Social Science Seminar: American Economic Development
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Course Introduction
This seminar provides an in-depth exploration of the economic development of the United States from colonial times to the present. Students will examine key periods of growth, including industrialization, the rise of financial markets, and the impact of public policy on economic expansion. The course emphasizes the interplay between economic forces and social, political, and cultural dynamics, encouraging critical analysis of historical trends and contemporary issues. Through readings, discussions, and research projects, participants will gain a comprehensive understanding of how Americas economic landscape has evolved and the factors that have shaped its current trajectory.
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 most accurate about those who were in the bottom fifth of the income distribution in 1975?
A)In 1991,about 85% of them were still in the bottom fifth of the income distribution.
B)In 1991,about 50% were still in the bottom fifth of the income distribution.
C)In 1991,about 25% were in the bottom fifth and another 25% were in the second poorest group.
D)In 1991,about 30% were in the richest fifth and another 30% were in the second richest group.
Answer: D
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) After reading Governor Bradford's account,which is the most accurate statement,given his experience?
A)He considered the problems in the colony to be rooted in the "sine and corruption" of selfishness.
B)He agreed with Plato that goods held in a "commone wealth" would make the people "happy and flourishing."
C)That assigning private plots of land "made all hands very industrious."
D)That assigning private plots of land "for this communitie" caused "much confusion and discontent."
Answer: C
Q2) Ferdinand Magellan was one of the leading explorers for which nation?
A)England.
B)France.
C)Holland.
D)Portugal.
E)Spain.
Answer: E
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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) What was not true about the economy of the Middle Colonies?
A)It was a net importer of food.
B)The farms were generally smaller than those in the South.
C)The crops did not have large economies of scale.
D)Its main agricultural products were grains.
Answer: A
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 believed that national military power could be achieved best by
A)confiscating church lands and selling them to private businesses.
B)freeing business from government regulation.
C)having the government supply the infrastructure for the economy,while leaving private enterprise alone in other spheres.
D)strictly regulating economic life.
Q2) Which of the following most accurately describes what the text says about mercantilists?
A)They tried to build up the military power of their economies.
B)They tried to produce full employment.
C)They confused gold and silver with true wealth.
D)They were merely spokesmen for special interest groups.
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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6
Chapter 5: Economic Progress and Wealth
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Q1) Between 1620 and 1710,the price of tobacco in the colonies
A)rose rapidly.
B)remained fairly stable due to monopolistic competition.
C)fell from over 20 pence sterling to roughly one pence per pound.
D)fell from over 20 pence sterling to roughly 10 pence per pound.
Q2) Today _________ countries generate average income levels that approach the earnings of free Americans on the eve of the revolution.
A)almost no
B)relatively few
C)many
D)most
Q3) Tobacco prices fell dramatically in the early 1600s in spite of demand increases because
A)supply was also increasing.
B)supply was decreasing.
C)new farming machinery was introduced.
D)the colonial government provided agriculture subsidies for tobacco farmers.
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Chapter 6: Three Crises and Revolt
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Q1) 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
Q2) 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.
Q3) 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
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8
Chapter 7: Hard Realities for a New Nation
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Q1) 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.
Q2) 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.
Q3) 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%.
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Chapter 8: Land and the Early Western Movements
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Sample Questions
Q1) The Land Ordinances of 1785 and 1787 included provisions for all of the following except:
A)surveys prior to sale of Western land.
B)the number of states that could be created from the Northwest Territory.
C)guidelines for the eventual creation of Western states.
D)sale of the land in plots of one square mile.
E) All of the above were provisions of the ordinances.
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) Eli Whitney is most noted for
A)inventing the steam engine.
B)inventing the cotton gin.
C)inventing the technology for the first railroad engine.
D)developing the Erie Canal.
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Chapter 9: Transportation and Market Growth
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Q1) 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.
Q2) Which of the following antebellum transportation innovations earned the greatest rate of return?
A)corporate-owned turnpikes
B)the National Road
C)the Erie Canal
D)the Mainline Canal
Q3) 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
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Chapter 10: Market Expansion Industry in First Transition
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Sample Questions
Q1) The primary source of power for industrial production in the antebellum period was
A)coal.
B)steam.
C)water.
D)wood.
Q2) In 1791,what percent of America's clothing was homemade?
A)10-20%
B)30-40%
C)60-80%
D)95% or more was homemade.
Q3) 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
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12
Chapter 11: Labor During the Early Industrial Period
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Sample Questions
Q1) Which of the following statements presents accurate information about antebellum wages for males employed in manufacturing?
A)During the 1850s,real wages doubled.
