Survey of American Economic Institutions
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Course Introduction
This course provides an overview of the key economic institutions that have shaped the development of the United States. Students will explore the structure and function of major institutions such as the Federal Reserve, commercial banks, labor unions, regulatory agencies, and stock exchanges. The course examines how these institutions interact to influence economic growth, stability, and policy, while also considering historical context and the impact of technological change and globalization. Through analysis of real-world examples and case studies, students will gain a deeper understanding of the role these institutions play in the broader American 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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Sample Questions
Q1) Which of the following most accurately describes world population growth?
A)World population has increased steadily during the past 6,000 years.
B)World population has exhibited significant cyclical patterns of growth and decline.
C)World population was relatively small until 1750,when it increased extremely rapidly.
D)World population was small until after World War II,when it increased very quickly.
Answer: C
Q2) 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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3
Chapter 2: Founding the Colonies
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Sample Questions
Q1) Prince Henry the Navigator was one of the leading explorers for which nation?
A)England
B)France.
C)Holland.
D)Portugal.
E)Spain.
Answer: D
Q2) According to a royal investigation in 1623 of the English colonies in Virginia,the average life expectancy of newly arrived setters was
A)2 years.
B)5 years.
C)10 years.
D)20 years.
Answer: A
Q3) In the early colonies,private landholdings
A)gradually replaced common ownership.
B)occasionally supplemented common ownership.
C)were only legalized after 1650.
D)were the norm from the very beginning of colonization.
Answer: A
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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) 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 the most fundamental relationship among most Native American tribes,including the Iroquois?
A)Mother-daughter.
B)Husband-wife.
C)Father-son.
D)Chief-warrior.
Answer: A
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Chapter 4: The Economic Relations of the Colonies
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Sample Questions
Q1) In terms of exports from the colonies,______ and ______ were the top two trading partners.
A)the United Kingdom;Africa
B)Southern Europe;the West Indies
C)the West Indies;the United Kingdom
D)the United kingdom;Southern Europe.
Q2) New England's imports came primarily from
A)the United Kingdom.
B)continental Europe.
C)the West Indies.
D)Africa.
Q3) England's mercantilist principals
A)were active from the early 1600s.
B)were active from the early 1700s.
C)were a response to Spanish tariffs.
D)were pursued by Charles II after 1685.
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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) 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.
Q3) 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.
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Chapter 6: Three Crises and Revolt
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Sample Questions
Q1) 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.
Q2) Which one of the following colonial groups actually benefited from the Navigation Acts?
A)Southern tobacco farmers
B)New England shipbuilders
C)colonists who bought goods imported from non-imperial sources
D)No colonial group benefited from the Navigation Acts.
Q3) 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.
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Page 8
Chapter 7: Hard Realities for a New Nation
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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) During the Napoleonic Wars (1793-1815)
A)America experienced periods of full employment.
B)urbanization increased sharply.
C)America bore the brunt of the mercantilist policies of both England and France.
D)Both a and c are correct.
E) Both a and b are correct.
Q3) What generated the most revenue for the U.S.government in the first 20 years after the Revolution?
A)Income taxes
B)Property taxes
C)Tariffs on goods imported from other nations
D)Inheritance taxes
E)Taxes on products shipped between states
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Chapter 8: Land and the Early Western Movements
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Sample Questions
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) 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.
Q3) What best describes the impact of the cotton gin?
A)A decrease in the price and an increase in the quantity of cotton.
B)An increase in the price and a decrease in the quantity of cotton.
C)Decreases in both the price and quantity of cotton.
D)Increases in both the price and quantity of cotton.
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Chapter 9: Transportation and Market Growth
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Sample Questions
Q1) Which of the following antebellum transportation innovations was financed primarily by government funds?
A)the Erie Canal
B)the New Orleans steamboat
C)the Lancaster Turnpike
D)the Ann McKim clipper ship
Q2) DeWitt Clinton is most recognized for
A)inventing the wheat combine.
B)being one of the primary advocates of the abolition movement.
C)developing the technology to power railroad engines.
D)overseeing the building of the Erie Canal.
