Econ Ch 18-25 – Flashcards
Unlock all answers in this set
Unlock answersquestion
In 1860 the ratio of farmers to manufacturing workers was roughly _____ ; by 1910 that ratio was _____. a. 1:1; 1:5 b. 1:3; 1:1 c. 3:1; 1:1 d. 10:1; 1:1
answer
c. 3:1; 1:1
question
Between 1870 and 1920, the U.S. labor force a. grew at about the same rate as the population. b. grew more rapidly than the population. c. fell despite rising population. d. grew at a slightly lower rate than the population.
answer
b. grew more rapidly than the population.
question
Between 1800 and 1940, the U.S. birthrate fell steadily. Factors contributing to this downward trend include a. urbanization. b. rising female employment. c. compulsory schooling d. all of the above.
answer
d. all of the above.
question
_______ is (are) the key factor in explaining the decline in death rates in the U.S. in the late 19th and early 20th century. a. Improved sanitation b. Improved medical treatments c. Urbanization d. A more varied and nutritious diet
answer
a. Improved sanitation
question
In the 1870s, roughly ___ % of immigrants came from northern and western Europe; by 1910, more than ___ % of the total came from southern and eastern Europe. a. 10; 10 b. 20; 80 c. 40 ; 60 d. 80; 60
answer
d. 80; 60
question
The Contract Labor Law, which was passed in 1864 and repealed in 1868, a. authorized labor contracts made abroad between American companies and foreign workers. b. resulted in a large increase in European immigration to the U.S. c. was supported by American wage earners. d. authorized workers to strike and engage in collective bargaining.
answer
a. authorized labor contracts made abroad between American companies and foreign workers.
question
In 1917, Congress imposed a serious restriction on immigration when it passed ______ over President Wilson's veto. a. a quota system b. a minimum wealth standard c. a literacy test d. a ban on Chinese immigration
answer
c. a literacy test
question
By 1920, the average work week in manufacturing was about _____hours, although it was significantly lower for _______. a. 40; immigrants b. 50; skilled workers c. 60; unskilled workers d. 45; women
answer
b. 50; skilled workers
question
Between 1860 and 1890, both daily wages and annual earnings a. fell slightly. b. stayed roughly the same. c. increased by 10%. d. increased by 50%.
answer
d. increased by 50%.
question
Real wages of manufacturing workers a. rose between 1860 and 1890, but then fell for much of the period until 1920. b. remained fairly stable until 1900, but then rose between 1900 and 1914. c. followed a general upward trend from 1860 through 1920. d. exhibited dramatic periods of rise and fall between 1860 and 1920.
answer
c. followed a general upward trend from 1860 through 1920.
question
The percentage of women in the U.S. labor force _______ between 1880 and 1920. a. increased b. decreased c. remained relatively constant
answer
a. increased
question
Statutes prescribing maximum hours and minimum wages for women were common by 1920. The effects of these laws included all of the following except a. complementary limits on the hours of male workers. b. a negligible impact on female employment. c. reduced competition for jobs between male and female workers. d. increased employment of women in managerial positions.
answer
d. increased employment of women in managerial positions.
question
Between the 1880s and 1920, women composed roughly ____ of the workforce. a. 1-2% b. 5-10% c. 15-20% d. 30-40%
answer
c. 15-20%
question
In 1910 ____ of children between the ages of 10 and 15 had jobs, but by 1920, this percentage had fallen to ______ . a. 50%; 25% b. 30%; 20% c. 20%; less than 10% d. 10%; less than 1%
answer
c. 20%; less than 10%
question
In the early 1900s, regulation of the use of child labor a. was supported by trade unions. b. was first legislated by some states, and later by the federal government. c. through federal legislation was initially struck down by the Supreme Court. d. All of the above.
answer
d. All of the above.
question
Which of the following is most accurate about the period between the Civil War and WWI? a. An increasing share of the U.S. population lived in rural areas. b. Unions pursued strategies of peaceful negotiation with employers. c. The average number of hours of work increased significantly during the period. d. The difference between male and female wages decreased.
answer
d. The difference between male and female wages decreased.
question
Samuel Gompers is most recognized for: a. the invention of air brakes for trains. b. his role as an early union leader. c. invention of a steel manufacturing process. d. the development of refrigerated train cars.
answer
b. his role as an early union leader.
question
Which of the following was never a labor union? a. American Federation of Labor b. Labor Relations Board c. Congress for Industrial Organization d. Knights of Labor
answer
b. Labor Relations Board
question
During what period did the greatest violence between labor and companies occur? a. 1800-1820. b. 1860-1870. c. 1875-1895. d. 1910-1930.
