Operation on the basis of comparative advantage led to the regional specialization of the use of slaves in the North. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
The Sherman Act of 1890 and the Clayton Act of 1914 were Antitrust Acts whose purposes included all of the following except (a) The maintenance of a competitive economy (b) The prevention of monopolies, combinations and other conspiracies in restraint of trade (c) The prevention of price discrimination that reduces competition (d) The prevention of […]
Date: September 10th, 2020
During the antebellum period, two systems of land use emerged—the self-sufficient system of the North, which did not rely on specialization, and the specialized system of the South, which concentrated the use of slaves. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Andrew Carnegie dominated the steel industry on the basis of the Bessemer converter. This technology permitted unskilled men to produce large quantities of steel at relatively low costs. This technology was (a) invented by Carnegie. (b) stolen from the British inventor Bessemer. (c) acquired legally from the British inventor Bessemer. (d) imported from Germany. […]
Date: September 10th, 2020
How does the federal government influence the flow of goods and services into the country and, consequently, create extra profitability or rents in domestic production that would not have been there under free market conditions? (a) tariffs (b) minimum wage laws (c) control of the public domain (d) federal income taxes ANSWER (a)
Date: September 10th, 2020
Between 1810 and 1850, the U.S. population living in the trans-Appalachian states increased significantly. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Rising agricultural prices and opportunities to own land provided people with incentives to migrate to the trans-Appalachian states. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Business cycles can be described best as (a) being pervasive during the antebellum period but their effects were isolated to the private sector. (b) being pervasive during the antebellum period but their effects were isolated to the public sector. (c) being pervasive during the antebellum period and their effects were felt both in the private […]
Date: September 10th, 2020
Prior to the 1880s, federal government control over the daily operations of private economic activity (a) was important but not as important as during the 1880s and following decades. (b) was virtually nonexistent; state and local governments handled any regulation or business management. (c) was important, but in the 1880s and following decades, it became […]
Date: September 10th, 2020
“External economies” derive from all of the following except (a) the joint use of transportation facilities. (b) labor force concentrations in urban areas. (c) social overhead facilities such as police and fire protection. (d) economies of management associated with large firms. ANSWER (d)
Date: September 10th, 2020
