substitutes for keelboats and complements for flatboats.
D)Steamboats were substitutes for flatboats and complements for keelboats.
Q2) 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.
Q3) The sharp decline in domestic freight costs during the antebellum period was primarily due to the introduction of A)railroads.
B)paved roads.
C)clipper ships.
D)canals and steamboats.
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Chapter 10: Market Expansion Industry in First Transition
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Q1) According to Robert Zevin's 1971 study of textiles,the U.S.cotton textile industry had ____ percent of the number of Britain's textile labor force,but produced ____ percent as much cotton.
A)80;80
B)50;80
C)50;40
D)25;40
Q2) Which of the following industries was not among the 10 leading industries in 1860?
A)boots and shoes
B)printing and publishing
C)machinery
D)lumber
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) Which of the following best describes the antebellum U.S.?
A)Immigration peaked in the 1820s and slowly decreased through the Civil War.
B)Union membership grew consistently through the period and comprised a substantial portion of the working population by the Civil War.
C)English wages grew relative to those of the U.S.
D)The percentage of people living in urban areas in U.S.approximately tripled.
E)The North had the most unequal income distribution because of its large increase in industry.
Q2) From which country came the fewest immigrants during the large wave of immigrants who arrived in the U.S.in the 1840s and 1850s?
A)England.
B)Germany.
C)Ireland.
D)Spain.
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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Page 13
Chapter 12: Money and Banking in the Developing Economy
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Q1) According to Hume's price-specie-flow mechanism,a sudden increase in the money stock of Country A will
A)cause an immediate deflation in Country A.
B)lead to an increase in Country A's imports relative to its exports.
C)lead to an increase in Country A's exports relative to its imports.
D)cause specie from the rest of the world to flow into Country A.
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 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) 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
Q2) With the adoption of the U.S.Constitution in 1787, an importation of slaves was allowed,but only for the next 20 years.
A)importation of slaves was made illegal.
B)importation of slaves from the Caribbean was prohibited,but importation of African slaves was allowed.
C)importation of slaves was allowed only on federally-approved vessels that met minimum crew sizes.
Q3) Current research on the productivity of southern cotton plantations shows that A)output per unit of input was greater on large slave plantations than on small free-family farms.
B)the majority of the South's cotton crop was grown on farm units of less than 100 acres.
C)output per slave declined during the antebellum period.
D)plantation-style agriculture was inefficient.
E)All of the above.
Page 15
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Chapter 14: War, Recovery and Regional Divergence
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Q1) Disadvantages faced by the South in fighting the Civil War include
A)an inadequate supply of free,military-aged males.
B)limited industrial capacity.
C)shortages of horses and mules.
D)the lack of an effective administrative machinery for tax collection.
E)All of the above.
Q2) Part of the decrease in real wages during the Civil War was due to deteriorating productivity because of ___.
A)the inability of firms to replace machinery.
B)the need to use inexperienced workers.
C)the decline in coal production.
D)excessive days lost due to strikes.
Q3) The Beard-Hacker Thesis claims that postbellum economic growth in the United States
A)was slowed by rapid immigration.
B)was accelerated by rapid immigration from English speaking countries.
C)was slowed by the formation of industrial monopolies.
D)was accelerated by economic and financial changes generated by the Civil War.
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Chapter 15: Agricultures Western Advance
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Q1) By 1900,the leading cotton producing state was
A)Georgia.
B)Louisiana.
C)Texas.
D)Mississippi.
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) Between 1870 and 1910,corn and wheat
A)output showed little,if any,growth in land productivity.
B)output increased dramatically,due to labor productivity increases.
C)yields per acre hardly changed.
D)output increased dramatically due to the effects of increased amounts of capital per worker.
E)All of the above are correct.
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Chapter 16: Railroads and Economic Change
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Q1) 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
Q2) Cartels
A)encourage competition.
B)attempt to restrict output in order to raise prices.
C)rely on legally enforceable contracts between cartel participants.
D)rely on advertising and packaging to increase profits.
E)All of the above.
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) Recall the text's discussion of the ten largest U.S.industries by value added in 1860 and 1910.The emergence of tobacco products and malt liquors as major industries by 1910 suggests that
A)these goods are highly income elastic.
B)these goods are highly income inelastic.
C)these goods are price inelastic.
D)these goods exhibit economies of scale in production.
Q2) 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
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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Chapter 18: The Emergence of Americas Labor Consciousness
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Q1) In Coppage v.Kansas (1912),the Supreme Court held that
A)all employers were required to offer employees the option of joining a union.
B)an employer's right to require that employees sign "yellow-dog contracts" was protected by the 14 Amendment.
C)"yellow-dog" contracts were illegal for any business engaged in interstate commerce.
D)using federal troops to break strikes was a legitimate use of police power.
E) All of the above.
Q2) 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.
Q3) 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.
Page 20
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Q1) Following the Civil War,U.S.forms of money included all of the following except:
A)wooden nickels.
B)checks.
C)state bank notes.
D)greenbacks.
Q2) The "greenback"
A)provided a uniform currency across the U.S.
B)provided additional revenue for the government during the Civil War.
C)supplied monetary increases that sent prices skyrocketing.
D)All of the above are correct.
E) Only a and b are correct.
Q3) What is not true of The Federal Reserve Act (1913)?