answer
c. 1875-1895.
question
The American Federation of Labor a. was an amalgamation of two labor organizations. b. had over 1 million members by 1905. c. sought to control job opportunities and conditions within each craft. d. all of the above.
answer
d. all of the above.
question
Violent labor-management conflicts of the late 1800s included all of the following except a. the Haymarket Square riot b. the Carnegie Homestead Works incident c. the Pullman strike d. the Credit Mobilier scandal
answer
d. the Credit Mobilier scandal
question
The Pullman strike of 1894 a. resulted in management's agreement to negotiate with the labor union. b. received widespread support from the American public. c. was led by Eugene V. Debs. d. became a model for later attempts by unions peacefully organize.
answer
c. was led by Eugene V. Debs.
question
In Coppage v. Kansas (1912), the Supreme Court held that a. all employers were required to offer employees the option of joining a union. b. an employer's right to require that employees sign "yellow-dog contracts" was protected by the 14th Amendment. c. "yellow-dog" contracts were illegal for any business engaged in interstate commerce. d. using federal troops to break strikes was a legitimate use of police power.
answer
b. an employer's right to require that employees sign "yellow-dog contracts" was protected by the 14th Amendment.
question
In the early 1900s, a. federal and state governments typically supported management and opposed labor unions. b. "government by injunction" was a strong weapon for combating strikes. c. using troops to break strikes was considered a legitimate use of police power. d. all of the above.
answer
d. all of the above.
question
American union membership as a percentage of the total nonfarm labor force reached its peak in a. 1900 b. 1910 c. 1920 d. 1930
answer
c. 1920
question
Union activity in late 19th and early 20th centuries in the U.S. a. was largely apolitical at the national level. b. was the impetus for several national parties. c. relied heavily on help from the federal government. d. None of the above is correct.
answer
a. was largely apolitical at the national level.
question
Following the Civil War, U.S. forms of money included all of the following except a. wooden nickels. b. checks. c. state bank notes. d. greenbacks.
answer
a. wooden nickels.
question
Most of the increase in total money supply between 1860 and 1920 was due to a. an increase in national bank notes. b. the growth of bank deposits. c. an increase in greenbacks. d. new discoveries of gold and silver.
answer
b. the growth of bank deposits.
question
Republicans in Congress pushed for the passage of the National Bank Act of 1863 because a. they wanted the executive branch to have more control over the amount of notes in circulation. b. they wanted to encourage a mild inflation in the U.S. c. they felt that the Act would reduce the temptation for weak administrations to over issue paper currency. d. they wanted to reduce the number of banks in the U.S.
answer
c. they felt that the Act would reduce the temptation for weak administrations to over issue paper currency.
question
Provisions of the National Bank Act of 1863 included all of the following except a. mandated legal reserve requirements for banks chartered under the Act. b. the requirement that banks chartered under the Act purchase a certain amount of US government bonds. c. the creation of a currency with a standard design. d. the creation of a central bank responsible for serving as a lender of last resort and an overseer of the money supply.
answer
d. the creation of a central bank responsible for serving as a lender of last resort and an overseer of the money supply.
question
In 1865, Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation. This tax a. ended the dual banking system in the U.S. b. was less than the tax on national bank notes. c. was rescinded in 1870. d. was avoided through the use of demand deposits.
answer
d. was avoided through the use of demand deposits.
question
In 1865, Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation. Quantitative evidence shows that by 1900, a. state banks had ceased to exist. b. the number of state banks had declined dramatically. c. the number of state banks had increased dramatically. d. the number of state banks was roughly the same as in 1865.
answer
c. the number of state banks had increased dramatically.
question
Which of the following statements most accurately describes the role of banks in the United States between the Civil War and WWI? a. The U.S., which had the largest economy in the world, also had the largest banks in the world. b. Banking reforms increased the ability of state banks to issue their own notes. c. Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets. d. Those who borrowed money at fixed interest rates gain significantly during deflationary periods.
answer
c. Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets.
question
During the Civil War, inflation caused U.S. prices to rise by roughly a. 12 percent. b. 32 percent. c. 54 percent. d. 76 percent.
answer
b. 32 percent.
question
Between the years 1879 and 1900 America was on a de facto gold standard. Which of the following statements is not true about the 20-year period that preceded these years? a. The nominal money supply grew faster than the population growth rate. b. A policy of money contraction was initiated that caused deflation. c. There existed efforts to resume an exchange of one dollar in greenbacks to one dollar in gold. d. Resumption of the gold standard threatened to reduce the stock of gold because of relatively cheaper foreign goods.
answer
a. The nominal money supply grew faster than the population growth rate.
