Social and Economic History of the United States
Exam Preparation Guide
Course Introduction
This course explores the social and economic development of the United States from colonial times to the present. It examines the transformation of the American economy, patterns of immigration, labor movements, urbanization, the rise of industrial and post-industrial societies, and major reforms and crises. Special attention is given to the intersections of race, class, gender, and region, as well as to the ways economic shifts have shaped American society and politics. Through analysis of primary and secondary sources, students gain a comprehensive understanding of the forces that have influenced the everyday lives of Americans and the countrys broader trajectory in the world.
Recommended Textbook
History of the American Economy With Infotrac 11th Edition by Gary M. Walton
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29 Chapters
782 Verified Questions
782 Flashcards
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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 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
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3
Chapter 2: Founding the Colonies
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Sample Questions
Q1) Settlers often received 50 acres of land for each person whose passage they paid to America.This was known as
A)a special purpose grant.
B)an entailment.
C)the headright system.
D)planter's shares.
Answer: C
Q2) Spain's eventual decline in influence can be traced to A)the lack of a solid foundation for its settlement efforts.
B)a costly war to bring the Low Countries under subjection.
C)the decline in gold and silver imports from America.
D)All of the above are correct.
Answer: D
Q3) Costing more than the average person's yearly income,the Atlantic passage in the early seventeenth century was roughly
A)£1
B)£10
C)£100
D)£1,000
Answer: B
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Chapter 3: Colonial Economic Activities
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Sample Questions
Q1) 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
Q2) The primary reason for the success of the colonial shipbuilding industry was
A)the plentiful supply of skilled labor.
B)low wages in the American shipbuilding industry.
C)a plentiful supply of iron ore.
D)the close proximity of raw materials,especially lumber.
Answer: B
Q3) 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
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Page 5
Chapter 4: The Economic Relations of the Colonies
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Sample Questions
Q1) A nation practicing mercantilism aims to
A)keep the government out of the economy.
B)establish an excess of exports over imports.
C)balance imports with exports.
D)replace gold and silver with paper money.
E)reduce the size of the military sector.
Q2) The Middle Colonies' exports went primarily to
A)the United Kingdom.
B)continental Europe.
C)the West Indies.
D)Africa.
Q3) Mercantilists wanted a favorable balance of trade,by which they meant
A)exports = imports.
B)exports > imports.
C)exports < imports.
D)To import nothing from the colonies.
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Chapter 5: Economic Progress and Wealth
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Sample Questions
Q1) 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.
Q2) During the colonial period,the U.S.and other countries relied on "privateers." Which of the following most accurately describes privateers?
A)Privateers were also known as pirates.
B)Privateers were private citizens who owned ships that attacked vessels from other nations.
C)Privateers were groups of convicts who stole from American sailing vessels.
D)Privateers were a formal group part of the American Navy.
Q3) Based on the analysis of Alice Hanson Jones,what colonial region showed the most unequal distribution of wealth?
A)New England.
B)Middle Colonies.
C)South.
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7
Chapter 6: Three Crises and Revolt
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Sample Questions
Q1) 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.
Q2) 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.
Q3) The work of Roger Ranson has shown that the burden of the Navigation Acts on colonial trade to continental Europe
A)was disproportionately large on the Southern colonies.
B)amounted to 5 percent of colonial income.
C)amounted to less than one percent of colonial income.
D)Both a and b are correct.
E)Both a and c are correct.
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Page 8
Chapter 7: Hard Realities for a New Nation
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Sample Questions
Q1) Which of the following most accurately and completely describes the responsibilities the Constitution gave to the federal government?
A)The authority to provide for copyrights and patents.
B)The right to tax income.
C)The authority to regulate interstate commerce.
D)Both a and c
Q2) In 1774 the best estimate for the size of the overseas trade as a proportion of national income is:
A)0-5%.
B)15-20%.
C)about 50%.
D)70-75%.
Q3) The Continental Congress faced several constraints in its effort to finance the Revolutionary War.The largest source of funds for the War was A)excise taxes.
B)domestic bond sales.
C)borrowing from foreign powers,such as France.
D)printing money.
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9
Chapter 8: Land and the Early Western Movements
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Sample Questions
Q1) The Land Ordinance of 1787 provided that a state would be admitted to the Union when it's population reached A)5,000.
B)30,000.
C)60,000.
D)100,000.
Q2) 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.
Q3) According to Walton and Rockoff,all of the following were among Jefferson's main goals for land policy except:
A)To assure clear property rights to the land owned by individuals.
B)To drive Indians off the land and secure it for American settlers.
C)To provide revenues to the federal government through sales.
D)To spread democratic institutions.
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Chapter 9: Transportation and Market Growth
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Sample Questions
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) What is the best inference about the impact of a decrease in transportation costs?
A)The demand and supply curves will shift out,which will increase quantities of goods.
B)The supply curve will shift out,which will lead to lower prices to consumers.
C)Farmers will earn a smaller share of the selling price of their crops.
D)The demand curve will shift out,which will lead to higher prices and quantities of goods.
