A “great merger movement,” whereby firms combined with former rivals to become large firms, began in the 1890s. Who was the first President to look to bigger government as a way to cope with the economic power of these concentrated industries? (a) Woodrow Wilson (b) Herbert Hoover (c) Theodore Roosevelt (d) Franklin Roosevelt ANSWER […]
Until 1863, National Banking was a mix of licensing by state charters, banking done by nonchartered private bankers, and free banking. Indicate whether the statement is true or false ANSWER TRUE
When transportation costs fall, consumer prices have a tendency to rise. Indicate whether the statement is true or false ANSWER FALSE
When he invented the cotton gin in 1793, Eli Whitney exhibited (a) entrepreneurial behavior. (b) greedy behavior. (c) selfish behavior. (d) immoral behavior. ANSWER (d)
During the antebellum period, the majority of the family labor on farms was devoted to investment type of activities—clearing land, constructing fences and buildings, and feeding and breeding livestock. Indicate whether the statement is true or false ANSWER FALSE
The Populists succeeded in using the federal government to limit subsidies granted to corporations. Indicate whether the statement is true or false ANSWER FALSE
All national banks were required to join the Federal Reserve Bank of their region; however, state banks could do so on a voluntary basis. Indicate whether the statement is true or false ANSWER TRUE
The Kansas-Nebraska Act of 1854 did not allow popular sovereignty over the issue of slavery. Indicate whether the statement is true or false ANSWER False Multiple Choice Using the economic way of thinking and holding all else constant, choose the best answer among those provided.
The region that was using mechanized harvesting equipment before the Civil War was (a) the Northeast. (b) the South. (c) the West. (d) the Far West. ANSWER (b)
The “Crime of ‘73” did not stop the Federal Treasury from buying massive amounts of silver at above-market prices before 1900. Indicate whether the statement is true or false ANSWER TRUE
