The statistical details on the U.S. balance of international payments between 1790 and 1860 help economic historians determine (a) what the U.S. sold domestically. (b) how other countries paid for their own domestic goods and services. (c) how the U.S. paid other countries for their exports. (d) changes in domestic trade patterns. ANSWER (c)
The panic of 1893 was caused by the Sherman Silver Act of 1890, which doubled the Treasury’s monthly purchase rates to 4. 5 million ounces of silver at current market prices and was eased when President Cleveland called for the Act’s repeal on June 30, 1893. Indicate whether the statement is true or false […]
The need to issue paper money increased with the frequent use of checks. Indicate whether the statement is true or false ANSWER FALSE
In 1860, earnings from cotton exports (a) were minimal. (b) accounted for a small percentage of Gross Domestic Product. (c) exceeded the total revenue of the U.S. government by four-fold. (d) were what attracted the majority of agriculturalists into cotton production. ANSWER (c)
Until 1860, the domestic and international demand for cotton provided motive to expand slavery. Indicate whether the statement is true or false ANSWER TRUE
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)
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
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 […]
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