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) By 1830 home manufacture had declined significantly due to
A)increased industrial organization.
B)increased tariffs.
C)advances in transportation.
D)Both a and b are correct.
E)Both a and c are correct.
Q2) What constituted the majority of federal government revenues in 1860?
A)Property tax.
B)Tariffs.
C)Income tax.
D)Fees and Licenses.
Q3) 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.
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12
Chapter 11: Labor During the Early Industrial Period
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Sample Questions
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) 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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Page 13
Chapter 12: Money and Banking in the Developing Economy
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31 Verified Questions
31 Flashcards
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Sample Questions
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) The Second Bank of the United States rose to prominence under the leadership of
A)Alexander Hamilton.
B)Andrew Jackson.
C)Henry Clay.
D)Nicholas Biddle.
Q3) According to Gresham's Law,
A)inflation and unemployment are inversely related.
B)tax rates and tax revenues are inversely related.
C)bad money drives out good money.
D)inflation is inevitable in the long run.
Q4) Which was not a result of the California gold rush?
A)A substantial increase in the money supply.
B)A large increase in GNP.
C)A significant decrease in the prices of farm goods.
Page 14
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Chapter 13: The Entrenchment of Slavery and Regional Conflict
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34 Verified Questions
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Sample Questions
Q1) Which of the following was a major omission from Ulrich B.Phillip's proxy for the rate of return in slavery?
A)The price of cotton.
B)The price of slaves.
C)The rate of interest.
D)The productivity of slaves.
E)The maintenance cost of slaves.
Q2) What is not correct about the Northern U.S.abolitionist movement?
A)Northern slaveholders could sell their slaves to the south.
B)Slave owners in the North suffered significant economic loss because slaves were given their freedom much sooner than in the South.
C)Most Northern states freed slaves after they had reached a minimum age.
D)In most northern states freedom was granted over a gradual period of time.
Q3) Approximately how many slaves were brought to the colonial U.S.from Africa during the operation of the transatlantic slave trade?
A)50,000
B)700,000
C)5 million
D)10 million
Page 15
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Chapter 14: War, Recovery and Regional Divergence
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30 Verified Questions
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Sample Questions
Q1) What caused the dramatic reversal in relative economic positions of the North and South after the Civil War?
A)economic advances in the north and midwest
B)technological advances in New England industries
C)increases in Northern exports to Europe
D)decline in southern output
Q2) 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.
Q3) 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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16
Chapter 15: Agricultures Western Advance
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Sample Questions
Q1) Major achievements of the Roosevelt administration in the field of conservation included all of the following except
A)protection of 150 acres of national forests.
B)retention of rights to 75 million acres of mineral wealth.
C)adoption of policies that would ultimately provide for construction of reservoirs and irrigation projects.
D)protection of over 100 species of animals and birds,including the bald eagle.
Q2) Farmers who joined the Greenback Party in the late-19th century felt that
A)the government should make efforts to curb the inflation that the country was experiencing.
B)farm prices were too high in comparison to the overall price-level of the economy.
C)the government should own all transportation and communication facilities.
D)an increase in the money supply would benefit debtors.
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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Chapter 16: Railroads and Economic Change
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Sample Questions
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) The sustained productivity growth of railroads occurred primarily because of:
A)increased economies of scale.
B)more powerful locomotives and more efficient freight cars.
C)stronger steel rails.
D)the advent of refrigerator cars.
Q3) 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.
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Chapter 17: Industrial Expansion and Concentration
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Sample Questions
Q1) In U.S.v.U.S.Steel Corporation,the Supreme Court ruled that
A)U.S.Steel had violated the Sherman Act,particularly by organizing meetings with competitors such as the "Gary Dinners."
B)despite the fact that U.S.Steel controlled 50 percent of output in the steel industry,the company had not achieved monopoly power.
C)large corporations,by definition,violate the Sherman Act.
D)the Sherman Act did not apply to U.S.Steel because steel manufacturing was an activity "clothed with a public interest."
Q2) The considerable rise of manufacturing in the last half of the 19th century has become known as
A)the Great Leap Forward.
B)the Industrial Revolution.
C)the Second Industrial Revolution.
D)the Ascendancy of Manufactures.
Q3) Between 1860 and 1910,value added by the top ten manufactures roughly A)doubled.
B)tripled.
C)increased by 500% (a factor of five).
D)increased by 1000% (a factor of ten).
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Page 19
Chapter 18: The Emergence of Americas Labor Consciousness
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Sample Questions
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) 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) 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
Page 20
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Chapter
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Sample Questions
Q1) It has been argued that banks tended not to take full advantage of issuing notes,thereby passing up potential profits because
A)the profit amounts were small.
B)they were not the types of profits conservative bankers wanted to pursue.
C)regulations and opportunity costs involved with the issuance itself limited the profits.
D)All of the above are correct.
E) Only a and c are correct.
Q2) The Federal Reserve Act
A)established a clearinghouse system for checks and notes.
B)allowed only nationally-chartered banks to become members of the Federal Reserve system.
