Economics 12th Edition

Chapter 01 A Brief Economic History of the United States 1) The Social Security program began during the administration of A) Franklin D. Roosevelt. B) Harry S. Truman. C) Dwight D. Eisenhower. D) John F. Kennedy. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery. 2) During the 19th century, the great abundance of land compared to the availability of labor A) attracted millions of immigrants. B) encouraged early marriage and large families. C) encouraged rapid technological development. D) All of these are true. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-01 Summarize America's economic development in the 19th century. 3) Which of the following is true? 3 A) The Japanese rebuilt their economy after World War II by selling its goods to their own rapidly growing population. B) Slow U.S. population growth in the 19th century forced American farmers and manufacturers to seek foreign markets to propel its rapid economic growth. C) The Japanese rebuilt their economy after World War II by targeting the large U.S. market, while their own market remained largely closed to U.S. manufactured goods. D) America's rapid population growth in the 19th century slowed its economic growth rate. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-03 Discuss the impact of World War II on our economy. 4) The completion of the American national railroad network in the second half of the 19th century led to all of the following EXCEPT A) enabling manufacturers to sell their products all over the country. B) mass consumption. C) increased prices of goods sold, which led to more investments and more jobs. D) higher wages. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-01 Summarize America's economic development in the 19th century. 5) The periodic post–World War II economic downturns have been termed 4 A) recessions. B) depressions. C) prosperities. D) expansions. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-03 Discuss the impact of World War II on our economy. 6) The boom in 20th-century output following World War I is known as A) the age of agriculture. B) the Civil War effect. C) the Roaring Twenties. D) the Great Depression. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-03 Discuss the impact of World War II on our economy. 7) Between 1939 and 1944 the U.S. national output A) remained the same. B) nearly doubled. C) nearly tripled. D) nearly quadrupled. 5 Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery. 8) The worst recession since World War II started in which year? A) 1957 B) 1973 C) 1981 D) 2007 Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-04 List and discuss the major recessions we have had since World War II. 9) The official unemployment rate during the Great Depression peaked at A) 5 percent. B) 10 percent. C) 25 percent. D) 50 percent. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Learning Objective: 01-02 Describe the effect of the Great Depression on our economy and evaluate the New Deal measures to bring about recovery. Blooms: Understand Difficulty: 2 Medium 6 10) Which of the following explains the slower economic growth in the South compared to other regions of the country? A) Much of the South's capital, public and private, was destroyed in the Civil War. B) The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s all bypassed the South. C) The South remained an agricultural region after the Civil War instead of immediately becoming a higher productivity manufacturing region. D) All of these are true. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Learning Objective: 01-01 Summarize America's economic development in the 19th century. Blooms: Understand Difficulty: 2 Medium 11) Under President Eisenhower the problem of inflation A) got a lot worse. B) got a little worse. C) got a little better. D) got a lot better. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s. 12) The decade that had the most stagflation was the 7 A) 1940s. B) 1950s. C) 1960s. D) 1970s. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s. 13) Which of the following is true? A) The completion of the transcontinental railroad system in the 1880s eventually made the U.S. the world's first mass market. B) Southern manufacturers benefited from high protective tariffs of the 19th century that kept out cheaper Japanese manufactured goods. C) The canal system linking east-coast rivers with the Great Lakes in the 1820s created an "American economy" rather than just a series of regional economies located in one country. D) Agricultural inventions such as John Deere's steel plows did little to improve farm productivity. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Learning Objective: 01-01 Summarize America's economic development in the 19th century. Blooms: Understand Difficulty: 2 Medium 14) The name of Andrew Carnegie is most closely associated with 8 A) the steel industry. B) the rubber industry. C) the meatpacking industry. D) the chemical industry. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-01 Summarize America's economic development in the 19th century. 15) Which was a decade of high inflation and high unemployment? A) 1920s B) 1950s C) 1960s D) 1970s Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Understand Difficulty: 2 Medium Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s. 16) The transcontinental railroads were completed in the 25 years A) before the Civil War. B) after the Civil War. C) after 1890. D) after the 20th century began. 9 Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-01 Summarize America's economic development in the 19th century. 17) Cyrus McCormick and Eli Whitney were important in the technology of A) steel. B) automobiles. C) agriculture. D) oil. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-01 Summarize America's economic development in the 19th century. 18) Which statement is true? A) The U.S. has a larger national output than any other country in the world. B) We have had recessions about every three years since World War II. C) There were no recessions while Ronald Reagan was president. D) None of these is true. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Learning Objective: 01-04 List and discuss the major recessions we have had since World War II. Blooms: Understand Difficulty: 2 Medium Learning Objective: 01-05 Summarize the economic highlights of each decade since the 1950s. 10 19) Which statement is true? A) More than any other region in the nation, the South prospered the most in the years following the Civil War. B) The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s all bypassed the South. C) Before the Civil War most of the nation's large farms were located in the North. D) None of these is true. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Learning Objective: 01-01 Summarize America's economic development in the 19th century. Blooms: Understand Difficulty: 2 Medium 20) Between 1836 and 1851 travel time between New York and Chicago was cut from A) a month to two days. B) a month to a week. C) two weeks to one week. D) two weeks to two days. Question Details AACSB: Reflective Thinking Accessibility: Keyboard Navigation Blooms: Remember Difficulty: 1 Easy Learning Objective: 01-01 Summarize America's economic development in the 19th century. Answer Key Test name: Slavin _Economics_12e_Chap01_Word 1) A 2) D 3) C 4) C 5) A 6) C 7) B 8) D 9) C 10) D 11) D 12) D 13) A 14) A 15) D 16) B 17) C 18) A 19) B 20) A