ICA 11 1. In which of the following years was the economy experiencing only expansion? a. 1930 b. 1932 c. 1935 d. 1937 e. None of the above ICA 11 2. Who would be most likely to be unemployed during the Great Depression? a. An agricultural worker in the South b. A middle aged manager in the North c. An older construction worker in the North. ICA 11 3. Friedman and Schwarz argue that the expansion in the 1930s was caused by a. Removal of weaker firms b. New Deal spending boosted aggregate demand c. New Deal policies of Roosevelt altered expectations and stimulated investment. Specifically the devaluation of the dollar led to a rise in prices and incomes d. Expansionary monetary policy by the Fed ICA 11 4. According to E. Cary Brown, if one considers the total impact of state and federal spending, who was a better Keynesian president from 1929 to 1939? a. Herbert Hoover b. Franklin Delano Roosevelt c. Andrew Jackson d. Harry Truman ICA 11 5. In 1936 the Federal Reserve was primarily concerned about a. unemployment b. inflation c. deflation d. defending the Gold Standard ICA 11 • Extra Credit • According to lecture, you can expect to see your mid-term grade a. if you e-mail me after class (and I choose to respond) b. by next Tuesday c. by next Thursday d. by the next appearance of Haley’s Comet e. All of the above are equally possible ICA 12 1. According to Don Reading, the purpose of New Deal spending was a. stimulating aggregate demand to combat unemployment. b. to provide relief from the myriad problems created by the Great Depression. c. to reform the economic system employed by the United States d. to ensure the future political success of Franklin Delano Roosevelt and the Democratic party. ICA 12 2. According to Gavin Wright, the purpose of New Deal spending was a. stimulating aggregate demand to combat unemployment. b. to provide relief from the myriad problems created by the Great Depression. c. to reform the economic system employed by the United States d. to ensure the future political success of Franklin Delano Roosevelt and the Democratic party. ICA 12 3. Which states received the greatest amount of per-capita spending from New Deal programs? a. Northeastern states like Massachusetts and New York. b. Southeastern states like Mississippi and Alabama. c. Mountain states like Nevada and Montana d. Midwestern states like Illinois and Michigan ICA 12 4. Who is the primary regulator of all National Banks? a. The Office of the Comptroller of the Currency b. The Federal Reserve c. The FDIC d. The state banking authorities in the state the bank is located. ICA 12 5. Who is the primary regulator of state banks that belong to the Federal Reserve and the FDIC? a. The Office of the Comptroller of the Currency b. The Federal Reserve c. The FDIC d. The state banking authorities in the state the bank is located. ICA 12 Extra Credit Which state received the largest amount, per capita, from New Deal programs? a. New York b. North Carolina c. Wyoming d. California ICA 13 1. Which colony was founded first? a. Massachusetts Bay b. Jamestown c. Plymouth ICA 13 2. During the colonial period, England was not well endowed with which of the following factors of production? a. Land b. Labor c. Capital ICA 13 3. The seven year war was fought between the French and England. The dispute was over the settlement of the Ohio Valley. After England won the war, England allowed which group to settle this land? a. The British citizens in the original 13 colonies. b. The former French citizens of Quebec. c. The Native Americans who historically lived on this land. ICA 13 4. Which of the following political groups wanted the Federal government to sell land at the highest possible price in an effort to increase revenue to the central government? a. The Federalists b. The Anti-Federalists c. The Republicans d. The Communists ICA 13 5. Technology increases a farmer’s output per acre. In the long-run, this will cause the profit earned by farmers to a. increase. b. decrease. c. be unchanged. ICA 13 Extra Credit Put the following acquisitions of land in order, starting with the earliest: • a. The Alaska Purchase • b. Land Ceded by Great Britain in 1818 • c. The Annexation of Hawaii • d. The Louisiana Purchase • e. The Mexican Cession This is an all or nothing extra credit assignment. ICA #14 • Fogel notes that the poverty line is currently at a level of real income only achieved by the top 