Q3) Between 1830 and 1860,the number of miles of railroad in operation increased by
A)roughly 100 percent.
B)roughly 500 percent.
C)roughly 750 percent.
D)over 1000 percent.
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Chapter 10: Market Expansion Industry in First Transition
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Sample Questions
Q1) 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.
Q2) 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.
Q3) The development of interchangeable parts by Whitney and North allowed
A)machinery to be replaced by skilled labor.
B)capital-labor proportions in the US to remain equal to those in England.
C)producers to raise the price of guns.
D)skilled labor to be replaced by unskilled labor and machines.
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Chapter 11: Labor During the Early Industrial Period
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Sample Questions
Q1) The best explanation for the rapid rise in skilled wages relative to unskilled wages in antebellum U.S.is:
A)The demand for unskilled labor fell while the demand for skilled labor increased.
B)The supply for unskilled labor increased and the supply for skilled labor remained the same.
C)While both the supply and demand for skilled and unskilled labor grew during the period,the supply of unskilled labor grew relative to the supply of skilled labor.
D)The supply and demand for skilled labor increased while both decreased for unskilled labor.
Q2) Before 1860,most of the U.S.population lived _____ and most workers _____ .
A)in small to medium cities;were members of trade guilds.
B)in rural areas;self-employed
C)in large cities;self-employed
D)in large cities;were employed in mills and factories.
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Chapter 12: Money and Banking in the Developing Economy
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Sample Questions
Q1) 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.
Q2) 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.
Q3) Under the bimetallic standard of the 19 century
A)the amount of money in circulation increased.
B)the American dollar served poorly as a unit of account.
C)only one metal tended to circulate as money at any given time.
D)the government earned profits by selling gold.
Q4) In the term "Free Banking," the "free" means
A)the freedom of any state legislature to charter a bank.
B)the freedom of banks to mint U.S.coins.
C)the freedom of anyone to start a bank.
D)None of the above are correct.
Page 14
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Chapter 13: The Entrenchment of Slavery and Regional Conflict
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Sample Questions
Q1) Which region in the New World received the largest share of slaves brought to the New World?
A)Brazil
B)Colonial America
C)Cuba
D)Canada
Q2) Ulrich B.Phillips's proxy for the profitability of slavery was the ratio of _____ to _____.
A)Cotton prices;slave prices.
B)Cotton prices;maintenance costs of slaves.
C)Rental cost of slaves;slave prices.
D)Price of agricultural goods;price of manufacturing goods.
E)The interest rate;maintenance cost of slaves.
Q3) In examining incomes of free southerners prior to the Civil War,Walton and Rockoff conclude that,compared with northerners,free southerners were ______.
A)generally far poorer than northerners and falling further behind.
B)generally far poorer than northerners,except in the old South.
C)generally doing fairly well,even in the old South.
D)far richer than northerners but a downward trend was noticeable.
Page 15
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Chapter 14: War, Recovery and Regional Divergence
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Sample Questions
Q1) During the Civil War years,
A)the slight stimulus to manufacturing was startling.
B)iron production for both small arms and railroads increased rapidly.
C)production of boots and shoes in Massachusetts nearly doubled.
D)Both b and c are correct.
Q2) After the Civil War,many Southern farmers fell into a long-run spiral of debt caused by
A)the monopoly power of country stores.
B)the monopoly power of railroads.
C)excessive interest rates charged by banks.
D)carpetbaggers.
Q3) 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.
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Chapter 15: Agricultures Western Advance
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Sample Questions
Q1) 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.
Q2) According to research by Richard Scylla and John James on western farm mortgage rates,
A)real rates were lower than rates charged to eastern manufacturers.
B)relatively high real rates were due to the monopoly power of eastern financiers.
C)relatively high rates reflected high lending risks associated with agricultural loans.
D)Farmers' nominal rates were high,but real rates were actually less than those charged for most loans.
Q3) Which of the following presidents is remembered for his role in championing American conservation legislation?
A)Warren G.Harding
B)Abraham Lincoln
C)Ulysses S.Grant
D)Theodore Roosevelt
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Chapter 16: Railroads and Economic Change
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Sample Questions
Q1) The Willie and Martin Companies were
A)two groups of Mormon "handcarters" who were stranded when early winter storms interrupted their migration.