C)allowed the Fed District Banks to offer commercial loans to private businesses at reduced interest rates.
D)required that all Fed District Bank directors be associated with the commercial banking industry.
E)all of the above.
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Chapter 20: Commerce at Home and Abroad
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Sample Questions
Q1) A monopolistically competitive industry may feature
A)excess capacity.
B)extraordinary profits.
C)product differentiation.
D)All of the above are correct.
E) Only b and c are correct.
Q2) Between 1800 and 1910,the percentage of the U.S.population living in cities of 100,000 residents or larger went from ____ percent to roughly ___ percent.
A)15;20
B)10;20
C)5;20
D)0;20
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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22
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) All of the following are associated with the War Industries Board except
A)the negotiation of the prices of key industrial products.
B)developing and implementing the bulkline pricing system to determine industrial prices that maximized output.
C)the unintended consequence of the "priorities inflation" of contracts.
D)establishing and enforcing minimum wages for manufacturing workers.
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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 is not accurate about the roles of women in the 1920s?
A)There was a large increase in the number of two earner families.
B)Women gained the right to vote.
C)There was an increase in educational opportunities for women.
D)Women gained a significant amount of cultural and social freedom.
Q3) 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.
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Page 24
Chapter 23: The Great Depression
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Q1) What is the best description of the US economy from 1929-1940?
A)GNP decreased continually during the greatest Depression our nation has known.
B)The economy suffered a large drop from 1929-1933,but then grew steadily through WW II.
C)The economy suffered an initial drop,a four-year expansion and then another drop towards the end of the decade.
D)The unemployment rate increased steadily throughout the period.
Q2) The Smoot-Hawley Tariff
A)was a major cause of the Great Depression.
B)was the last of America's high "protective" tariffs.
C)made a bad situation slightly worse.
D)caused a psychological effect that destroyed the banking system.
E) Only b and c are correct.
Q3) 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.
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Page 25
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) 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.
Q3) 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.
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Page 26
Chapter 25: World War II
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Q1) What best describes the changes in federal spending of the US economy from 1939 to 1949?
A)Between 1939 and 1944 military expenditures increased substantially and civilian-related expenditures remained about the same.
B)Between 1939 and 1944 both military and civilian-related expenditures increased substantially.
C)Between 1939 and 1944 the production possibilities frontier for military and civilian-related expenditures shifted out.
D)Between 1944 and 1949 military expenditures decreased substantially and civilian-related expenditures returned to 1939 levels.
Q2) If supply is perfectly inelastic and demand increases,
A)price falls and output rises.
B)price rises and output falls.
C)price rises and output remains unchanged.
D) price rises and output rises.
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27
Chapter 26: The Changing Role of the Federal Government
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Q1) During the three decades immediately following World War II,
A)conservative forces successfully blocked any expansion of New Deal-type programs.
B)the prevailing liberal ideology led to the passage of legislation that increased Social Security benefits,created of Medicare,and increased the minimum wage.
C)disillusionment with government led to deregulation of airlines and other industries.
D)most policy makers and the general public rejected Keynesian policies.
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) Which of the following federal farm programs was successful in reducing agricultural surpluses?
A)The Agricultural Act of 1948
B)The Emergency Act of 1978
C)The Emergency Feed Grain Bill of 1961
D)The Soil Bank Act of 1956
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Chapter 27: Government the Business Cycle After World
War II
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Sample Questions
Q1) The financial crisis that began in 2007
A)was predicted in detail by Alan Greespan and Ben Bernanke.
B)was centered on subprime lending and the complex financial instruments based on subprime loans.
C)was caused by a downturn in the stock market.
D)None of the above are correct.
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) Policies adopted by the Truman administration effectively avoided inflation during the Korean War.These policies included
A)increased personal and corporate tax rates.
B)price and wage controls.
C)reduced purchases of government debt by the Federal Reserve.
D)discontinuance of the practice of "pegging" interest rates.
E) All of the above.
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Chapter 28: Manufacturing, Productivity, and Labor
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48 Verified Questions
48 Flashcards
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Sample Questions
Q1) The primary area of growth in the modern U.S.economy is
A)the manufacturing sector.
B)the agricultural sector.
C)the service sector.
D)the market for U.S.exports.
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".
Q3) Which of the following statements about the "separate but equal" provision of Plessy v.Ferguson is MOST accurate?
A)resulted in African-American schools that were comparable to white schools.
B)resulted in African-American schools that were preferable to white schools in the South.
C)did not seriously hamper the labor market experience of African-Americans.
D)led to the creation of African-American schools that were systematically under funded.
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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 statements best describes the changes in life expectancy between 1940-2000 in the US?
A)The life expectancy of females increased substantially but there was little change for males.
B)The life expectancy of African American males is higher than that of African American females,but the life expectancy of white males is lower than that of white females.
C)The life expectancies of people of all races has remained about the same as advances in health have been offset by declines due to environmental factors.
D)The life expectancy of people with Down's Syndrome grew by about 25 times,and the life expectancy of African Americans grew faster than the life expectancy of whites.
Q2) 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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