B)Real wages were higher and grew more rapidly in New England than in the Middle Atlantic states.
C)Wage rates converged in the mid-1800s due to transportation improvements.
D)Wage rates in the 1820s were higher in rural areas than in urban areas.
Q2) According to studies by Goldin and Skoloff (1982)and Craig and Field-Hendry (1993),the female-to-male wage ratio in the early 1800s
A)was higher in the North than in the South.
B)is comparable to the ratio in 1860.
C)encouraged the adoption and success of the Waltham system.
D)was greater than one.
Q3) The Waltham System
A)employed whole families to work in textile mills.
B)employed young women in their late teens and early twenties.
C)employed young children,who often worked 10-12 hours per day.
D)was considered a disreputable form of employment for women.
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Chapter 12: Money and Banking in the Developing Economy
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Q1) The Bank of the United States did not
A)act as a lender of last resort.
B)help collect customs bonds.
C)carry on foreign exchange operations.
D)hold most of the U.S.Treasury deposits.
E)The Bank of the United States engaged in all of these activities.
Q2) 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.
Q3) 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.
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Chapter 13: The Entrenchment of Slavery and Regional Conflict
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Sample Questions
Q1) From the 1ate 1780s to immediately before the Civil War,the U.S.slave population
A)increased from roughly 300,000 to over 6 million.
B)increased from roughly 600,000 to almost 4 million.
C)stayed roughly the same.
D)increased by nearly 10 million.
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) 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.
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Page 15
Chapter 14: War, Recovery and Regional Divergence
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Q1) What best describes changes in per capita output between 1860-1880?
A)The South experienced both an absolute reduction and a reduction relative to the North.
B)Both the North and South grew,but the North grew faster than the South.
C)The North and South both suffered absolute decreases.
D)The South and the North grew and the South grew faster than the North.
Q2) What is the best description of Northern wages from 1860-1864?
A)A relatively large decrease in demand relative to the decrease in supply led to lower wages and fewer people working.
B)An increase in the demand for labor and decrease in the supply of labor led to C)Increases in both the demand and supply for labor led to more people employed who were working for about the same wages.
D)A decrease in the demand for labor coupled with an increase in the supply led to many fewer people working,but those who were employed worked for higher wages.
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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) The federal goal of making land widely accessible,especially in the last half of the 19th century,
A)was largely realized without fraud or favoritism.
B)was implemented despite a process that favored special interests.
C)was often subverted by fraud.
D)None of the above is correct.
E)Only b and c are correct.
Q3) The first farm organization of importance was
A)the Grangers.
B)the Greenback Party.
C)the Southern Alliance.
D)The Populists.
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Chapter 16: Railroads and Economic Change
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Q1) After computing the social savings from the railroads,Fogel concluded that ______.
A)the railroads were indispensable to the economic development of the United States.
B)the railroads were not indispensable in 1850 but by 1890 were dispensable.
C)the railroads could explain only a small fraction of the growth in real income in the United States.
D)economics is not sufficiently scientific to make a meaningful calculation of the social savings.
Q2) In Munn v.Illinois (1877),the Supreme Court held that
A)state laws limiting prices charged by grain elevators were a violation of the Fifth Amendment.
B)grain elevator and freight prices could only be regulated by the federal government.
C)states have a right to regulate businesses within the state that are "clothed with a public interest."
D)organizations like the Grangers violated federal conspiracy laws.
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Chapter 17: Industrial Expansion and Concentration
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Q1) 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.
Q2) A horizontal merger
A)combines similar firms that serve separate markets.
B)combines firms that produce similar products.
C)enables a company to control each stage of the production process: from raw materials to the final marketing of the product.
D)enables similar firms to form a cartel.
Q3) During the 1870s,___ surpassed ___ as the leading source of power.
A)animals;humans
B)water;animals
C)steam;water
D)electricity;steam
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Chapter 18: The Emergence of Americas Labor Consciousness
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Q1) American union membership as a percentage of the total nonfarm labor force reached its peak in
A)1900
B)1910
C)1920
D)1930
Q2) The Contract Labor Law,which was passed in 1864 and repealed in 1868,
A)authorized labor contracts made abroad between American companies and foreign workers.
B)resulted in a large increase in European immigration to the U.S.
C)was supported by American wage earners.
D)authorized workers to strike and engage in collective bargaining.
Q3) Between 1800 and 1940,the U.S.birthrate fell steadily.Factors contributing to this downward trend include
A)urbanization.
B)rising female employment.
C)compulsory schooling
D)declining infant mortality.
E) All of the above.