10% of the income distribution a century ago. Fogel argues, though, that “the most serious threat to egalitarian progress - certainly the most intractable form of poverty - are related to the unequal distribution of spiritual resources.” Briefly explain Fogel’s contention. ICA #15 1. In what century did population in what is now the United States grow the fastest? a. 17th century b. 18th century c. 19th century d. 20th century ICA #15 2. The median age in the United States today is 34. At the time of the Civil War, the median age was a. 34 b. between 25 and 30 c. between 20 and 24 d. between 15 and 19 e. less than 15 ICA #15 3. As median age rise, birth rates should a. increase. b. decrease. c. remain the same. ICA #15 4. Which factor of production was the binding constraint in the colonies? a. Land b. Labor c. Capital ICA #15 5. Which of the following factors, according to the empirical work of Farley Grubb, is statistically related to the price of an indentured servant? a. Whether the indentured servant was male or female. b. The literacy level of the indentured servant. c. The occupation of the indentured servant. d. None of the above. ICA #15 Extra Credit Put the following acquisitions of land in order, starting with the earliest: a. The Oregon Country b. The Florida Acquisition c. The Gadsden Purchase d. The Louisiana Purchase e. The Mexican Cession This is an all or nothing extra credit assignment. ICA #16 1. Which of the following legal rights did slaves possess? a. The right to marry b. The right to private property c. Custody of biological children d. None of the above ICA #16 2. At the time of the Civil War, which population had a higher percentage of persons who were born in the United States? a. Persons of African ancestry b. Persons of European ancestry c. Persons of Asian ancestry ICA #16 3. The population of slaves grew in the 19th century before the Civil War. This growth was primarily due a. importation of new slaves from Africa. b. importation of new slaves from places in the Caribbean. c. to children born into families of slaves in the United States. ICA #16 4. The eyewitness accounts discussed in lecture and the text argued that a. slave families typically had no male head of any significance. b. slave breeding was uncommon. c. slave families were rarely broken up by the trade in slaves. d. Both (b) and (c) are correct. ICA #16 5. Which of the following is one of the major theses advanced by Fogel and Engerman in Time on the Cross? Circle all of the correct answers. a. Slavery was declining economically prior to the Civil War. b. Slave field hands were harder working and more efficient than white agricultural workers. c. Slave owners were pessimistic about slavery’s future just before the Civil War. d. Slave agriculture was more productive than family farming in the North. #16 Extra Credit Which of the following authors offered a study of six large plantations after emancipation and found that most slave families were found to be led by a mother and father. a. Robert Fogel b. Richard Steckel c. Stephen Crawford d. Alfred Conrad e. Stanley Engerman f. Herbert Gutman g. John Meyer ICA 17 1. According to Goldin and Lewis, how much did the Civil War cost the North and the South? ICA #17 How did the cost of the war compare to • the total exports in the U.S. from 1850- 1860? • the national income in the U.S. in 1860? • the level of government expenditure from 1789 to 1860? ICA #17 5. If the U.S. had simply agreed to purchase all slaves at 1860 prices and give each slave family 40 acres and a mule, how much money would the U.S. have saved relative to the cost of fighting the Civil War? ICA #17 • EXTRA CREDIT • In 1806 there was a strike of cordwainers in Philadelphia. What is a cordwainer? ICA #18 1. Which of the following unions was the primary supporter of the “Greenbackism” movement? a. American Federation of Labor b. The Council of Industrial Organization c. The Knights of Labor d. The National Labor Union ICA #18 2. Which of the following unions was the driving force behind the passage of the eight hour work day for government employees? a. American Federation of Labor b. The Council of Industrial Organization c. The Knights of Labor d. The National Labor Union ICA #18 3. Which of the following unions won a railroad strike against Jay Gould? a. American Federation of Labor b. The Council of Industrial Organization c. The Knights of Labor