In the late 18th century, England:
a. passed laws prohibiting the export of new industrial machinery.
b. tried to discourage labor pirating.
c. was the second largest producer of manufactured goods in the world.
d. successfully prevented technology transfer to the U.S.
e. Both a and b are correct.
Question 2Which of the following statements best describes real per capita GDP in the US between 1929 and 1959?
a. It was a period of consistent increase.
b. It was lower at the end of the period than the beginning because of the Great Depression.
c. Although it was erratic in the early part of this period during the Great Depression, it increased consistently after World War II.
d. It grew the most during World War II.
Question 3According to the 1860 census, the top employer in manufacturing was the _______ industry.
a. boots and shoes
b. cotton textile
c. flour and meal
d. iron
Question 4The drop in unemployment from over 11 percent in 1939 to roughly 1 percent in 1944:
a. has been attributed by Keynesians as a validation of larger deficits as a solution to unemployment.
b. has been attributed by Monetarists as a validation that a large increase in the money supply would cure the depression.
c. has been acknowledged as a success in Keynesian policies, with the caveat that inflation was only averted through price controls.
d. All of the above are correct.
Question 5In 1860, ______________ was the top industry as ranked by value added.
a. cotton goods
b. boots and shoes
c. men's clothing
d. iron
Question 6Which of the following statements is not related to the price controls that existed during World War II?
a. Price ceilings facilitated the formulation of black markets for automobiles.
b. A black market for meat formed, referred to as meat-easies, due to a price ceiling on meat.
c. Price ceilings created an excess demand of consumer durable goods.
d. Despite price ceilings, hidden price increases were realized through deterioration in the quality of goods.
Question 7Which of the following industries was not among the 10 leading industries in 1860?
a. boots and shoes
b. printing and publishing
c. machinery
d. lumber
Question 8Economists such as James Tobin and Paul Samuelson claimed that _________ provided solid evidence of the effectiveness of Keynesian policies.
a. increases in deficit spending accompanied by extremely low unemployment during WWII
b. increases in taxes accompanied by rising federal budget surpluses
c. increases in the money supply accompanied by falling interest rates
d. price controls accompanied by inflation
Question 9Value added is defined as:
a. the price of the product multiplied by the quantity produced.
b. total sales revenue divided by the quantity produced.
c. total sales revenue minus sales taxes.
d. the value of total product minus raw materials costs.
Question 10The wage and price controls of the 1940s eventually led to:
a. black markets.
b. forced uptrading.
c. calls for nationalizing the nation's cattle herds.
d. All of the above are correct.
Question 11According to the text, what is not a pre-condition for factory production and industrialization?
a. Standardized parts
b. Sufficient power and energy
c. Continuous process production
d. A sufficiently centralized administrative structure
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