question
One important issue in the post-bellum currency debate concerned the coinage of silver by the federal government. Which of the following statements presents accurate information regarding the silver debate? a. Silver circulated widely as money in the years immediately prior to the Coinage Act of 1873. b. The Bland-Allison Act allowed for the Treasury to make limited monthly silver purchases at the market price. c. Silver never circulated as money in the U.S. after 1873; however, it was used as a unit of account. d. Congress passed the Coinage Act in 1873 despite widespread public opposition to this legislation at the time.
answer
b. The Bland-Allison Act allowed for the Treasury to make limited monthly silver purchases at the market price.
question
When the Coinage Act of 1873 was passed, silver was worth _____ on the market than at the mint; however, subsequent ______ in the supply of silver led to public outcry over the "demonetization" of silver under the Act. a. less; decreases b. less; increases c. more; decreases d. more; increases
answer
d. more; increases
question
The Bland-Allison Act of 1878 and the subsequent Sherman Silver Purchase Act of 1890 a. led to an extended period of inflation in the U.S. b. were both followed by increases in the market price for silver. c. had no significant impact on silver prices or the price level. d. decreased the Treasury's supply of silver.
answer
c. had no significant impact on silver prices or the price level.
question
Persistent U.S. deflation between 1879 and the mid-1890s was primarily due to the fact that the ______ was growing faster than the ______. a. supply of money; demand for money b. demand for money; supply of money c. demand for money; demand for goods d. demand for goods; supply of money
answer
b. demand for money; supply of money
question
Americans who supported William Jennings Bryan and the "Free Silver" movement a. advocated a reduction in the U.S. money supply. b included the US Secretary of the Treasury. c. wanted to increase the U.S. price level. d. wanted free railroad transport of silver from western mines to the east.
answer
c. wanted to increase the U.S. price level.
question
In the election of 1896, supporters of William McKinley included all of the following except a. advocates for the gold standard. b. voters opposed to high tariffs. c. industrial employers in the East. d. Republicans.
answer
b. voters opposed to high tariffs.
question
The goals of monetary expansion and inflation that were advocated by followers of William Jennings Bryan a. were never accomplished in the 19th century. b. were achieved through the passage of the Sherman Silver Purchase Act of 1890. c. were ultimately accomplished because of increased supplies of gold. d. were eventually adopted as part of the Republican Party's platform.
answer
c. were ultimately accomplished because of increased supplies of gold.
question
Deflation a. often accompanies increases in the money supply. b. is good for borrowers, but bad for lenders. c. is good for lenders, but bad for borrowers. d. cannot occur under a bimetallic standard.
answer
c. is good for lenders, but bad for borrowers.
question
The years between 1896 and World War I were characterized by a. rapidly rising prices in the U.S. b. wild fluctuations in international exchange rates. c. the "heyday" of the gold standard in the U.S. and most industrialized countries. d. barriers that prevented the flow of goods and capital across international borders.
answer
c. the "heyday" of the gold standard in the U.S. and most industrialized countries.
question
In the U.S. during the late 1800s and early 1900s, investment banks a. emerged to serve the expansion of railroads, mining companies and large manufacturers. b. issued bank notes. c. competed with state and national banks for deposits. d. were required by law to maintain a minimum reserve ratio.
answer
a. emerged to serve the expansion of railroads, mining companies and large manufacturers.
question
J.P Morgan was instrumental in the formation of a. Ford Automobiles. b. U.S. Steel Corporation. c. Standard Oil. d. Swift Meats.
answer
b. U.S. Steel Corporation.
question
In the late 1800s, options for banks faced with a severe panic included all of the following except: a. selling bonds. b. calling in loans. c. suspending cash payments. d. obtaining a short-term loan from the central bank.
answer
d. obtaining a short-term loan from the central bank.
question
In the late 19th century, interest rates a. tended to remain relatively constant throughout the year. b. tended to increase in the summer and decrease in the winter. c. tended to increase in the fall and winter, and decrease in the spring and summer. d. tended to rise steadily from winter through summer, and then decrease in the fall.
answer
c. tended to increase in the fall and winter, and decrease in the spring and summer.
question
The Federal Reserve Act a. established a clearinghouse system for checks and notes. b. allowed only nationally-chartered banks to become members of the Federal Reserve system. c. allowed the Fed District Banks to offer commercial loans to private businesses at reduced interest rates. d. required that all Fed District Bank directors be associated with the commercial banking industry.
answer
a. established a clearinghouse system for checks and notes.
