ICA 11

1
ICA 11

• 1. In which of the following years was the
  economy experiencing only expansion?
• 1930
• 1932
• 1935
• 1937
• None of the above

2
ICA 11

• Who would be most likely to be unemployed during
  the Great Depression?
• An agricultural worker in the South
• A middle aged manager in the North
• An older construction worker in the North.

3
ICA 11

• 3. Friedman and Schwarz argue that the expansion
  in the 1930s was caused by
• Removal of weaker firms
• New Deal spending boosted aggregate demand
• New Deal policies of Roosevelt altered
  expectations and stimulated investment.
  Specifically the devaluation of the dollar led to
  a rise in prices and incomes
• Expansionary monetary policy by the Fed

4
ICA 11

• 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?
• Herbert Hoover
• Franklin Delano Roosevelt
• Andrew Jackson
• Harry Truman

5
ICA 11

• In 1936 the Federal Reserve was primarily
  concerned about
• unemployment
• inflation
• deflation
• defending the Gold Standard

6
ICA 11

• Extra Credit
• According to lecture, you can expect to see your
  mid-term grade
• if you e-mail me after class (and I choose to
  respond)
• by next Tuesday
• by next Thursday
• by the next appearance of Haleys Comet
• All of the above are equally possible

7
ICA 12

• According to Don Reading, the purpose of New Deal
  spending was
• stimulating aggregate demand to combat
  unemployment.
• to provide relief from the myriad problems
  created by the Great Depression.
• to reform the economic system employed by the
  United States
• to ensure the future political success of
  Franklin Delano Roosevelt and the Democratic
  party.

8
ICA 12

• 2. According to Gavin Wright, the purpose of New
  Deal spending was
• stimulating aggregate demand to combat
  unemployment.
• to provide relief from the myriad problems
  created by the Great Depression.
• to reform the economic system employed by the
  United States
• to ensure the future political success of
  Franklin Delano Roosevelt and the Democratic
  party.

9
ICA 12

• Which states received the greatest amount of
  per-capita spending from New Deal programs?
• Northeastern states like Massachusetts and New
  York.
• Southeastern states like Mississippi and Alabama.
• Mountain states like Nevada and Montana
• Midwestern states like Illinois and Michigan

10
ICA 12

• Who is the primary regulator of all National
  Banks?
• The Office of the Comptroller of the Currency
• The Federal Reserve
• The FDIC
• The state banking authorities in the state the
  bank is located.

11
ICA 12

• Who is the primary regulator of state banks that
  belong to the Federal Reserve and the FDIC?
• The Office of the Comptroller of the Currency
• The Federal Reserve
• The FDIC
• The state banking authorities in the state the
  bank is located.

12
ICA 12

• Extra Credit
• Which state received the largest amount, per
  capita, from New Deal programs?
• New York
• North Carolina
• Wyoming
• California

13
ICA 13

• Which colony was founded first?
• Massachusetts Bay
• Jamestown
• Plymouth

14
ICA 13

• During the colonial period, England was not well
  endowed with which of the following factors of
  production?
• Land
• Labor
• Capital

15
ICA 13

• 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?
• The British citizens in the original 13 colonies.
• The former French citizens of Quebec.
• The Native Americans who historically lived on
  this land.

16
ICA 13

• 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?
• The Federalists
• The Anti-Federalists
• The Republicans
• The Communists

17
ICA 13

• Technology increases a farmers output per acre.
  In the long-run, this will cause the profit
  earned by farmers to
• increase.
• decrease.
• be unchanged.

18
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.

19
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 Fogels contention.

20
ICA 15

• In what century did population in what is now the
  United States grow the fastest?
• 17th century
• 18th century
• 19th century
• 20th century

21
ICA 15

• The median age in the United States today is 34.
  At the time of the Civil War, the median age was
• 34
• between 25 and 30
• between 20 and 24
• between 15 and 19
• less than 15

22
ICA 15

• As median age rise, birth rates should
• increase.
• decrease.
• remain the same.

23
ICA 15

• Which factor of production was the binding
  constraint in the colonies?
• Land
• Labor
• Capital

24
ICA 15

• Which of the following factors, according to the
  empirical work of Farley Grubb, is statistically
  related to the price of an indentured servant?
• Whether the indentured servant was male or
  female.
• The literacy level of the indentured servant.
• The occupation of the indentured servant.
• None of the above.

25
ICA 15

• Extra Credit
• Put the following acquisitions of land in order,
  starting with the earliest
• The Oregon Country
• The Florida Acquisition
• The Gadsden Purchase
• The Louisiana Purchase
• The Mexican Cession
• This is an all or nothing extra credit
  assignment.

26
ICA 16

• Which of the following legal rights did slaves
  possess?
• The right to marry
• The right to private property
• Custody of biological children
• None of the above

27
ICA 16

• At the time of the Civil War, which population
  had a higher percentage of persons who were born
  in the United States?
• Persons of African ancestry
• Persons of European ancestry
• Persons of Asian ancestry

28
ICA 16

• 3. The population of slaves grew in the 19th
  century before the Civil War. This growth was
  primarily due
• importation of new slaves from Africa.
• importation of new slaves from places in the
  Caribbean.
• to children born into families of slaves in the
  United States.

