Test Bank For American Economic History 7th Edition By Jonathan Hughes

Contents

PART 1: THE COLONIAL PERIOD, 1607–1783.................................................................................. 1
Chapter 1 Overseas Empire........................................................................................................3
Chapter 2 Colonial Development..............................................................................................11
Chapter 3 America on the Eve of Revolution.............................................................................19
Chapter 4 Gaining Independence..............................................................................................25

PART 2: THE NATIONAL PERIOD AND CONSTITUTIONAL CRISIS, 1783–1861....................33
Chapter 5 Westward Expansion................................................................................................35
Chapter 6 Population and Labor Force......................................................................................43
Chapter 7 Law and the Rise of Classical American Capitalism....................................................48
Chapter 8 Transportation, Internal Improvements, and Urbanization...........................................56
Chapter 9 Agricultural Expansion: The Conflict of Two Systems on the Land.............................62
Chapter 10 The Debate over Slavery...........................................................................................68
Chapter 11 The Early Industrial Sector........................................................................................73
Chapter 12 The Financial System and the International Economy.................................................80

PART 3: THE RISE OF AN INDUSTRIAL SOCIETY, 1861–1914................................................... 87
Chapter 13 Economic Effects of the Civil War............................................................................89
Chapter 14 Railroads and Economic Development.......................................................................97
Chapter 15 Post-Civil War Agriculture......................................................................................104
Chapter 16 Population Growth and the Atlantic Migration..........................................................108
Chapter 17 Industrialization and Urban Growth.........................................................................113
Chapter 18 Big Business and Government Intervention..............................................................120
Chapter 19 Financial Developments 1863–1914........................................................................128
Chapter 20 The Giant Economy and Its International Relations...................................................... 134
Chapter 21 Labor and the Law......................................................................................................... 139

PART 4: THE EXPANSION OF FEDERAL POWER, 1914–1945.................................................. 145
Chapter 22 The Command Economy Emerges: World War I.......................................................... 147
Chapter 23 “Normalcy”: 1919–1929................................................................................................ 152

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,Chapter 24 The Great Depression.................................................................................................... 159
Chapter 25 The New Deal................................................................................................................ 165
Chapter 26 The “Prosperity” of Wartime......................................................................................... 172

PART 5: BRAVE NEW WORLD? 1945-PRESENT.......................................................................... 178
Chapter 27 Before the New Frontier: The Postwar Economy.......................................................... 180
Chapter 28 Population, Labor and the Tertiary Sector......................................................................186
Chapter 29 Postwar Industry and Agriculture...................................................................................192
Chapter 30 To the New Millenium and Beyond...............................................................................198
Chapter 31 Does Our Past Have a Future?....................................................................................... 205

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, Chapter 31 Does Our Past Have a Future? 205




Chapter 31
Does Our Past Have a Future?

 True/False
Read each statement carefully. Identify whether it is true or false using the economic historian’s way of
thinking.
1. Secured property rights provide individuals with incentive to use the resources they own productively
because they realize the gains from this use.
Answer: True
2. The U.S. has a system of private property rights that encourages productive uses of its resources even
in the presence of some government influence.
Answer: True
3. Olson (1971) argues that the gains from private competition cannot be exceeded by the gains from
collective action.
Answer: False
4. Historically, the U.S. government has been used to overcome crises, redistribute income and wealth
and address negatively received market outcomes.
Answer: True
5. The founders of the U.S. Constitution clearly understood how to write a document capable of
producing the amount of wealth presently accumulated in the U.S.
Answer: False
6. The decisions of today have consequences that lie in the future.
Answer: True
7. Even today, individuals distrust the outcome of free markets, as is evidenced by the protests against
the construction of Walmarts across the nation.
Answer: True
8. The following have strengthened individual control over private property: taxation, zoning, land-use
restrictions and eminent domain law.
Answer: False
9. The power of the contract and the ability to enforce contracts in the U.S. are, in part, responsible for
the overall success of the U.S. economy.
Answer: True