Question 1

Ling-Temco-Voight (LTV) is an example of

Accepted Answer

A)  a conglomerate. 
B)  a vertical merger. 
C)  a horizontal merger. 
D)  a limited-liability partnership. 
A)  a conglomerate. 
B)  a vertical merger. 
C)  a horizontal merger. 
D)  a limited-liability partnership.

Question 2

Key features of the American labor market in the postwar period include all of the following except

Accepted Answer

A)  the growth of service sector employment. 
B)  increased labor force participation rate of women with young children. 
C)  steadily increasing union membership. 
D)  the erosion of discriminatory barriers for women and minority members. 
A)  the growth of service sector employment. 
B)  increased labor force participation rate of women with young children. 
C)  steadily increasing union membership. 
D)  the erosion of discriminatory barriers for women and minority members.

Question 3

Response to the energy crisis of the early 1970s did not include

Accepted Answer

A)  gasoline "rationing by waiting." 
B)  gasoline "rationing by price." 
C)  increased bureaucratic involvement. 
D)  Americans insulating their homes. 
A)  gasoline "rationing by waiting." 
B)  gasoline "rationing by price." 
C)  increased bureaucratic involvement. 
D)  Americans insulating their homes.

Question 4

In 2001, the percent of total employment in the manufacturing, mining, and construction sector equaled

Accepted Answer

A)  less than 20 percent. 
B)  30 percent. 
C)  40 percent. 
D)  60 percent. 
A)  less than 20 percent. 
B)  30 percent. 
C)  40 percent. 
D)  60 percent.

Question 5

During the postwar period, increased real wages for women led to an increase in the labor force participation rate for women.  This implies that, for women,

Accepted Answer

A)  the substitution effect of a wage increase is greater than the income effect. 
B)  the substitution effect of a wage increase is less than the income effect. 
C)  the substitution effect of a wage increase equals the income effect. 
D)  wage increases do not have an income effect. 
A)  the substitution effect of a wage increase is greater than the income effect. 
B)  the substitution effect of a wage increase is less than the income effect. 
C)  the substitution effect of a wage increase equals the income effect. 
D)  wage increases do not have an income effect.

Question 6

Which is not a cause of the deterioration of the strength of labor?

Accepted Answer

A)  the rise of the service sector 
B)  regional shifts in manufacturing 
C)  foreign industrial competition 
D)  a high rate of immigration of unskilled workers who tend to fear taking part in union activities. 
E)  All of the above are correct. 
A)  the rise of the service sector 
B)  regional shifts in manufacturing 
C)  foreign industrial competition 
D)  a high rate of immigration of unskilled workers who tend to fear taking part in union activities. 
E)  All of the above are correct.

Question 7

During the postwar period, the portion of total employment declined in the ______ sector.

Accepted Answer

A)  agricultural 
B)  manufacturing 
C)  mining 
D)  construction 
E)  All of the above. 
A)  agricultural 
B)  manufacturing 
C)  mining 
D)  construction 
E)  All of the above.

Question 8

Which of the following statements correctly characterizes the trend in real wages since 1960?

Accepted Answer

A)  The real product wage kept pace with labor productivity, but the real consumption wage was fairly stagnant. 
B)  The real consumption wage kept pace with labor productivity, but the real product wage fell. 
C)  Labor productivity fell, leading to declines in both the real product wage and the real consumption wage. 
D)  Both the real consumption wage and the real product wage remained stable over the last 40 years. 
A)  The real product wage kept pace with labor productivity, but the real consumption wage was fairly stagnant. 
B)  The real consumption wage kept pace with labor productivity, but the real product wage fell. 
C)  Labor productivity fell, leading to declines in both the real product wage and the real consumption wage. 
D)  Both the real consumption wage and the real product wage remained stable over the last 40 years.

