The Grangers are noted for
a. encouraging the federal government to re-issue greenbacks..
b. establishing cooperatives that sold farm and consumer goods to their members.
c. refusing to sell grain to foreign countries.
d. forming a cartel that set upper limits on members' output of basic farm products.
e. All of the above.
Question 2The first farm organization of importance was
a. the Grangers.
b. the Greenback Party.
c. the Southern Alliance.
d. The Populists.
Question 3Farmers who joined the Greenback Party in the late-19th century felt that
a. the government should make efforts to curb the inflation that the country was experiencing.
b. farm prices were too high in comparison to the overall price-level of the economy.
c. the government should own all transportation and communication facilities.
d. an increase in the money supply would benefit debtors.
Question 4Quantitative analysis of relevant data show that economic problems for farmers in the last half of the 19th century included:
a. falling prices of farm products relative to other prices.
b. rising real interest rates.
c. rising prices for consumer goods.
d. rising prices for farm equipment.
e. All of the above
Question 5The rise in agricultural discontent in the late 19th century can be best explained by
a. the rise of railroad cartels in the Midwest.
b. the rise of global market forces not easily observed by the farmers.
c. a decline in the value of agricultural exports from 1870 to 1900.
d. predatory lending by banks, resulting in increased farm repossessions.
Question 6In the late-19th century, farmers blamed their problems on a number of factors. Which of these complaints is supported (somewhat) by quantitative evidence gathered by economic historians?
a. Eastern bankers conspired to inflate interest rates on western farm mortgages.
b. Manufacturers charged unreasonably high prices for farm equipment.
c. Consumer goods prices were rising too rapidly.
d. Certain sections of railroad were monopolized, resulting in unreasonably high freight rates.
Question 7According to research by Richard Sylla and John James on western farm mortgage rates,
a. real rates were lower than rates charged to eastern manufacturers.
b. relatively high real rates were due to the monopoly power of eastern financiers.
c. relatively high rates reflected high lending risks associated with agricultural loans.
d. Farmers' nominal rates were high, but real rates were actually less than those charged for most loans.
Question 8During the second half of the 19th century, export demand for U.S. agricultural products
a. declined.
b. increased.
c. remained static.
d. experienced chaotic periods on increase and decrease.
Question 9Problems for farmers in the last half of the 19th century included
a. falling per capita incomes.
b. reduced domestic agricultural output.
c. rising prices for consumer goods.
d. increased world supply of agricultural products.
e. All of the above.
Question 10Which of the following did not contribute to the farmer's worsening terms of trade during the period of 1875-1895?
a. A rapid increase in the supply of agricultural products.
b. Output increases as a result of technological change during the period.
c. A rise in demand for U.S. crops after the Civil War.
d. The income elasticity of demand for most agricultural crops was less than one.
Question 11Worsening terms of trade can be offset by
a. increased productivity.
b. increased competition.
c. reductions in domestic tariffs.
d. increased property taxes.
Question 12The terms of trade for the American farmer during the last part of the 19th century
a. were made worse by political unrest.
b. were caused by a decrease in the supply of agricultural products.
c. could be enhanced by mechanization.
d. worsened in part due to increased mechanization.
e. Both c and d are correct.
Question 13Between 1875 and 1895,
a. wholesale farm prices fell and consumer prices rose.
b. wholesale farm prices rose slightly, but consumer prices rose more rapidly.
c. wholesale farm prices and consumer prices fell, but wholesale farm prices fell more rapidly.
d. wholesale farm prices fell while consumer prices remained generally unchanged.
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