Test 2 COPY

Question 1

The U.S. population of growth rate in the first half of the 19th century was

Answer 1

much higher than that of most European countries.

Question 2

Between 1810 and 1860 the number of workers in manufacturing

Answer 2

increased twentyfold

Question 3

the waltham system

Answer 3

employed young women in their late teens and early twenties

Question 4

What is the least accurate description of movements in real wages between 1800-1860?

Answer 4

U.S. wages grew relative to those of England.

Question 5

Which of the following statements best describes the union movement between 1800-1860?

Answer 5

Unions were composed primarily of craftsmen.

Question 6

The main determinant of the discount rate on a privately issued bank note was

Answer 6

the distance of the issuing bank from the location where the note was being used.

Question 7

The charter of the Bank of the United States was not renewed in 1811 in part because

Answer 7

of fears of foreign ownership and manipulation.

Question 8

Actions by the Second Bank of the United States

Answer 8

reduced the discount rate on state bank notes.

Question 9

The Safety Fund System

Answer 9

operated similarly to the modern Federal Deposit Insurance Corporation.

Question 10

According to Hume’s price-specie-flow mechanism, a sudden increase in the money stock of Country A will

Answer 10

lead to an increase in Country A’s imports relative to its exports.

Question 11

If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1

Answer 11

gold is undervalued at the mint

Question 12

Which region in the New World received the largest share of slaves brought to the New World?

Answer 12

Brazil

Question 13

The majority of slaves that were brought to the New World during the colonial period were used in the production of:

Answer 13

sugar

Question 14

Research by Fogel and Engerman shows that, holding other factors constant, output per unit of total input was highest for Southern farms with

Answer 14

more than 50 slaves

Question 15

“Economic exploitation” is measured by

Answer 15

the difference between the value of output a worker adds and what she receives.

Question 16

In examining incomes of free southerners prior to the Civil War, Walton and Rockoff conclude that, compared with northerners, free southerners were ______.

Answer 16

generally doing fairly well, even in the old South.

Question 17

Which statement is most accurate about the U.S. between 1800-1860?

Answer 17

The total value of slaves in the U.S. increased substantially after the slave trade was stopped in the early 1800s.

Question 18

Which of the following methods of generating federal government revenue was first introduced during the Civil War?

Answer 18

the personal income tax

Question 19

The best description of US economic growth during the 1800s is:

Answer 19

The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899.

Question 20

After the Civil War, the Southern manufacturing sector

Answer 20

recovered much more quickly than the agricultural sector.

Question 21

In the South after the Civil War

Answer 21

manufacturing recovered before agriculture.

Question 22

Which Amendment freed slaves?

Answer 22

Thirteenth

Question 23

What Supreme Court case ruled separate education for blacks and whites was constitutional provided that it was equal?

Answer 23

Plessy vs. Ferguson

Question 24

The abrupt end of long distance cattle drives in 1885 was primarily due to

Answer 24

organized efforts by northern cattlemen to reduce overstocking of cattle on the northern ranges.

Question 25

The Homestead Act was passed in 1862. However, only about 20 percent of newly-added farm land between 1870 and 1900 belonged to homesteads because

Answer 25

the available land was best suited for grazing livestock, but 160-acre plots were too small to do so profitably.

Question 26

Between 1870-1910, quantitative evidence shows very little, if any growth in bushels produced per acre for crops like corn and wheat. Which of the following statements correctly depicts the situation of farmers during this period?

Answer 26

Although output per acre was not growing, increased labor productivity allowed farmers to earn profits.

Question 27

Between 1875 and 1895,

Answer 27

wholesale farm prices and consumer prices fell, but wholesale farm prices fell more rapidly.

Question 28

During the second half of the 19th century, export demand for U.S. agricultural products

Answer 28

increased

Question 29

Farmers who joined the Greenback Party in the late-19th century felt that

Answer 29

an increase in the money supply would benefit debtors

Question 30

Between 1864 and 1900, the largest portion of railroad track (as a percentage of total annual construction) was laid in which region of the U.S.?

Answer 30

the Great Plains region

Question 31

Railroad construction in the late 19th century

Answer 31

strongly influence capital formation.

Question 32

Quantitative evidence from Fishlow, Fogel and Mercer indicates that

Answer 32

antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.

Question 33

The alternate-section provision was designed to

Answer 33

allow the government to share in increased land values resulting from railroad building.

Question 34

The Grangers were:

Answer 34

an agrarian society

Question 35

In Munn v. Illinois (1877), the Supreme Court held that

Answer 35

states have a right to regulate businesses within the state that are “clothed with a public interest.”

Question 36

The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining

Answer 36

inventories of agricultural products held in eastern markets.

Question 37

By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was

Answer 37

manufacturing

Question 38

By the eve of World War I, the United States accounted for more than ___ of the world’s industrial production

Answer 38

30%

Question 39

On the eve of the Civil War, __________ power was more important than _____________ power, but by the end of the 19th century, 90 percent of manufacturing energy came from _________.

Answer 39

water; steam; coal

Question 40

Frederick W. Taylor argued that worker efficiency could be improved by

Answer 40

analyzing in detail the movements required to perform a job.

Question 41

A _________ is an agreement under which stockholders of several formerly-competing companies turn over their shares to a group that exercises voting control over the companies

Answer 41

trust

Question 42

Which of the following statements presents accurate information about the Standard Oil merger?

Answer 42

Following the merger, Standard Oil controlled 90 percent of U.S. refining capacity.

Question 43

In U.S. v. Addyston Pipe and Steel Company (1898), the Supreme Court ruled that

Answer 43

collusive agreements among competing firms were a violation of the Sherman Act.

Question 44

Which of the following is most accurate about the period between the Civil War and World War I?

Answer 44

Labor unions increased their membership significantly, and by the end of the period about 10 percent of the total labor force was in unions.

Question 45

_____________ is (are) the key factor in explaining the decline in death rates in the U.S. in the late 19th and early 20th century.

Answer 45

Improved sanitation

Question 46

All of the following groups benefited from immigration to the U.S. in the late 19th and early 20th century except

Answer 46

unskilled native workers

Question 47

Republicans in Congress pushed for the passage of the National Bank Act of 1863 because

Answer 47

they felt that the Act would reduce the temptation for weak administrations to over issue paper currency.

Question 48

Which of the following statements most accurately describes the role of banks in the United States between the Civil War and WWI?

Answer 48

Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets.

Question 49

Americans who supported William Jennings Bryan and the “Free Silver” movement

Answer 49

wanted to increase the U.S. price level.

Question 50

Deflation

Answer 50

is good for lenders, but bad for borrowers.