In 1860 government revenues exceeded the earnings of cotton exports by fourfold. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
Scherer (1970) provides which of the following argument(s) to explain the appearance of antitrust laws? (a) Many farmers believed that the growth of big business came at the expense of growth in agriculture. (b) Many ordinary individuals with moderate or low incomes were envious of the fame and wealth accumulated by the relatively few industrial […]
Date: September 10th, 2020
Since colonial times, the U.S. government controlled businesses at some level by: (a) letting market actions and interactions between private consumers and producers drive decisions (b) regulating, licensing and closing them. (c) protecting private property rights. (d) providing national defense. ANSWER (b)
Date: September 10th, 2020
The slave gang system increased labor productivity by encouraging members of a slave gang system to specialize in performing assigned tasks and working in rhythm. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
In the struggle to control the power of big business which emerged between the Civil War and World War I, the nation (a) relied heavily on the principles of government expounded by the Founding Fathers such as Thomas Jefferson. (b) slowly changed into the modern regulated economy. (c) decided ultimately that big business was here […]
Date: September 10th, 2020
The steel plow and horse-drawn reaper increased labor productivity on all farms, small and large. Indicate whether the statement is true or false ANSWER TRUE
Date: September 10th, 2020
Operation on the basis of comparative advantage led to the regional specialization of the use of slaves in the North. Indicate whether the statement is true or false ANSWER FALSE
Date: September 10th, 2020
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 […]
Date: September 10th, 2020
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
Date: September 10th, 2020
Andrew Carnegie dominated the steel industry on the basis of the Bessemer converter. This technology permitted unskilled men to produce large quantities of steel at relatively low costs. This technology was (a) invented by Carnegie. (b) stolen from the British inventor Bessemer. (c) acquired legally from the British inventor Bessemer. (d) imported from Germany. […]
Date: September 10th, 2020