question
Which of the following is the most accurate description of the U.S. between 1880 and 1920? a. The U.S. became the leading manufacturer in the world in terms of total production and output per worker. b. The quality of manufactured goods dropped. c. Americans families bought fewer finished products, and instead saved money by increasingly buying materials and building things at home. d. No advertising was used because TV and radio had not yet been invented.
answer
a. The U.S. became the leading manufacturer in the world in terms of total production and output per worker.
question
According to Martha Olney why did blacks buy on installment at almost twice the rate of whites? a. Installment contracts were formal and could be used legally for repossession while credit agreements could not. b. Blacks did not like to buy things on credit. c. Blacks were more likely than whites to purchase goods that required installment purchases. d. It was easier for blacks, who tended to have lower income than whites, to pay off their debts on a regular schedule that the installment plans offered.
answer
a. Installment contracts were formal and could be used legally for repossession while credit agreements could not.
question
What is least accurate about marketing and selling in the U.S. prior to the Civil War? a. Attracting customers was not a main objective of advertising. b. Installment buying was known, but was uncommon until about 1900. c. Most companies eliminated wholesalers to market products directly to their customers and save money. d. Advertising was typically limited to magazines and some occasional outdoor ads in big cities.
answer
c. Most companies eliminated wholesalers to market products directly to their customers and save money.
question
Between 1800 and 1910, the percentage of the U.S. population living in cities of 100,000 residents or larger went from ____ percent to roughly ___ percent. a. 15; 20 b. 10; 20 c. 5; 20 d. 0; 20
answer
d. 0; 20
question
What is the most accurate statement about the fraction of the US population that lived in urban areas between 1800 and 1910? a. The fraction of the US population that lived in urban areas grew steadily throughout the period. b. The fraction of the US population that lived in urban areas decreased steadily throughout the period. c. In 1910, about 85% of the US population lived in cities over 100,000 people. d. In 1800, more than half of the US population lived in towns over 2,500 people.
answer
a. The fraction of the US population that lived in urban areas grew steadily throughout the period.
question
Which of the following is least accurate in characterizing changes in retailing in the second half of the 19th century? a. Large growth in the number of department stores. b. Large growth in the number of chain stores. c. Large growth in the number of "general stores." d. Large growth in the number of mail-order houses.
answer
c. Large growth in the number of "general stores."
question
What is least accurate about marketing and selling in the US after the Civil War? a. Advertising on a national scale became a widely accepted practice. b. There was a large increase in firms with brand names. c. There was a decrease in product differentiation—goods became more alike. d. The quality of non-durable goods improved significantly.
answer
c. There was a decrease in product differentiation—goods became more alike.
question
Which of the following is least accurate about the meat packing industry about 1900? a. The 1898 "embalmed beef" scandal documented how adulterated beef was provided to the American Army during the Spanish-American War. b. Upton Sinclair's 1906 novel The Jungle raised national concern about the unsanitary conditions involved in meat processing. c. Meat packing firms welcomed government regulation of the industry because it gave firms clear and accurate public information about the shipments of every other firm, which helped firms to engage in cartel behavior. d. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
answer
d. Federal regulations helped level the playing field so that small firms could compete more easily against large firms.
question
What most accurately describes the U.S. compared to other nations in the early 1900s? a. The U.S., which was still quite young, was one of the least productive nations in the world in both the agricultural and manufacturing sectors. b. The U.S., Great Britain and Germany were the three most industrialized nations. c. The industrial output in the U.S. was about average compared the rest of the nations in the world. d. The U.S., which had large supplies of land, had a highly productive agricultural sector, but its industrial productivity was quite low relative to that of other nations.
answer
b. The U.S., Great Britain and Germany were the three most industrialized nations.
question
What is most accurate about the United States' trading patterns between 1850 and 1900? a. The US exported more finished manufacturers in 1850 than it did in 1900. b. Raw materials accounted for a greater share of US imports in 1850 than they did in 1900. c. Manufactured and raw foodstuffs accounted for about 75% of exports in both 1850 and 1900. d. In 1850, the US's largest export was raw materials and its larges import was finished manufacturers.
answer
d. In 1850, the US's largest export was raw materials and its larges import was finished manufacturers.
question
Which is least accurate about foreign trade? a. In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries. b. After the Civil War, rapid improvements in communications, like the first successful transatlantic cable, lowered the price of trade. c. After the Civil War, rapid improvements in transportation, like the opening of the Suez Canal and developments of railroads, reduced the price of shipping. d. In the late 1800s and early 1900s the network of international trade assumed many of its modern characteristics.
answer
a. In the early 1900s, the most industrialized nations exported foodstuffs and raw materials to the least developed countries.