Question 9

According to Joseph Schumpeter, the success of capitalism relies on

Accepted Answer

A)  continuous, small improvements to existing products. 
B)  "gales of creative destruction." 
C)  careful government direction of the manufacturing sector. 
D)  a strong agricultural sector to support the manufacturing workforce. 
A)  continuous, small improvements to existing products. 
B)  "gales of creative destruction." 
C)  careful government direction of the manufacturing sector. 
D)  a strong agricultural sector to support the manufacturing workforce.

Question 10

New immigration laws championed by the Kennedy and Johnson administrations

Accepted Answer

A)  established a quota system based on ethnic background. 
B)  allowed for unlimited immigration. 
C)  placed a high priority on uniting families. 
D)  led to reduced immigration rates in the 1960s and 1970s. 
E)  All of the above. 
A)  established a quota system based on ethnic background. 
B)  allowed for unlimited immigration. 
C)  placed a high priority on uniting families. 
D)  led to reduced immigration rates in the 1960s and 1970s. 
E)  All of the above.

Question 11

Which of the following statements about the percent of the population completing high school by persons age 25 and over is MOST accurate?

Accepted Answer

A)  Between 1940 and 2000, the rate for blacks increased substantially while the rate for whites remained the same. 
B)  Between 1940 and 1960, whites, blacks, and Hispanics experienced large decreases in completion rates, and experienced large increases after 1960. 
C)  Between 1980 and 2000, the rate for Hispanics dropped significantly while the rates for whites and blacks increased. 
D)  Between 1940 and 2000, the rate for whites increased about 3 times and the rate for blacks increased about 10 times. 
A)  Between 1940 and 2000, the rate for blacks increased substantially while the rate for whites remained the same. 
B)  Between 1940 and 1960, whites, blacks, and Hispanics experienced large decreases in completion rates, and experienced large increases after 1960. 
C)  Between 1980 and 2000, the rate for Hispanics dropped significantly while the rates for whites and blacks increased. 
D)  Between 1940 and 2000, the rate for whites increased about 3 times and the rate for blacks increased about 10 times.

Question 12

Which of the following statements about the "separate but equal" provision of Plessy v. Ferguson is MOST accurate?

Accepted Answer

A)  resulted in African-American schools that were comparable to white schools. 
B)  resulted in African-American schools that were preferable to white schools in the South. 
C)  did not seriously hamper the labor market experience of African-Americans. 
D)  led to the creation of African-American schools that were systematically under funded. 
A)  resulted in African-American schools that were comparable to white schools. 
B)  resulted in African-American schools that were preferable to white schools in the South. 
C)  did not seriously hamper the labor market experience of African-Americans. 
D)  led to the creation of African-American schools that were systematically under funded.

Question 13

From 1950 to 2007, manufacturing as a percentage of GDP went from roughly ____ percent to roughly ____ percent.

Accepted Answer

A)  10;25 
B)  25;10 
C)  25;50 
D)  50;25 
A)  10;25 
B)  25;10 
C)  25;50 
D)  50;25

Question 14

Paul David examined _______________ as an example of path dependence.

Accepted Answer

A)  Microsoft's Windows operating system 
B)  the VHS format 
C)  the QWERTY keyboard 
D)  hydroelectric power generators 
A)  Microsoft's Windows operating system 
B)  the VHS format 
C)  the QWERTY keyboard 
D)  hydroelectric power generators

Question 15

The term "path dependence" refers to

Accepted Answer

A)  inefficient outcomes that result from early technology choices that are not optimal in the long run. 
B)  the tendency for competitive markets to become monopolistic in the long run. 
C)  inefficient outcomes that result from negative externalities. 
D)  the natural growth of monopoly when economies of scale exist in a market. 
A)  inefficient outcomes that result from early technology choices that are not optimal in the long run. 
B)  the tendency for competitive markets to become monopolistic in the long run. 
C)  inefficient outcomes that result from negative externalities. 
D)  the natural growth of monopoly when economies of scale exist in a market.

Question 16

Which of the following statements about the percent of the population completing high school by persons age 25 and over in 2000 is MOST accurate?

