Question 1

Each of the three major waves in 19th-century railroad construction ended due to

Accepted Answer

A)  a major financial crisis in the U.S. 
B)  the involvement of the U.S. in a military conflict. 
C)  labor unrest that led to work stoppages. 
D)  shortages of iron. 
A)  a major financial crisis in the U.S. 
B)  the involvement of the U.S. in a military conflict. 
C)  labor unrest that led to work stoppages. 
D)  shortages of iron.

Question 2

Donaldson and Hornbeck, in their work from 2016,

Accepted Answer

A)  confirmed Fogel's hypothesis with international data. 
B)  confirmed Fogel's hypothesis with county-level data. 
C)  successfully challenged Fogel's hypothesis with anecdotal evidence. 
D)  successfully challenged Fogel's hypothesis with a counterfactual experiment. 
A)  confirmed Fogel's hypothesis with international data. 
B)  confirmed Fogel's hypothesis with county-level data. 
C)  successfully challenged Fogel's hypothesis with anecdotal evidence. 
D)  successfully challenged Fogel's hypothesis with a counterfactual experiment.

Question 3

"Granger laws"

Accepted Answer

A)  were severely limited in scope through litigation. 
B)  generally outlawed both place and person discrimination. 
C)  established commissions with the power to investigate complaints. 
D)  All of the above are correct. 
E)  Only a and b are correct. 
A)  were severely limited in scope through litigation. 
B)  generally outlawed both place and person discrimination. 
C)  established commissions with the power to investigate complaints. 
D)  All of the above are correct. 
E)  Only a and b are correct.

Question 4

Modern investment banking houses emerged in the U.S. in the 19th century to assist in financing

Accepted Answer

A)  railroad construction. 
B)  mail-order houses. 
C)  large corporations producing iron and steel. 
D)  the textile industry. 
A)  railroad construction. 
B)  mail-order houses. 
C)  large corporations producing iron and steel. 
D)  the textile industry.

Question 5

Economic theory predicts that a profit maximizing car rental agency with some market power would set its prices in what way?

Accepted Answer

A)  Charge the same for both weekday and weekend rentals. 
B)  Charge more for weekend rentals and less for weekday rentals. 
C)  Charge more for rentals during the week and less for weekend rentals. 
A)  Charge the same for both weekday and weekend rentals. 
B)  Charge more for weekend rentals and less for weekday rentals. 
C)  Charge more for rentals during the week and less for weekend rentals.

Question 6

Types of price discrimination practiced by post-bellum railroads included all of the following except :

Accepted Answer

A)  varied rates based on passenger's gender. 
B)  varied rates based on town of origin. 
C)  higher rates per mile for short-hauls than for long-hauls. 
D)  higher rates per ton for manufactured goods than for raw materials. 
A)  varied rates based on passenger's gender. 
B)  varied rates based on town of origin. 
C)  higher rates per mile for short-hauls than for long-hauls. 
D)  higher rates per ton for manufactured goods than for raw materials.

Question 7

The joining of the eastern and western sections of nation's first transcontinental railroad was commemorated with the driving of the last spike on May 10, 1869

Accepted Answer

A)  in Salt Lake City. 
B)  in Washington, D.C. 
C)  at Promontory Point. 
D)  on the rim of the Grand Canyon. 
A)  in Salt Lake City. 
B)  in Washington, D.C. 
C)  at Promontory Point. 
D)  on the rim of the Grand Canyon.

Question 8

The federal government granted 200 million acres of land to railroads.  Which of the following statements presents accurate information about these land grants?

Accepted Answer

A)  The railroads were required to return 1\3 of the profits from the sale of this land to the federal government. 
B)  The alternate section provision allowed state governments to purchase portions of the land grants from the railroads at reduced prices. 
C)  The federal government incurred huge revenue losses under the land grant program. 
D)  Congress required railroad companies that received land grants to transport mail, troops and government property at reduced rates. 
A)  The railroads were required to return 1\3 of the profits from the sale of this land to the federal government. 
B)  The alternate section provision allowed state governments to purchase portions of the land grants from the railroads at reduced prices. 
C)  The federal government incurred huge revenue losses under the land grant program. 
D)  Congress required railroad companies that received land grants to transport mail, troops and government property at reduced rates.