question
What most accurately describes the U.S. balance of payments? a. From 1850-1873 the U.S. had an unfavorable balance of payments, but exports exceeded imports from 1873-1919. b. The U.S. had an unfavorable balance of payments from 1850-1919. c. Exports exceeded imports from 1850-1919. d. The U.S. had a favorable balance of payments from 1874 until World War I. During the war U.S. imports exceeded imports.
answer
a. From 1850-1873 the U.S. had an unfavorable balance of payments, but exports exceeded imports from 1873-1919.
question
What most accurately describes the US tariff policy between 1850 and 1910? a. The US was strongly committed to free trade throughout the period. b. The US became more protectionist during the Civil War and the level of tariffs remained high through 1910. c. The US had very high tariff barriers at the beginning of this period, but lowered them consistently throughout this period.
answer
b. The US became more protectionist during the Civil War and the level of tariffs remained high through 1910.
question
What is least accurate about the US experience with the income tax? a. The federal income tax was not used for an extended period until after 1910. b. In the late 1800s and early 1900s, people from the South and West were most likely to support an income tax. c. Increases in the income tax were justified by using the money for more generous army pensions and increased military spending, especially for the US Navy. d. Provisions for the income tax were stated in the US Constitution.
answer
d. Provisions for the income tax were stated in the US Constitution.
question
What most accurately describes imperialism between 1870 and 1917? a. The US was the leading imperialist nation in the late 19th century. b. The US was primarily concerned about expanding freedom in relatively poor nations in Africa. c. The "Roosevelt Corollary" and the Monroe Doctrine were the primary documents that outline the US foreign policy. d. European nations like England and France oriented their annexation efforts toward Latin America.
answer
c. The "Roosevelt Corollary" and the Monroe Doctrine were the primary documents that outline the US foreign policy.
question
Which of the following is least accurate about the U.S. during WWI? a. The armed forces increased from about 180,000 to 3 million. b. Soldiers were obtained through volunteer army and without a draft. c. Many new agencies were started to regulate prices. d. The U.S. was a formal participant in the war for only 19 months.
answer
b. Soldiers were obtained through volunteer army and without a draft.
question
To pay for WWI, the national debt was expanded from ___ % of GDP at the beginning of the war to ___ % of GDP by the end of the war. a. 1; 5 b. 2; 13 c. 3; 32 d. The national debt did not expand due to reparations payments.
answer
c. 3; 32
question
Which of the following is most accurate about the U.S. during WWI? a. Long-standing nationalistic and imperialistic rivalries produced a dangerous political situation. b. The continent had experienced several major wars in the preceding decades. c. Industrialization and a greater commitment to international trade had created rapidly rising standards of living. d. There was rising solidarity among the labor movements of different nations.
answer
b. The continent had experienced several major wars in the preceding decades.
question
One of the causes of WWI was _________. a. the deteriorating standards of living in Europe. b. the assassination in Serbia of Austrian Archduke Ferdinand. c. Europe had experienced several wars in recent decades that spilled over into WWI. d. the European working class was increasingly fractured and nationalistic.
answer
b. the assassination in Serbia of Austrian Archduke Ferdinand.
question
Which nation was not an ally of the United States during WWI? a. Austria-Hungary. b. Britain. c. France. d. Russia.
answer
a. Austria-Hungary.
question
What best describes the role of the United States in WWI? a. The U.S. entered WWI as soon as it started. b. The U.S. was a neutral moderator throughout the war. c. The U.S. entered the war on the side of Russia and opposed Austria Hungary. d. U.S. business suffered severe financial losses during the war.
answer
c. The U.S. entered the war on the side of Russia and opposed Austria Hungary.
question
Which of the following is the least accurate? a. European nations purchased large quantities of munitions and food at ever-rising prices form the U.S. b. The financial center of the world shifted from New York before the war to London and Paris after the war. c. The gap between Europe's imports from the U.S. and exports to the U.S. rose dramatically. d. The war was immensely profitable for many U.S. corporations.
answer
b. The financial center of the world shifted from New York before the war to London and Paris after the war.
question
Which US President was in office during WWI? a. Grover Cleveland. b. Herbert Hoover. c. Abraham Lincoln. d. Woodrow Wilson.
answer
d. Woodrow Wilson.
question
The U.S. financed WWI primarily by: a. increasing personal income taxes. b. increasing corporate taxes and luxury taxes. c. borrowing from the public. d. printing new money.
answer
c. borrowing from the public.
question
Between 1914 and 1920, the U.S. price level ______________. a. fell dramatically. b. nearly doubled. c. rose and fell in accordance with intensity of the war. d. remained relatively stable.
answer
b. nearly doubled.