d. The National Labor Union ICA #18 4. Which of the following unions invented and practiced “voluntarism”? a. American Federation of Labor b. The Council of Industrial Organization c. The Knights of Labor d. The National Labor Union ICA #18 5. Which of the following organization only included craft unions as its members? a. American Federation of Labor b. The Council of Industrial Organization c. The Knights of Labor d. The National Labor Union ICA #18 • Extra Credit What is the tertiary sector? ICA #19 1. The Sherman Anti-Trust act a. was utilized to defend the right of labor to unionize. b. was utilized to attack the right of labor to unionize. c. was not relevant to unions and labor. ICA #19 2. In the 1940s organized labor a. supported free trade. b. supported fair trade but opposed free trade. c. opposed fair trade and free trade. d. took no position with respect to international trade. ICA #19 3. Since 1980 the distribution of income in the United States has a. become less equal. b. become more equal. c. not changed with respect to equality. ICA #19 4. True or False The Erie Canal was primarily funded by the federal government. ICA #19 5. Robert Fogel compared the cost of moving goods via the railroad to what other means of transportation? a. Roads. b. Canals. c. Steamboats. d. All of the above. ICA #19 EXTRA CREDIT The first transcontinental railroad line was completed in which state? a. California b. New York c. Wyoming d. Utah e. Oregon f. Colorado ICA #20 Types of Banks: a. State banks issuing notes b. State banks issuing checking accounts c. National banks Types of Central Bank 1. First Bank of the United States 2. Second Bank of the United States 3. Federal Reserve • For each of the following years, identify the types of bank(s) and Central Bank that existed. Multiple answers are possible. 1. 1809 ____ ____ ____ ____ ____ ____ 2. 1833 ____ ____ ____ ____ ____ ____ 3. 1847 ____ ____ ____ ____ ____ ____ 4. 1898 ____ ____ ____ ____ ____ ____ 5. 1915 ____ ____ ____ ____ ____ ____ EXTRA CREDIT: In what decade did the free banking era end? ICA 21 1. Which of the following powers held by the federal government today was not held in the 1880s? a. Control of the public domain b. Regulation of National Banks c. Setting immigration policy d. Collecting Federal income tax ICA 21 2. Which of the following powers held by the federal government today was held in the 1880s? a. Enforcement of anti-trust laws b. Chartering of corporations c. Licensing of business d. Setting of tariff rates ICA 21 3. Schumpeter introduced the term “Creative Destruction.” How is this defined? a. Employment of human talent to solve an intellectual problem. b. An invention placed in the stream of economic life that alters the stream and changes the allocation of resources. c. Business cycle upswings caused by waves of innovations. d. In the capitalist process, competitive users of resources are driven out of business by more successful entrepreneurs. ICA 21 4. According to Schumpeter, recessions a. undermine the case for capitalism since millions of people see a decline in real income. b. are necessary for the survival of capitalism since the less efficient firms are eliminated. c. were key to the rise of labor unions in the United States. Unions were formed to combat decreases in wages generally imposed by firms during economic downturns. ICA 21 5. According to Galbraith a. goods are produced according to consumer sovereignty. What the consumer desires firms will produce. b. firms utilize advertising to convince people to regard goods as necessities that did not exist until recently. Hence, firms are able to manage consumer demand. c. the government should dictate to firms what firms should produce and what consumers should purchase. Only the government truly understands what is best for people. ICA 21 EXTRA CREDIT John Kenneth Galbraith and Robert Fogel are in agreement about what? This must be something we noted in class. Don’t call each person and see where any agreement might exist. ICA 22 Match the authors on the left to the ideas on the right a. Robert Fogel 1. The Economics of QWERTY b. Paul David 2. The Wizard of Oz and c. David Hume the Free Silver d. Hugh Rockoff Movement e. Milton Friedman 3. The Price-Specie flow mechanism 4. The monetarist view of the Great Depression 5. Techno-physio evolution ICA 22 Extra Credit What was the most important lesson learned in this class?