A)Membership in the system was made compulsory for national banks.
B)State banks were not permitted to join the system.
C)The member banks nominally owned the Federal Reserve Banks.
D)Member banks had to deposit cash,previously held as reserves,with the District Federal Reserve Bank.
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Page 21
Chapter 20: Commerce at Home and Abroad
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Q1) 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.
Q2) Advertising to differentiate your product most often occurs in what type of industry?
A)Industries that produce agricultural crops.
B)Industries with monopolies.
C)Industries with monopolistic competition.
D)Perfectly competitive industries.
Q3) 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 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.
Q2) Food rationing during World War I under the wartime food administration featured
A)voluntary calls for "Meatless Mondays" and "Wheatless Wednesdays."
B)a broad policy of direct controls on prices set by the Food Administrator.
C)rationing for all food products except sugar.
D)a pervasive belief that fear of government retribution,rather than appeals to moral principles,was key to reducing consumption,and maintaining food surpluses for export.
Q3) 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.
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Chapter 22: The Roaring Twenties
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Q1) Which of the following best describes trends in unionization and immigration in the 1920s?
A)Both decreased.
B)Both increased.
C)The number of new immigrants increased while the number of union members decreased.
D)The number of new immigrants decreased while the number of union members increased.
Q2) Which of the following was not a major source of economic growth in the 1920s?
A)construction of residential housing
B)production of consumer durables
C)railroad construction
D)automobile production
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) The aspect of the Second Banking Crisis of the 1930s that distinguished it from the First Banking Crisis was that during the second crisis ___.
A)the Federal Reserve finally decided to act as lender of last resort.
B)the stock market boom finally came to an end with the crash.
C)banks in all regions of the country failed.
D)President Roosevelt asked Congress to establish Federal deposit insurance.
Q2) According to Fed Chairman Bernanke's analysis of the Depression-era financial system,
A)bank lending was often based on long-term relationships between banks and customers.
B)after the banking system collapsed,it recovered quickly due to government intervention.
C)bank lending at large was a severely depersonalized endeavor by 1925,which caused risky loan practices.
D)Both a and b are correct.
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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 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.
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Chapter 25: World War II
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Q1) Which of the following statements is most accurate about the role of minorities in the US?
A)The armed services were desegregated before World War II.
B)Although African Americans had historically lived on agricultural areas,by 1970 about 75% of African Americans lived in urban areas.
C)During World War II,there was a large increase in demand for hiring highly skilled Japanese-Americans.
Q2) 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.
Q3) 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.
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27
Chapter 26: The Changing Role of the Federal Government
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Q1) Market-oriented economists favor the use of _____ to solve the global warming problem.
A)explicit emission targets
B)taxes on emissions
C)tradable rights
D)Both (a)and (b)
E) Both (b)and (c)
Q2) Transfer payments include
A)government spending on tanks and planes.
B)government spending on national forests and parks.
C)the salaries of senators and federal judges.
D)welfare benefits and Social Security payments.
Q3) Features of "Reagonomics" include all of the following except:
A)reduction in marginal tax rates.
B)increased government expenditures for defense.
C)deregulation of business.
D)regular increases in the minimum wage.
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Chapter 27: Government the Business Cycle After World
War II
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Q1) Under the leadership of Federal Reserve Chairman _______________,the double-digit inflation of the 1970s and early 1980s was finally reduced using policies advocated by monetarists.
A)Milton Friedman
B)Alan Greenspan
C)Paul Volcker
D)Alfred Kahn
Q2) Following WWII,savings and loan associations (S&Ls)emerged as serious competitors of commercial banks,especially in the market for A)loans to new businesses.
B)home mortgages.
C)trust funds.
D)government bond sales.
Q3) Beginning in 1971,the Nixon administration enacted a series of price controls in hopes of reducing inflation.The first of these,known as Phase I,
A)consisted of a complete price freeze.
B)imposed a ceiling price on meat,but left other prices unregulated.
C)froze wages,but left other prices unregulated.
D)applied only to oil prices.
Page 29
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Chapter 28: Manufacturing, Productivity, and Labor
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Source URL: https://quizplus.com/quiz/44484
Sample Questions
Q1) Using a Cobb-Douglas production function and assuming the share of labor used in production remains constant,it can be shown that
A)real wages will increase in tandem with the price of capital.
B)a stable relationship will exist between the average product of labor and the marginal product of labor.
C)real wages will decrease as the average product of labor increases.
D)real wages and output are inversely related.
Q2) 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.
Q3) During the postwar period,the portion of total employment declined in the ______ sector.
A)agricultural
B)manufacturing
C)mining
D)construction
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
33 Flashcards
Source URL: https://quizplus.com/quiz/44485
Sample Questions
Q1) After the Civil War,per capita income in the South was relatively low compared with other regions of the United States.Which of the following statements best describes how long it took the South to (almost but not quite.catch up with the rest of the country).
A)About one year.
B)About five to ten years.
C)About twenty five years.
D)Several generations.
Q2) Between 1880 and 1980,which region had the highest per capita income?
A)Pacific.
B)Midwest.
C)New England.
D)South Atlantic.
Q3) During what period did members of labor unions comprise the largest share of the labor force?
A)1840-1860.
B)1875-1895.
C)1920-1940.
D)1950-1970.
E)1980-2000.
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