The Gallatin Plan (1808) to provide internal land and water transport in the eastern part of the country was a plan that (a) called for the federal government to finance and build the transport system. (b) called for the eastern states to join together to finance and build the system. (c) called for private financing […]
Robert Fogel (1964) demonstrates that (a) the social saving of the railroad was large; much of the country (over 25%) could not have been settled and cultivated without the railroad. (b) the canal and river systems of transportation could very nearly have produced the same results as the railroad in terms of land cultivated. (c) […]
The Gallatin Plan (1808) (a) was a plan by the U.S. Senate for a comprehensive system of internal land and water transport in the eastern part of the country to be built by the federal government. (b) was promoted on the basis that only the federal government could command sufficient resources to build a transportation […]
The Sherman Antitrust Act of 1890 (a) did not specify what economic actions are legal. (b) said that only competitive economic actions were legal. (c) declared illegal every combination in restraint of trade. (d) declared none of the above. ANSWER (d)
The Sherman Antitrust Act of 1890 was not well understood because (a) skilled lawyers were not involved in its creation. (b) judges were mainly political hacks and therefore were unable to follow the logic of the Act. (c) vested interests had been allowed too much influence in drafting the legislation. (d) the purpose of the […]
The turnpikes built in the early 1800s were (a) intercity toll roads. (b) highly profitable enterprises. (c) financed entirely by private enterprise. (d) regulated by the federal government. ANSWER (a)
Fiat money is: a. includes currency and gold in bank vaults. b. does not include coins. c. is backed by any sort of commodity. d. has no value outside of its use as money. ANSWER D
Historians are in general agreement that (a) railroads opened the country and were built at great risk ahead of demand, gambling on the future. (b) railroads sharply cut down transportation costs, linking the country together in all directions and spurring the nation’s growth far in advance of anything that might otherwise have been achieved. (c) […]
Which of the following are NOT true? a. Credit cards are the same as debit cards when determining the money supply. b. Credit cards are included in M2 but not M1. c. Credit cards do not impact the demand for money. d. Credit cards are a means of payment. e. All of the above are […]
Why did the money supply fall during the Great Depression? a. The monetary base fell throughout the Great Depression. b. The amount of currency fell during the Great Depression. c. The ratio of currency/deposits fell during the Great Depression. d. The money multipier rose during the Great Depression. e. None of the above. ANSWER […]
