In 2002 the steel industry successfully lobbied Congress to impose a tariff of 8 to 30 percent on foreign steel. Which of the following is an unintended consequence of this tariff? (a) U.S. steel firms were protected from the price cutting efforts of foreign competitors benefiting from governmental support in their countries. (b) U.S. steel […]
In the 1970s, the relationship between stock-market prices and the consumer price index was roughly equal to that of the 1920s, rising in roughly equal amounts. Indicate whether the statement is true or false ANSWER FALSE
The closing of the frontier in the early 20th century led eventually to (a) exhausting the land of all fertility by overusing it. (b) a change from an “intensive” to an “extensive” use of the land. (c) an emphasis on water conservation projects and the irrigation of arid lands. (d) the sale of Bureau of […]
Western expansion contributed to U.S. growth and development of the economy by (a) privately mobilizing idle natural resources and land. (b) placing land in the hands of the public, with no private rights. (c) having government officials set land prices. (d) all of the above. ANSWER (a)
The Founding Fathers (or Founders) of the United States were (a) pragmatic reformers, eager to assault slavery whenever political realities permitted. (b) skittish abolitionists, cautiously promoting antislavery under particular circumstances. (c) anti-abolitionists, permitting slaves to be freed only when they would reap a great advantage from emancipation. (d) not concerned with slavery, because for centuries […]
There was a silver lining during the Great Depression. Compared to other periods in U.S. history, this period was one of the most technologically advanced. Indicate whether the statement is true or false ANSWER TRUE
The South’s post-Civil War backwardness was due to all of the following except (a) extensive wartime destruction of life and property. (b) the fiscal disaster of the Confederacy, whereby nine tenths of the state banks in the South vanished. (c) the price of cotton was increasing, as it had prior to the Civil War, thus […]
Over the last 40 years in the U.S. a. output and real wages have increased, while the capital-to-labor ratio has remained constant. b. output, real wages, and the capital-to-labor ratio have all increased. c. output has increased while real wages and the capital-to-labor ratio has remained constant. d. output and real wages have increased, while […]
In the monetarist view, if there is an increase in money growth then a. the money supply and inflation will grow proportionally, with no effect on output and employment. b. the money supply grows faster than the inflation rate, with unfavorable effects on output and employment. c. the money supply grows faster than the inflation […]
Farmers’ complaints during the post-Civil War period included all of the following except (a) High railroad rates (b) A worsening of the terms of trade between the prices of farm goods and the prices of manufactured articles (c) The fact that national banks were not allowed to accept farm mortgages as loan collateral (d) There […]
