question

In the early 19th century, the US suffered from a scarcity of

answer

labor-relative to land

question

True/False: Our economy has had an unemployment rate below 5% since the early 1940's.

answer

false

question

True/False: There was a great deal of stagflation in the 1970's.

answer

true

question

Each of the following were elements of the New Deal EXCEPT

answer

a balanced budget

question

Which best describes the post-WWII recessions in the US?

answer

Each was accomplished by a decline in output of goods and services and an increase in unemployment.

question

At the time of the American revolution, about _____ of every 10 Americans lived on a farm.

answer

one

question

Between 1939 and 1944, federal government spending rose by more than_____.

answer

400%

question

Each was a year of high unemployment EXCEPT_____.

answer

1944

question

The year 2009 could be described as having had relatively _____ unemployment rate and a relatively _____ rate of inflation.

answer

high; low

question

Between 1929 and 1933, output fell _____.

answer

by about one third

question

what would be the most accurate description of our economy since the end of 2007?

answer

we experienced the worst economic mess since the great depression.

question

The inflation rate declined during the presidency of _____.

answer

Both Eisenhower and Reagan

question

The transcontinental railroads completed in the 1860's 70s and 80s all bypassed the ______.

answer

South

question

Compared to our economic history between 1870 and 1945, our economic history since 1945 could be considered ______.

answer

much more stable

question

The longest economic expansion in our history began in _______.

answer

the spring of 1991

question

The age of the great industrial capitalists like Carnegie, Rockefeller, and Swift was in the

answer

fourth quarter of the 19th century

question

____ completely changed the face of the US in the 25 years following WWII.

answer

Suburbanization

question

Medicare and Medicaid were inaugurated under the administration of _____.

answer

Lyndon B. Johnson

question

Most of the recessions since WWII lasted ____.

answer

6 to 12 months

question

True/False: There was a major tax cut in 1964.

answer

true

question

There was a major tax cut in ______.

answer

both 1964 and 1981

question

Our economic growth began to slow markedly _______.

answer

in the early 1970s

question

During WWII most of the people who got jobs in defense plants were ________ who had ______ experience building planes, tanks, and warships.

answer

women; no

question

In the 1970s, our economy suffered from _______.

answer

inflation and stagnation

question

There were no recessions during the administration of _______

answer

Bill Clinton

question

Our longest uninterrupted economic expansion took place mainly in the decade of the _________.

answer

1990s

question

In the 1990s our economy has generated more than ________ million additional jobs.

answer

20

question

What offset the Great Recession?

answer

The bursting of the housing bubble.

question

True/False: The South had some very substantial economic grievances against the North in the years immediately preceding the Civil War.

answer

true

question

The massive shift of population and industry out of the large central cities from the late 1940s through the 1960s was caused by ____?

answer

Suburbanization

question

What was not a major contributing factor to Suburbanization?

answer

federal subsidies for public transportation

question

True/False: The economic downturn that began in December 2007 is the longest since the 1930s.

answer

true

question

Who made the statement: " Once upon a time my opponents honored me as possessing the fabulous intellectual and economic power by which I created a worldwide depression all by myself."

answer

Herbert Hoover

question

True/False: Although we got off to a rocky start, this century may well turn out to be another "American Century".

answer

True

question

Our most rapid job growth was in the period from ________.

answer

1995 to 2000

question

If you could blame just one person or group of people that caused the Great Depression, which one would you choose?

answer

The Federal Reserve Board

question

What did not happen during the Great Recession?

answer

a sharp rise in the inflation rate

question

True/False: It is far too soon to say whether or not the 21st century will be another "American century".

answer

true

question

The lowest point of the great depression was reached in the year _______.

answer

1933

question

In 1790, about ______of every 10 Americans lived on farms.

answer

9

question

The worst recession we had since WWII occurred in _____.

answer

2007-2009

question

The country with the world's largest output is ___.

answer

The US

question

In 1933, our official unemployment rate was _____.

answer

25%

question

Bills providing for Medicare and Medicaid were passed during the administration of _____.

answer

Lyndon B. Johnson

question

Today one full-time American farmer feeds about _____ people.

answer

500

question

During President Dwight D. Eisenhower's two terms, there were _______ recessions.

answer

3

question

Rapid technology change in agriculture during the first half of the 19th century was brought on mainly by _______.

answer

A plenitude of land in comparison with the amount of labor.

question

The main factor in finally bringing us out of the great depression was?

answer

government spending on WWII

question

Since the end of WWII there have been _____ recessions.

answer

12

question

The quarter century that was completely dominated by the great industrialists like Andrew Carnegie and John D. Rockefeller began in the year _______.

answer

1875 +/-

question

Passage of the ______ in 1944 enabled nearly 8 million veterans to go to school.

answer

The GI Bill of Rights

question

The _______ century was termed "The American Century"

answer

20th

question

The efficient allocation of the scarce means of production toward the satisfaction of human wants.

answer

economics

question

Conditions under which maximum output is produced with a given level of input.

answer

efficiency

question

The part of economics concerned with the economy as a whole.

answer

Macroeconomics

question

Includes our resources and our technological ability to use them to produce output.

answer

means of production

question

The inability of an economy to generate enough goods and services to satisfy all human wants.

answer

scarcity

question

Natural resources used to produce goods and services.

answer

land

question

work and time for which one is paid

answer

labor

question

the price paid for the use or service of labor per unit of time.

answer

wage

question

All means of production mainly plant and equipment created by people.

answer

capital

question

The cost of borrowed goods.

answer

interest

question

Ability to recognize a business opportunity and successfully set up a business firm to take advantage of it.

answer

entrepreneurial ability

question

The difference between total revenue and total cost.

answer

profit or loss

question

An innovator

answer

entrepreneur

Macro Economics ch. 1-12 – Flashcards

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