Question 1

The drop in unemployment from over 11 percent in 1939 to roughly 1 percent in 1944

Accepted Answer

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. 
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 2

The use of strategic bombing by the Allies during World War II

Accepted Answer

A)  caused a marked decrease in Axis munitions production. 
B)  caused Germany to divert significant resources to air defense. 
C)  used the various air forces as an aid to the ground or sea forces. 
D)  was intended to attack the civilian population. 
E)  Only b and d are correct. 
A)  caused a marked decrease in Axis munitions production. 
B)  caused Germany to divert significant resources to air defense. 
C)  used the various air forces as an aid to the ground or sea forces. 
D)  was intended to attack the civilian population. 
E)  Only b and d are correct.

Question 3

Between 1940 and 1944, real Federal spending increased by roughly ____ percent.

Accepted Answer

A)  100 
B)  250 
C)  750 
D)  1000 
A)  100 
B)  250 
C)  750 
D)  1000

Question 4

Wartime economic mobilization resulted in

Accepted Answer

A)  increased hours for workers. 
B)  dramatic increases in the industrial accident rate. 
C)  some reduction in the quality of output. 
D)  Increased production rates. 
E)  All of the above. 
A)  increased hours for workers. 
B)  dramatic increases in the industrial accident rate. 
C)  some reduction in the quality of output. 
D)  Increased production rates. 
E)  All of the above.

Question 5

Economists such as James Tobin and Paul Samuelson claimed that _________ provided solid evidence of the effectiveness of Keynesian policies.

Accepted Answer

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 
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 6

To mobilize resources in WWII, the United States relied on

Accepted Answer

A)  the same methods used in World War I 
B)  the draft 
C)  taxes 
D)  creating money 
E)  All of the above are correct. 
A)  the same methods used in World War I 
B)  the draft 
C)  taxes 
D)  creating money 
E)  All of the above are correct.

Question 7

The draft is analogous to a tax, where the amount of the tax equals

Accepted Answer

A)  the discounted present value of the soldier's lost private sector income. 
B)  the estimated value of a human life. 
C)  the difference between what a soldier would need to be paid to serve voluntarily and his\her actual pay. 
D)  The soldier's earnings while enlisted. 
A)  the discounted present value of the soldier's lost private sector income. 
B)  the estimated value of a human life. 
C)  the difference between what a soldier would need to be paid to serve voluntarily and his\her actual pay. 
D)  The soldier's earnings while enlisted.

Question 8

What best describes the changes in federal spending of the US economy from 1939 to 1949?

Accepted Answer

A)  Between 1939 and 1944 military expenditures increased substantially and civilian-related expenditures remained about the same. 
B)  Between 1939 and 1944 both military and civilian-related expenditures increased substantially. 
C)  Between 1939 and 1944 the production possibilities frontier for military and civilian-related expenditures shifted out. 
D)  Between 1944 and 1949 military expenditures decreased substantially and civilian-related expenditures returned to 1939 levels. 
A)  Between 1939 and 1944 military expenditures increased substantially and civilian-related expenditures remained about the same. 
B)  Between 1939 and 1944 both military and civilian-related expenditures increased substantially. 
C)  Between 1939 and 1944 the production possibilities frontier for military and civilian-related expenditures shifted out. 
D)  Between 1944 and 1949 military expenditures decreased substantially and civilian-related expenditures returned to 1939 levels.

Question 9

In 1940, federal government purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had risen to ________.

Accepted Answer

A)  20 percent; 30 percent 
B)  8 percent; 50 percent 
C)  15 percent; 20 percent 
D)  1 percent; 25 percent 
A)  20 percent; 30 percent 
B)  8 percent; 50 percent 
C)  15 percent; 20 percent 
D)  1 percent; 25 percent

The drop in unemployment from over 11 percent in 1939 to roughly 1 percent in 1944

The use of strategic bombing by the Allies during World War II

Between 1940 and 1944, real Federal spending increased by roughly ____ percent.

Wartime economic mobilization resulted in

Economists such as James Tobin and Paul Samuelson claimed that _________ provided solid evidence of the effectiveness of Keynesian policies.

To mobilize resources in WWII, the United States relied on

The draft is analogous to a tax, where the amount of the tax equals

What best describes the changes in federal spending of the US economy from 1939 to 1949?

In 1940, federal government purchases of goods and services equaled roughly _ of GDP; by 1943, this figure had risen to ____.

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

Railroads and Economic Change

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

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

Exam 25: World War Ii

The drop in unemployment from over 11 percent in 1939 to roughly 1 percent in 1944

The use of strategic bombing by the Allies during World War II

Between 1940 and 1944, real Federal spending increased by roughly ____ percent.

Wartime economic mobilization resulted in

Economists such as James Tobin and Paul Samuelson claimed that _________ provided solid evidence of the effectiveness of Keynesian policies.

To mobilize resources in WWII, the United States relied on

The draft is analogous to a tax, where the amount of the tax equals

What best describes the changes in federal spending of the US economy from 1939 to 1949?

In 1940, federal government purchases of goods and services equaled roughly _____ of GDP; by 1943, this figure had risen to ________.

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

Railroads and Economic Change

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

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

In 1940, federal government purchases of goods and services equaled roughly _ of GDP; by 1943, this figure had risen to ____.