question
The best description of the economic ideology during WWI was __________. a. The belief that the economy could be strengthened by centralized coordination. b. The economy would work best with a strong commitment to the free market. c. The U.S. should eliminate many federal agencies during WWI to make the government more efficient.
answer
a. The belief that the economy could be strengthened by centralized coordination.
question
Which of the following was not a reason why wages in the U.S. increased during WWI? a. A sharp decrease in immigration during the war. b. A large increase in drafting men into the armed forces. c. A large increase in the number of government contracts. d. A large increase in the number of women who were employed in the labor market.
answer
d. A large increase in the number of women who were employed in the labor market.
question
What most accurately describes what happened to earnings in the U.S. between 1914 and 1920? a. Both nominal and real earnings increased substantially. b. Nominal and real earnings dropped significantly as the WWI triggered a recession. c. Nominal earnings increased slightly, but real wages decreased because of the large inflation. d. A period of deflation led real earnings to increase even though nominal earnings had decreased slightly.
answer
a. Both nominal and real earnings increased substantially.
question
During the post war period, a. an economic slowdown occurred immediately following the Armistice. b. a vigorous boom began in 1919. c. the Federal Reserve followed a policy of keeping its discount rate below market rates. d. all of the above are correct.
answer
d. all of the above are correct.
question
At the end of WWI, the ______ outlined in broad terms the territorial adjustments that should occur in Europe, the extent of the reparations the losing nations owed, and the general association of nations that would guarantee each nation's sovereignty in the future. a. Treaty of Versailles. b. The Fourteen Points. c. The Economic Consequences of Peace. d. The United Nations.
answer
b. The Fourteen Points.
question
Robert Higgs argued that ___ best explained the growth of "Leviathan" (Big Government). a. crises that changed fundamental ideologies. b. urbanization. c. the decline in organized religion as a provider of aid and relief for the poor. d. expansion of the right to vote.
answer
a. crises that changed fundamental ideologies.
question
All of the following are associated with the War Industries Board except a. the negotiation of the prices of key industrial products. b. developing and implementing the bulkline pricing system to determine industrial prices that maximized output. c. the unintended consequence of the "priorities inflation" of contracts. d. establishing and enforcing minimum wages for manufacturing workers.
answer
d. establishing and enforcing minimum wages for manufacturing workers.
question
The War Industries Board, headed by Bernard Baruch, performed all of the following functions except a. negotiating prices of key industrial products. b. developing and implementing the bulkline pricing system to determine industrial prices that maximized output. c. establishing a ratings system for government contracts. d. establishing and enforcing minimum wages for manufacturing workers.
answer
d. establishing and enforcing minimum wages for manufacturing workers.
question
Food rationing during WWI under the wartime food administration featured a. voluntary calls for "Meatless Mondays" and "Wheatless Wednesdays." b. a broad policy of direct controls on prices set by the Food Administrator. c. rationing for all food products except sugar. d. a pervasive belief that fear of government retribution, rather than appeals to moral principles, was key to reducing consumption, and maintaining food surpluses for export.
answer
a. voluntary calls for "Meatless Mondays" and "Wheatless Wednesdays."
question
Which of the following is not accurate about the roles of women in the 1920s? a. There was a large increase in the number of two earner families. b. Women gained the right to vote. c. There was an increase in educational opportunities for women. d. Women gained a significant amount of cultural and social freedom.
answer
a. There was a large increase in the number of two earner families.
question
Which of the following is not accurate about the 1920s? a. There was a significant increase in mass production and mass marketing. b. There was a significant increase in urbanization. c. The ability of many Americans to afford consumer goods dropped sharply. d. Consumer credit policies were developed and instituted on a large scale for the first time.
answer
c. The ability of many Americans to afford consumer goods dropped sharply.
question
Which of the following is least accurate about the period between the end of WWI and 1930? a. African Americans migrated in large scale from the north to the south. b. There was a significant increase in activity by the Ku Klux Klan. c. A Constitutional Amendment gave women the right to vote. d. A Constitutional Amendment prohibited the manufacture, distribution, and sale of intoxicating liquor.
answer
a. African Americans migrated in large scale from the north to the south.
question
Which of the following was not a major source of economic growth in the 1920s? a. construction of residential housing b. production of consumer durables c. railroad construction d. automobile production
answer
c. railroad construction
question
For the first time in the nation's history, by 1920 over ____ % of the population were urban dwellers. a. 25 b. 50 c. 75 d. 90
answer
b. 50
question
The 1920 census reported that ______ % of Americans were urban dwellers. a. just over 10 b. approximately 20 c. more than 50 d. 75
answer
c. more than 50
question
Which of the following is most accurate about the economic conditions in the 1920s? a. The large increases in demand for products generated significant cyclical unemployment. b. There was a significant decrease in the number of hours worked per week. c. Agriculture was the leading growth sector of the economy. d. The net migration pattern was from urban to rural.