29
ICA 16

• The eyewitness accounts discussed in lecture and
  the text argued that
• slave families typically had no male head of any
  significance.
• slave breeding was uncommon.
• slave families were rarely broken up by the trade
  in slaves.
• Both (b) and (c) are correct.

30
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.
• Slavery was declining economically prior to the
  Civil War.
• Slave field hands were harder working and more
  efficient than white agricultural workers.
• Slave owners were pessimistic about slaverys
  future just before the Civil War.
• Slave agriculture was more productive than family
  farming in the North.

31
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.
• Robert Fogel
• Richard Steckel
• Stephen Crawford
• Alfred Conrad
• Stanley Engerman
• Herbert Gutman
• John Meyer

32
ICA 17

• According to Goldin and Lewis, how much did the
  Civil War cost the North
• and the South?

33
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?

34
ICA 17

• 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?

35
ICA 17

• EXTRA CREDIT
• In 1806 there was a strike of cordwainers in
  Philadelphia. What is a cordwainer?

36
ICA 18

• Which of the following unions was the primary
  supporter of the Greenbackism movement?
• American Federation of Labor
• The Council of Industrial Organization
• The Knights of Labor
• The National Labor Union

37
ICA 18

• 2. Which of the following unions was the driving
  force behind the passage of the eight hour work
  day for government employees?
• American Federation of Labor
• The Council of Industrial Organization
• The Knights of Labor
• The National Labor Union

38
ICA 18

• 3. Which of the following unions won a railroad
  strike against Jay Gould?
• American Federation of Labor
• The Council of Industrial Organization
• The Knights of Labor
• The National Labor Union

39
ICA 18

• 4. Which of the following unions invented and
  practiced voluntarism?
• American Federation of Labor
• The Council of Industrial Organization
• The Knights of Labor
• The National Labor Union

40
ICA 18

• 5. Which of the following organization only
  included craft unions as its members?
• American Federation of Labor
• The Council of Industrial Organization
• The Knights of Labor
• The National Labor Union

41
ICA 18

• Extra Credit
• What is the tertiary sector?

42
ICA 19

• The Sherman Anti-Trust act
• was utilized to defend the right of labor to
  unionize.
• was utilized to attack the right of labor to
  unionize.
• was not relevant to unions and labor.

43
ICA 19

• In the 1940s organized labor
• supported free trade.
• supported fair trade but opposed free trade.
• opposed fair trade and free trade.
• took no position with respect to international
  trade.

44
ICA 19

• Since 1980 the distribution of income in the
  United States has
• become less equal.
• become more equal.
• not changed with respect to equality.

45
ICA 19

• True or False
• The Erie Canal was primarily funded by the
  federal government.

46
ICA 19

• 5. Robert Fogel compared the cost of moving
  goods via the railroad to what other means of
  transportation?
• Roads.
• Canals.
• Steamboats.
• All of the above.

47
ICA 19

• EXTRA CREDIT
• The first transcontinental railroad line was
  completed in which state?
• California
• New York
• Wyoming
• Utah
• Oregon
• Colorado

48
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 ____ ____ ____ ____ ____ ____
• 1915 ____ ____ ____ ____ ____ ____
• EXTRA CREDIT In what decade did the free banking
  era end?

49
ICA 21

• Which of the following powers held by the federal
  government today was not held in the 1880s?
• Control of the public domain
• Regulation of National Banks
• Setting immigration policy
• Collecting Federal income tax

50
ICA 21

• Which of the following powers held by the federal
  government today was held in the 1880s?
• Enforcement of anti-trust laws
• Chartering of corporations
• Licensing of business
• Setting of tariff rates

51
ICA 21

• Schumpeter introduced the term Creative
  Destruction. How is this defined?
• Employment of human talent to solve an
  intellectual problem.
• An invention placed in the stream of economic
  life that alters the stream and changes the
  allocation of resources.
• 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.

52
ICA 21

• According to Schumpeter, recessions
• undermine the case for capitalism since millions
  of people see a decline in real income.
• are necessary for the survival of capitalism
  since the less efficient firms are eliminated.
• 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.

53
ICA 21

• According to Galbraith
• goods are produced according to consumer
  sovereignty. What the consumer desires firms
  will produce.
• 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.
• 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.

54
ICA 21

• EXTRA CREDIT
• John Kenneth Galbraith and Robert Fogel are in
  agreement about what? This must be something we
  noted in class. Dont call each person and see
  where any agreement might exist.

55
ICA 22Match the authors on the left to the ideas
on the right

• Robert Fogel
• Paul David
• David Hume
• Hugh Rockoff
• Milton Friedman

• The Economics of QWERTY
• The Wizard of Oz and the Free Silver Movement
• The Price-Specie flow mechanism
• The monetarist view of the Great Depression
• Techno-physio evolution

56
ICA 22

• Extra Credit
• What was the most important lesson learned in
  this class?