Question 9

The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining

Accepted Answer

A)  profits in transportation industries as a group. 
B)  profits in railroads compared with canals. 
C)  employment of labor and capital in the transportation sector before and after the railroad. 
D)  inventories of agricultural products held in eastern markets. 
A)  profits in transportation industries as a group. 
B)  profits in railroads compared with canals. 
C)  employment of labor and capital in the transportation sector before and after the railroad. 
D)  inventories of agricultural products held in eastern markets.

Question 10

During the last part of the 19th century, which factor contributed to the lag in railroad construction in the Southeast and Southwest?

Accepted Answer

A)  sparseness of population 
B)  war-induced poverty 
C)  coastal shipping 
D)  All of the above are correct. 
E)  Only b and c are correct. 
A)  sparseness of population 
B)  war-induced poverty 
C)  coastal shipping 
D)  All of the above are correct. 
E)  Only b and c are correct.

Question 11

The most significant kind of federal subsidy to railroads was

Accepted Answer

A)  loans from the U.S. government. 
B)  reduced corporate income taxes. 
C)  land grants. 
D)  direct payments based on the number of miles of tracks laid. 
A)  loans from the U.S. government. 
B)  reduced corporate income taxes. 
C)  land grants. 
D)  direct payments based on the number of miles of tracks laid.

Question 12

According to Joseph Schumpeter, many Midwestern railroads

Accepted Answer

A)  were built too late and thus faced heavy competition from trucks. 
B)  were built ahead of demand. 
C)  were unnecessary because they followed routes already adequately served by other means of transportation. 
D)  would have been built more quickly in the absence of government aid. 
A)  were built too late and thus faced heavy competition from trucks. 
B)  were built ahead of demand. 
C)  were unnecessary because they followed routes already adequately served by other means of transportation. 
D)  would have been built more quickly in the absence of government aid.

Question 13

From 1860 to 1910, miles of railroad track in operation increased from roughly ____ miles to _____ miles.

Accepted Answer

A)  1,000; 75,000 
B)  10,000; 50,000 
C)  30,000; 250,000 
D)  75,000; 500,000 
A)  1,000; 75,000 
B)  10,000; 50,000 
C)  30,000; 250,000 
D)  75,000; 500,000

Question 14

The sustained productivity growth of railroads occurred primarily because of:

Accepted Answer

A)  increased economies of scale. 
B)  more powerful locomotives and more efficient freight cars. 
C)  stronger steel rails. 
D)  the advent of refrigerator cars. 
A)  increased economies of scale. 
B)  more powerful locomotives and more efficient freight cars. 
C)  stronger steel rails. 
D)  the advent of refrigerator cars.

Question 15

Railroad construction in the late 19th century

Accepted Answer

A)  added little to economic fluctuations. 
B)  strongly influence capital formation. 
C)  caused the three major financial crisis of that era. 
D)  All of the above are correct. 
E)  Only b and c are correct. 
A)  added little to economic fluctuations. 
B)  strongly influence capital formation. 
C)  caused the three major financial crisis of that era. 
D)  All of the above are correct. 
E)  Only b and c are correct.

Question 16

The best description of the economic benefits of the railroads (RRs) is:

Accepted Answer

A)  RRs saved about 3 percent of GNP over what it would have cost to ship goods and people by alternative methods. 
B)  U.S. GNP was reached about 20 years earlier with RRs than it would have been reached had RRs not been developed. 
C)  U.S. GNP was reached about 40 years earlier with RRs than it would have been reached had RRs not been developed. 
D)  Alternative forms of transport could have shipped goods and people for the same cost or less than the RRs did, and therefore, RRs generated no extra economic growth. 
A)  RRs saved about 3 percent of GNP over what it would have cost to ship goods and people by alternative methods. 
B)  U.S. GNP was reached about 20 years earlier with RRs than it would have been reached had RRs not been developed. 
C)  U.S. GNP was reached about 40 years earlier with RRs than it would have been reached had RRs not been developed. 
D)  Alternative forms of transport could have shipped goods and people for the same cost or less than the RRs did, and therefore, RRs generated no extra economic growth.

Question 17

Data on miles of main line track in operation between 1860 and 1910 show that

Accepted Answer

A)  total mileage first increased and then decreased, causing the growth rate to eventually become negative. 
B)  total mileage and the growth rate both increased steadily. 
C)  total mileage increased steadily, but the growth rate tapered off. 
D)  total mileage increased at a constant pace, resulting in a nearly constant growth rate. 
A)  total mileage first increased and then decreased, causing the growth rate to eventually become negative. 
B)  total mileage and the growth rate both increased steadily. 
C)  total mileage increased steadily, but the growth rate tapered off. 
D)  total mileage increased at a constant pace, resulting in a nearly constant growth rate.

