Test 2 COPY Flashcards
The U.S. population of growth rate in the first half of the 19th century was
much higher than that of most European countries.
Between 1810 and 1860 the number of workers in manufacturing
increased twentyfold
the waltham system
employed young women in their late teens and early twenties
What is the least accurate description of movements in real wages between 1800-1860?
U.S. wages grew relative to those of England.
Which of the following statements best describes the union movement between 1800-1860?
Unions were composed primarily of craftsmen.
The main determinant of the discount rate on a privately issued bank note was
the distance of the issuing bank from the location where the note was being used.
The charter of the Bank of the United States was not renewed in 1811 in part because
of fears of foreign ownership and manipulation.
Actions by the Second Bank of the United States
reduced the discount rate on state bank notes.
The Safety Fund System
operated similarly to the modern Federal Deposit Insurance Corporation.
According to Hume’s price-specie-flow mechanism, a sudden increase in the money stock of Country A will
lead to an increase in Country A’s imports relative to its exports.
If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1
gold is undervalued at the mint
Which region in the New World received the largest share of slaves brought to the New World?
Brazil
The majority of slaves that were brought to the New World during the colonial period were used in the production of:
sugar
Research by Fogel and Engerman shows that, holding other factors constant, output per unit of total input was highest for Southern farms with
more than 50 slaves
“Economic exploitation” is measured by
the difference between the value of output a worker adds and what she receives.
In examining incomes of free southerners prior to the Civil War, Walton and Rockoff conclude that, compared with northerners, free southerners were ______.
generally doing fairly well, even in the old South.
Which statement is most accurate about the U.S. between 1800-1860?
The total value of slaves in the U.S. increased substantially after the slave trade was stopped in the early 1800s.
Which of the following methods of generating federal government revenue was first introduced during the Civil War?
the personal income tax
The best description of US economic growth during the 1800s is:
The annual growth rate for the 20 years preceding the Civil War was greater than the annual growth rate from 1870-1899.
After the Civil War, the Southern manufacturing sector
recovered much more quickly than the agricultural sector.
In the South after the Civil War
manufacturing recovered before agriculture.
Which Amendment freed slaves?
Thirteenth
What Supreme Court case ruled separate education for blacks and whites was constitutional provided that it was equal?
Plessy vs. Ferguson
The abrupt end of long distance cattle drives in 1885 was primarily due to
organized efforts by northern cattlemen to reduce overstocking of cattle on the northern ranges.
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
the available land was best suited for grazing livestock, but 160-acre plots were too small to do so profitably.
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?
Although output per acre was not growing, increased labor productivity allowed farmers to earn profits.
Between 1875 and 1895,
wholesale farm prices and consumer prices fell, but wholesale farm prices fell more rapidly.
During the second half of the 19th century, export demand for U.S. agricultural products
increased
Farmers who joined the Greenback Party in the late-19th century felt that
an increase in the money supply would benefit debtors
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.?
the Great Plains region
Railroad construction in the late 19th century
strongly influence capital formation.
Quantitative evidence from Fishlow, Fogel and Mercer indicates that
antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.
The alternate-section provision was designed to
allow the government to share in increased land values resulting from railroad building.
The Grangers were:
an agrarian society
In Munn v. Illinois (1877), the Supreme Court held that
states have a right to regulate businesses within the state that are “clothed with a public interest.”
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
inventories of agricultural products held in eastern markets.
By the 20th century, the largest sector of the U.S. economy in terms of commodity output value was
manufacturing
By the eve of World War I, the United States accounted for more than ___ of the world’s industrial production
30%
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 _________.
water; steam; coal
Frederick W. Taylor argued that worker efficiency could be improved by
analyzing in detail the movements required to perform a job.
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
trust
Which of the following statements presents accurate information about the Standard Oil merger?
Following the merger, Standard Oil controlled 90 percent of U.S. refining capacity.
In U.S. v. Addyston Pipe and Steel Company (1898), the Supreme Court ruled that
collusive agreements among competing firms were a violation of the Sherman Act.
Which of the following is most accurate about the period between the Civil War and World War I?
Labor unions increased their membership significantly, and by the end of the period about 10 percent of the total labor force was in unions.
_____________ is (are) the key factor in explaining the decline in death rates in the U.S. in the late 19th and early 20th century.
Improved sanitation
All of the following groups benefited from immigration to the U.S. in the late 19th and early 20th century except
unskilled native workers
Republicans in Congress pushed for the passage of the National Bank Act of 1863 because
they felt that the Act would reduce the temptation for weak administrations to over issue paper currency.
Which of the following statements most accurately describes the role of banks in the United States between the Civil War and WWI?
Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets.
Americans who supported William Jennings Bryan and the “Free Silver” movement
wanted to increase the U.S. price level.
Deflation
is good for lenders, but bad for borrowers.
