Slaves were (a) unprofitable substitutes for wage labor on plantations. (b) profitable complements to capital equipment. (c) denied the use of shovels, hoes and axes. (d) all of the above. ANSWER (b)
Date: September 10th, 2020
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 […]
Date: September 10th, 2020
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
Date: September 10th, 2020
When transportation costs fall, consumer prices have a tendency to rise. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
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)
Date: September 10th, 2020
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
Date: September 10th, 2020
The Populists succeeded in using the federal government to limit subsidies granted to corporations. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
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
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