Question 18

Which of the following was not used to subsidize railroad companies and their building of railroads?

Accepted Answer

A)  Loans from the U.S. government 
B)  Reduced corporate income taxes 
C)  Land grants 
D)  Direct payments based on the number of miles of tracks laid 
A)  Loans from the U.S. government 
B)  Reduced corporate income taxes 
C)  Land grants 
D)  Direct payments based on the number of miles of tracks laid

Question 19

Widespread assumptions about the first transatlantic railroad did NOT include

Accepted Answer

A)  that government support was as essential. 
B)  that profits to the nation would be enormous. 
C)  that private investors would be easily compensated for any risk. 
D)  that transatlantic crossing via rail would take a fraction of the time of a clipper ship passage. 
A)  that government support was as essential. 
B)  that profits to the nation would be enormous. 
C)  that private investors would be easily compensated for any risk. 
D)  that transatlantic crossing via rail would take a fraction of the time of a clipper ship passage.

Question 20

Fogel argued that railroads were more cost effective than canals because railroads were faster and were in service all year and that using rail instead of canals would ____.

Accepted Answer

A)  lower freight rates on the railroads. 
B)  lower government subsidies for railroads. 
C)  lower inventories of grain in the East. 
D)  reduce the wheat being shipped to Europe. 
A)  lower freight rates on the railroads. 
B)  lower government subsidies for railroads. 
C)  lower inventories of grain in the East. 
D)  reduce the wheat being shipped to Europe.

Exam 16: Railroads and Economic Change

Each of the three major waves in 19th-century railroad construction ended due to

Donaldson and Hornbeck, in their work from 2016,

"Granger laws"

Modern investment banking houses emerged in the U.S. in the 19th century to assist in financing

Economic theory predicts that a profit maximizing car rental agency with some market power would set its prices in what way?

Types of price discrimination practiced by post-bellum railroads included all of the following except :

The joining of the eastern and western sections of nation's first transcontinental railroad was commemorated with the driving of the last spike on May 10, 1869

The federal government granted 200 million acres of land to railroads. Which of the following statements presents accurate information about these land grants?

The greatest advantage of the railroad over earlier forms of transportation was its speed and its ability to stay open throughout most of the winter. Robert Fogel attempted to measure the advantage of faster all-weather transport by examining

During the last part of the 19th century, which factor contributed to the lag in railroad construction in the Southeast and Southwest?

The most significant kind of federal subsidy to railroads was

According to Joseph Schumpeter, many Midwestern railroads

From 1860 to 1910, miles of railroad track in operation increased from roughly ____ miles to _____ miles.

The sustained productivity growth of railroads occurred primarily because of:

Railroad construction in the late 19th century

The best description of the economic benefits of the railroads (RRs) is:

Data on miles of main line track in operation between 1860 and 1910 show that

Which of the following was not used to subsidize railroad companies and their building of railroads?

Widespread assumptions about the first transatlantic railroad did NOT include

Fogel argued that railroads were more cost effective than canals because railroads were faster and were in service all year and that using rail instead of canals would ____.

Growth, Welfare, and the American Economy

Founding the Colonies

Colonial Economic Activities

The Economic Relations of the Colonies

Economic Progress and Wealth

Three Crises and Revolt

Hard Realities for a New Nation

Land and the Early Westward Movements

Transportation and Market Growth

Market Expansion and Industry in First Transition

Labor During the Early Industrial Period

Money and Banking in the Developing Economy

The Entrenchment of Slavery and Regional Conflict

War, Recovery, and Regional Divergence

Agricultures Western Advance

Industrial Expansion and Concentration

The Emergence of Americas Labor Consciousness

Money, Prices, and Finance in the Postbellum Era

Commerce at Home and Abroad

World War I, 1914-1918

The Roaring Twenties

The Great Depression

The New Deal

World War Ii

The Changing Role of the Federal Government

The Changing Role of the Federal Government: Consumer Safety, Agriculture, the Environment, and Housing

Monetary Policy, Fiscal Policy, and the Business Cycle After World War Ii

Manufacturing, Productivity, and Labor

Achievements of the Past, Challenges for the Future

Filters

Each of the three major waves in 19^th-century railroad construction ended due to

Modern investment banking houses emerged in the U.S. in the 19^th century to assist in financing

From 1860 to 1910, miles of railroad track in operation increased from roughly miles to _ miles.