B)two work teams that were instrumental in completing the first transcontinental railroad.
C)the northern and southern branches,respectively,of the Granger organization.
D)two railroad construction companies that were found to have "insiders" on the boards of railroad companies with which they contracted.
Q2) 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.
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18
Chapter 17: Industrial Expansion and Concentration
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Sample Questions
Q1) 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).
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) The leading producer of manufactured goods in 1900 was
A)the United States.
B)Germany.
C)England.
D)Canada.
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Chapter 18: The Emergence of Americas Labor Consciousness
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Sample Questions
Q1) In 1917,Congress imposed a serious restriction on immigration when it passed ________________ over President Wilson's veto.
A)a quota system
B)a minimum wealth standard
C)a literacy test
D)a ban on Chinese immigration
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) In the 1870s,roughly ___ percent of immigrants came from northern and western Europe;by 1910,more than ___ percent of the total came from southern and eastern Europe.
A)10;10
B)20;80
C)40 ;60
D)80;60
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Chapter 19: Money, Prices, and Finance in the Postbellum
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Sample Questions
Q1) Most of the increase in total money supply between 1860 and 1920 was due to
A)an increase in national bank notes.
B)the growth of bank deposits.
C)an increase in greenbacks.
D)new discoveries of gold and silver.
Q2) In 1865,Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation.This tax
A)ended the dual banking system in the U.S.
B)was less than the tax on national bank notes.
C)was rescinded in 1870.
D)was avoided through the use of demand deposits.
Q3) The years between 1896 and World War I were characterized by
A)rapidly rising prices in the U.S.
B)wild fluctuations in international exchange rates.
C)the "heyday" of the gold standard in the U.S.and most industrialized countries.
D)barriers that prevented the flow of goods and capital across international borders.
E) All of the above.
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Page 21
Chapter 20: Commerce at Home and Abroad
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Q1) What most accurately describes the U.S.compared to other nations in the early 1900s?
A)The U.S. ,which was still quite young,was one of the least productive nations in the world in both the agricultural and manufacturing sectors.
B)The U.S. ,Great Britain and Germany were the three most industrialized nations.
C)The industrial output in the U.S.was about average compared the rest of the nations in the world.
D)The U.S. ,which had large supplies of land,had a highly productive agricultural sector,but its industrial productivity was quite low relative to that of other nations.
Q2) What is least accurate about the US experience with the income tax?
A)The federal income tax was not used for an extended period until after 1910.
B)In the late 1800s and early 1900s,people from the South and West were most likely to support an income tax.
C)Increases in the income tax were justified by using the money for more generous army pensions and increased military spending,especially for the US Navy.
D)Provisions for the income tax were stated in the US Constitution.
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Chapter 21: Mobilizing for War
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Q1) At the end of World War I,the ___________ outlined in broad terms the territorial adjustments that should occur in Europe,the extent of the reparations the losing nations owed,and the general association of nations that would guarantee each nation's sovereignty in the future.
A)Treaty of Versailles.
B)The Fourteen Points.
C)The Economic Consequences of Peace.
D)The United Nations.
Q2) 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.
Q3) 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.
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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) _____ illustrates the speculative temper of the 1920s.
A)The Ponzi scheme
B)The New York pyramid scandal
C)The Florida Land Boom
D)Both a and b are correct.
E) Both a and c are correct.
Q3) Research by Warburton,and more recently Miron and Zweibel on alcohol consumption during and after prohibition indicates that
a.the demand for alcohol is fairly price inelastic.
b.the demand for alcohol is fairly income inelastic.
c.the demand for alcohol is fairly price elastic.
d.the demand for alcohol has a price elasticity of zero.
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Page 24
Chapter 23: The Great Depression
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Q1) During the 1930s,banks found it hard to solve the asymmetric information problem between borrowers and lenders,because ____.
A)Many borrowers lacked adequate collateral.
B)Changing federal bank regulations created uncertainty.
C)The fall in the stock of money reduced aggregate demand.
D)Interest rates had fallen to "liquidity trap" levels.