Page 20
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Chapter 19: Money, Prices, and Finance in the Postbellum
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Q1) 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.
Q2) Persistent U.S.deflation between 1879 and the mid-1890s was primarily due to the fact that the ___________ was growing faster than the _________.
A)supply of money;demand for money
B)demand for money;supply of money
C)demand for money;demand for goods
D)demand for goods;supply of money
Q3) 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.
Page 21
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Chapter 20: Commerce at Home and Abroad
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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) 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.
Q3) 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.
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Page 22
Chapter 21: Mobilizing for War
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Q1) 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.
Q2) 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.
Q3) 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.
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Chapter 22: The Roaring Twenties
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Q1) 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.
Q2) The best explanation for the end of free immigration in the 1920s is _____.
A)the belated recognition that immigrants remitted large sums of money to their homelands undermining the balance of payments.
B)the fear that America would be deluged by immigrants fleeing the war devastated economies of central and eastern Europe.
C)the growing realization that free immigration produced a burdensome increase in welfare roles.
D)the growing realization that free immigration undermined the incomes of blacks and women.
Q3) During Prohibition crime ____ and the amount spent on law enforcement ____.
A)stayed roughly the same;remained level
B)increased dramatically;more than doubled
C)remained level;more than doubled
D)decreased slightly;more than doubled
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Page 24
Chapter 23: The Great Depression
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Q1) 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.
Q2) During the 1930s,
A)ordinary citizens were not allowed to hold gold.
B)the US government fixed the price at which the Treasury would by and sell gold.
C)production of gold soared.
D)All of the above are correct.
E) Only a and b are correct.
Q3) 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.
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Page 25
Chapter 24: The New Deal
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Q1) The New Deal policies both relieved distress and reformed the system to prevent future depressions.An example of the former is the ___ while the ___ is an example of the latter.
A)Civilian Conservation Corps;Works Projects Administration.
B)Works Projects Administration;Industrial Organization Review Board.
C)Civilian Conservation Corps;Securities and Exchange Commission.
D)Federal Deposit Insurance Corporation;Industrial Organization Review Board.
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) 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) The drop in unemployment from over 11 percent in 1939 to roughly 1 percent in 1944
A)has been attributed by Keynesians as a validation of larger deficits as a solution to unemployment.
B)has been attributed by Monetarists as a validation that a large increase in the money supply would cure the depression.
C)has been acknowledged as a success in Keynesian policies,with the caveat that inflation was only averted through price controls.
D)All of the above are correct.
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Chapter 26: The Changing Role of the Federal Government
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Q1) 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.
Q2) New Deal environmental policies included all of the following except:
A)withdrawal of much of the public domain from private entry.
B)the use of the "soil bank" to encourage agricultural conservation.
C)projects such as the TVA that simultaneously protected many resources in a region.
D)the establishment of Yellowstone as a national park.
Q3) A key innovation of the Carter administration (1976-1980)was
A)dramatic expansion of Social Security and Medicare programs.
B)large tax cuts,especially for the wealthy.
C)deregulation of airlines,trucking,railroads and the financial services industry.
D)government control of gasoline and food prices.
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Page 28
Chapter 27: Government the Business Cycle After World
War II
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Q1) According to the Fisher effect,if a lender and a borrower would agree on an interest rate of 8 percent when no inflation is expected,they should set a rate of _______ when an inflation rate of 3 percent is expected.
A)2 percent
B)5 percent
C)8 percent
D)11 percent
Q2) The economic boom of the 1990s was caused in part by
A)America "getting wired."
B)low interest rates.
C)an investment boom as the use of personal computers and the Internet became ubiquitous.
D)All of the above are correct.
E) Only a and c are correct.
Q3) Factors that led to the S&L crisis of the 1980s include
A)over-investment by S&Ls in high-risk real estate ventures.
B)S&L investments in junk bonds.
C)fraud within the S&L industry.
D)perverse incentives created by government insurance on S&L deposits.
E) All of the above.
Page 29
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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) 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
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) According to the text,which of the following factors contributed to the increased labor force participation rate of women during the postwar period?
A)rising real wages
B)an increase in the years of schooling completed by women
C)declining fertility rates
D)the growth of the service sector
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
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Sample Questions
Q1) 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.
Q2) What best describes changes in sectors in the US?
A)Agriculture was the chief generator of income in the United States until the decade of the 1880s.
B)The number of people employed in manufacturing passed the number employed in agriculture shortly after the War of 1812.
C)The percentage of the US labor force employed in agriculture increased slowly until the Civil War and declined from then to the present time.
D)The current number of people employed in the government sector is about the same as the number of people employed in the service sector.
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