Accepted Answer

A)  African Americans graduate at a rate about 10 percentage points less than whites, and Hispanics graduate at a rate about 30 percentage points less than whites. 
B)  African Americans and Hispanics graduate at the same rate that whites do. 
C)  Hispanics graduate at the same rate as whites, but African Americans graduate at much lower rates. 
D)  Hispanic and black males graduate at the same rate as white males, but Hispanic and black females graduate at much lower rates than white females. 
A)  African Americans graduate at a rate about 10 percentage points less than whites, and Hispanics graduate at a rate about 30 percentage points less than whites. 
B)  African Americans and Hispanics graduate at the same rate that whites do. 
C)  Hispanics graduate at the same rate as whites, but African Americans graduate at much lower rates. 
D)  Hispanic and black males graduate at the same rate as white males, but Hispanic and black females graduate at much lower rates than white females.

Question 17

Between 1960 and 2001, the labor force participation rate increased for each of the following groups except

Accepted Answer

A)  married women 
B)  married men 
C)  single women 
D)  single men 
A)  married women 
B)  married men 
C)  single women 
D)  single men

Question 18

Productivity growth in the service sector

Accepted Answer

A)  is notoriously difficult to measure. 
B)  is comparable to productivity growth in agriculture. 
C)  has been slow compared with productivity growth in manufacturing. 
D)  Both a and b are correct. 
E)  Both a and c are correct. 
A)  is notoriously difficult to measure. 
B)  is comparable to productivity growth in agriculture. 
C)  has been slow compared with productivity growth in manufacturing. 
D)  Both a and b are correct. 
E)  Both a and c are correct.

Question 19

Leverage refers to a firm's

Accepted Answer

A)  output to employment ratio. 
B)  revenue to cost ratio. 
C)  debt to equity ratio. 
D)  common stock to preferred stock ratio. 
A)  output to employment ratio. 
B)  revenue to cost ratio. 
C)  debt to equity ratio. 
D)  common stock to preferred stock ratio.

Question 20

All of the following served to reduce labor market discrimination against women and minorities except

Accepted Answer

A)  marriage bars. 
B)  Title VII of the Civil Rights Act. 
C)  Johnson's Office of Federal Contract Compliance Program. 
D)  the Equal Pay Act of 1963. 
A)  marriage bars. 
B)  Title VII of the Civil Rights Act. 
C)  Johnson's Office of Federal Contract Compliance Program. 
D)  the Equal Pay Act of 1963.

Exam 29: Manufacturing, Productivity, and Labor

Ling-Temco-Voight (LTV) is an example of

Key features of the American labor market in the postwar period include all of the following except

Response to the energy crisis of the early 1970s did not include

In 2001, the percent of total employment in the manufacturing, mining, and construction sector equaled

During the postwar period, increased real wages for women led to an increase in the labor force participation rate for women. This implies that, for women,

Which is not a cause of the deterioration of the strength of labor?

During the postwar period, the portion of total employment declined in the ______ sector.

Which of the following statements correctly characterizes the trend in real wages since 1960?

According to Joseph Schumpeter, the success of capitalism relies on

New immigration laws championed by the Kennedy and Johnson administrations

Which of the following statements about the percent of the population completing high school by persons age 25 and over is MOST accurate?

Which of the following statements about the "separate but equal" provision of Plessy v. Ferguson is MOST accurate?

From 1950 to 2007, manufacturing as a percentage of GDP went from roughly ____ percent to roughly ____ percent.

Paul David examined _______________ as an example of path dependence.

The term "path dependence" refers to

Which of the following statements about the percent of the population completing high school by persons age 25 and over in 2000 is MOST accurate?

Between 1960 and 2001, the labor force participation rate increased for each of the following groups except

Productivity growth in the service sector

Leverage refers to a firm's

All of the following served to reduce labor market discrimination against women and minorities except

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

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

Achievements of the Past, Challenges for the Future

Filters

From 1950 to 2007, manufacturing as a percentage of GDP went from roughly percent to roughly percent.