answer
b. There was a significant decrease in the number of hours worked per week.
question
The ownership of radios increased from ___ % in 1920 to ___ % in 1930. a. 10; 70 b. 5;10 c. less than one; 40 d. Radio was not popularized beyond hobbyists until the 1930s
answer
c. less than one; 40
question
What is the best description of the U.S. economy between 1921 and 1928? a. Most of the major sectors were growing very rapidly. b. Hyperinflation led to large decreases in the standard of living. c. Real average wage growth was stagnant. d. Unemployment fluctuated dramatically.
answer
a. Most of the major sectors were growing very rapidly.
question
During Prohibition the consumption of alcohol _____ and the crime rate _______. a. fell; fell. b. fell; increased. c. increased; fell. d. increased; increased.
answer
b. fell; increased.
question
During Prohibition crime ____ and the amount spent on law enforcement ____. a. stayed roughly the same; remained level b. increased dramatically; more than doubled c. remained level; more than doubled d. decreased slightly; more than doubled
answer
b. increased dramatically; more than doubled
question
During Prohibition overdose and accidental poisoning due to alcohol _____ and the variation in the quality of alcohol _______. a. fell; fell. b. fell; increased. c. increased; fell. d. increased; increased.
answer
d. increased; increased.
question
During the 1920s, income inequality __ and the return on schooling was relatively __. a. increased; low. b. increased; high. c. decreased; low. d. decreased; high.
answer
b. increased; high.
question
In 1910, 8.6% of American 17-year olds were high school graduates. By 1938, this figure _____. a. had fallen to 5%. b. equaled 15%. c. had risen to nearly 50%. d. had not changed appreciably.
answer
c. had risen to nearly 50%.
question
According to recent research by Golden and Katz, __________ led the way in establishing high schools in the 1920s. a. the urban centers of the North b. the mid-Atlantic states c. California d. the Middle West, including Iowa and Nebraska
answer
d. the Middle West, including Iowa and Nebraska
question
In the 1920s, American (non-farm) labor benefited from all of the following except: a. low unemployment rates. b. falling weekly hours. c. legal limits on immigration. d. passage of federal minimum wage legislation.
answer
d. passage of federal minimum wage legislation.
question
Which of the following best describes trends in unionization and immigration in the 1920s? a. Both decreased. b. Both increased. c. The number of new immigrants increased while the number of union members decreased. d. The number of new immigrants decreased while the number of union members increased.
answer
a. Both decreased.
question
What method was not used by the U.S. between 1880 and 1920 to limit the number of immigrants? a. Outlawing the practice of prepaying the cost of an immigrant's voyage in exchange for future labor services. b. Implementing a financial test for potential immigrants. c. Utilizing a literacy test for potential immigrants. d. Allowing only immigrants who had family members in the U.S. to come in.
answer
d. Allowing only immigrants who had family members in the U.S. to come in.
question
Which groups were least likely to support restrictions on immigration? a. Organizations like the Ku Klux Klan. b. Unionized labor. c. Employers. d. The south.
answer
c. Employers.
question
The best explanation for the end of free immigration in the 1920s is _____. a. the belated recognition that immigrants remitted large sums of money to their homelands undermining the balance of payments. b. the fear that America would be deluged by immigrants fleeing the war devastated economies of central and eastern Europe. c. the growing realization that free immigration produced a burdensome increase in welfare roles. d. the growing realization that free immigration undermined the incomes of blacks and women.
answer
b. the fear that America would be deluged by immigrants fleeing the war devastated economies of central and eastern Europe.
question
Which of the following pieces of agricultural legislation might be thought of as a solution to a problem that did not exist? a. the Federal Intermediate Credit Act b. the Smoot-Hawley Tariff Act c. the Agricultural Marketing Act d. the Capper-Volstead Act
answer
b. the Smoot-Hawley Tariff Act
question
Although the McNary-Haugen bill never became law, it was widely discussed during the 1920s. Which of the following was NOT a provision of the bill? a. government purchase of crops in order to raise agricultural prices b. government sale of excess crops on the world market c. payment for the program through capital gains taxes on business d. high tariffs on agricultural imports
answer
c. payment for the program through capital gains taxes on business
question
In the 1920s, the Federal Reserve followed a policy of _____ because it believed that the insolvent banks ____. a. letting insolvent banks fail; were too small to be profitable and were badly managed. b. bailing out insolvent banks; too big to be allowed to fail. c. letting insolvent banks fail; would be purchased by solvent banks anyway. d. bailing out insolvent banks; this was what the Federal Reserve had been founded to do
answer
a. letting insolvent banks fail; were too small to be profitable and were badly managed.