Q2) What is the most compelling evidence for the Keynesian interpretation of the Great Depression?
A)Increases in both the interest rate and the quantity of money.
B)Decreases in both the interest rate and the quantity of money.
C)An increase in the interest rate and a decrease in the quantity of money.
D)A decrease in the interest rate and an increase in the quantity of money.
Q3) During the Federal Bank Holiday ordered by President Roosevelt and the week that followed it,
A)new supplies of gold were distributed to the banks.
B)a national monetary commission was set up.
C)the banks were inspected.
D)actions were taken to take the US off the gold standard
E)Both c and d are correct.
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Page 25
Chapter 24: The New Deal
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Q1) 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.
Q2) What was not a significant cause of the Great Depression?
A)Bank failures.
B)Stock market crash.
C)Government fiscal and monetary policy.
D)Large increase in imports that took jobs away from American workers.
Q3) During the Great Depression,union membership _____ due to _____.
A)expanded,greater cooperation between radicals and conservatives in the labor movement.
B)expanded,the passage of pro-union legislation.
C)contracted,greater conflict between radicals and conservatives in the labor movement.
D)contracted,people wouldn't risk losing their jobs by joining a union when unemployment was high.
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Page 26
Chapter 25: World War II
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Q1) What best describes real per capita GDP in the US between 1929 and 1959?
A)It was a period of consistent increase.
B)It was lower at the end of the period than the beginning because of the Great Depression.
C)Although it was erratic in the early part of this period during the Great Depression,it increased consistently after World War II.
D)It grew the most during World War II.
Q2) 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.
Q3) Forms of federal taxation used to finance the war effort did NOT include
A)the income tax.
B)the corporate tax.
C)the excess profits tax.
D)sales tax.
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Page 27
Chapter 26: The Changing Role of the Federal Government
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Q1) 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
Q2) Which is true of total federal spending relative to GDP?
A)It is the most commonly used measure of the size of government.
B)There really is no upper limit to the ratio of total government spending to GDP.
C)It has steadily increased over the last 50 years.
D)All of the above are correct.
E) Only a and c are correct.
Q3) 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.
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28
Chapter 27: Government the Business Cycle After World
War II
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Q1) The belief that government spending is necessary to offset sluggish private investment demand is associated with A)monetarism.
B)supply-side economics.
C)Keynesianism.
D)rational expectations theory.
Q2) The Federal Reserves responses to the financial crisis that began in 2007 include
A)cautious cuts in the Federal funds rate.
B)large expansions of credit.
C)underwriting lending in many markets.
D)All of the above are correct.
E) Only b and c are correct.
Q3) The housing market of the early to mid 2000s did not feature A)"teaser rates" on home mortgages.
B)a dramatic rise in housing prices.
C)widespread calls to end "predatory" lending practices.
D)"subprime" mortgages.
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Page 29
Chapter 28: Manufacturing, Productivity, and Labor
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48 Verified Questions
48 Flashcards
Source URL: https://quizplus.com/quiz/44484
Sample Questions
Q1) During the postwar period,increased real wages for women led to an increase in the labor force participation rate for women.This implies that,for women,
A)the substitution effect of a wage increase is greater than the income effect.
B)the substitution effect of a wage increase is less than the income effect.
C)the substitution effect of a wage increase equals the income effect.
D)wage increases do not have an income effect.
Q2) Ling-Temco-Voight (LTV)is an example of
A)a conglomerate.
B)a vertical merger.
C)a horizontal merger.
D)a limited-liability partnership.
Q3) An increase in the price of oil causes
A)a decrease in the demand for substitute goods.
B)an increase in the price of substitute goods.
C)an increase in the demand for complementary goods.
D)an increase in the price of complementary goods.
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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) Which of the following statements provides the most accurate description of the period between the Civil War and WWI?
A)Real per capita wages were relatively flat.
B)The share of immigrants was increasingly Protestant.
C)Businesses became increasingly regulated.
D)The average hours of work for employees in the industrial sector increased slightly.
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.
Q3) Between 1880 and 1980,which region had the highest per capita income?
A)Pacific.
B)Midwest.
C)New England.
D)South Atlantic.
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