question
During the stock market boom of the late 1920s stock prices ______. a. rose at about the same rate as dividends. b. rose faster than dividends. c. rose more slowly than dividends. d. there is, surprisingly, not enough information to know what happened to prices relative to dividends.
answer
b. rose faster than dividends.
question
Between 1922 and 1929 stock prices increased by more than a. 100%. b. 200%. c. 300%. d. 1000%.
answer
c. 300%.
question
During the Great Depression, real GDP decreased by roughly _____ percent, and unemployment rose to roughly _____ percent. a. 5; 10 b. 20; 10 c. 30; 25 d. 50; 25
answer
c. 30; 25
question
The Stock Market Crash of 1929 probably contributed _____ to the Great Depression because _____. a. little, it did no more than wipe out the speculative gains made earlier. b. little, the Fed responded by increasing the money supply. c. a good deal, corporations could no longer raise investment funds. d. a good deal, consumer confidence and spending on durables were reduced.
answer
d. a good deal, consumer confidence and spending on durables were reduced.
question
At its maximum during the Great Depression, unemployment reached approximately _____ percent of the labor force? a. 15 b. 25 c. 50 d. 75
answer
b. 25
question
In the US in the 1920s, there were many bank failures in _____ areas, as the result of _____. a. rural, high levels of indebtedness taken on in WWI b. rural, pro-urban Federal spending policies. c. urban, lack of demand from the lower middle class for industrial products. d. urban, pro-rural Federal spending policies.
answer
c. urban, lack of demand from the lower middle class for industrial products.
question
During the Federal Bank Holiday ordered by President Roosevelt a. new supplies of gold were distributed to the banks. b. a national monetary commission was set up. c. the banks were inspected. d. the leadership of the Federal Reserve System was replaced.
answer
c. the banks were inspected.
question
The failure of the Bank of the United States in December 1930 probably intensified the banking panic for each of the following reasons except that it proved that _____ a. the Fed might fail to act as a lender of last resort. b. big banks could fail. c. New York Banks could fail. d. that Wall Street banks could fail.
answer
c. New York Banks could fail.
question
The first banking crisis of the 1930s was probably caused by a. low farm prices. b. the stock market crash. c. antagonism between Wall Street banks and Main Street banks. d. Bank of England attempts to preserve the gold standard by raising interest rates.
answer
b. the stock market crash.
question
Between 1929 and 1933, nominal interest rates _____, and real interest rates _____. a. rose, rose. b. rose, fell. c. fell, rose. d. fell, fell.
answer
c. fell, rose.
question
Andrea Schwartz has argued that the Great Depression was caused by a. the fall in the stock of money. b. the fall in consumer durable spending. c. the fall in investment spending. d. the increase in nominal wages.
answer
a. the fall in the stock of money.
question
One reason the Federal Reserve Board in Washington did not act as a lender of last resort during the early years of the Great Depression, was its power struggle with _____. a. U.S. Treasury. b. foreign central banks. c. Federal Reserve Bank of New York d. President Roosevelt.
answer
c. Federal Reserve Bank of New York
question
Which U.S. President was in office for most of WWII? a. Herbert Hoover. b. Abraham Lincoln. c. Franklin D. Roosevelt. d. Lyndon Johnson
answer
c. Franklin D. Roosevelt.
question
In 1940, federal government purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had risen to _____. a. 20%; 30% b. 8%; 50% c. 15%; 20% d. 1%; 25%
answer
b. 8%; 50%
question
In 1940, civilian purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had changed to _____. a. 92%/ 50% b. 50%; 50% c. 25%; 75% d. 50%; 10%
answer
a. 92%/ 50%
question
Between 1940 and 1944, real Federal spending increased by roughly _____ percent. a. 100 b. 250 c. 750 d. 1000
answer
d. 1000
question
The draft is analogous to a tax, where the amount of the tax equals a. the discounted present value of the soldier's lost private sector income. b. the estimated value of a human life. c. the difference between what a soldier would need to be paid to serve voluntarily and his/her actual pay. d. the soldier's earnings while enlisted.
answer
c. the difference between what a soldier would need to be paid to serve voluntarily and his/her actual pay.
question
The GI Bill is often cited as a successful example of a. universal health insurance. b. an unemployment compensation program. c. a voucher program. d. a job training program.
answer
c. a voucher program.
