Question 1

The cost of output is income to the land,labor,capital and entrepreneurial talent used to produce it.

Accepted Answer

A) True 
 B)False

Question 2

In the 19th century,American capitalism appeared in its classic form: giant firms,industrial labor force,complete commercialization of agriculture and extractive industries,big banking and finance and giant transportation systems.The property laws handed down from colonial times were apparently the perfect vehicle for economic growth.Nevertheless,Hughes and Cain (2011)argue ?that there were several legal developments in the 19th century that further aided or facilitated entrepreneurial activity and the rise of industrial capitalism; in fact,these were essential to the rise?of industrial capitalism.Describe them.

Accepted Answer

In the 19th century, several legal devel

Question 3

Which of the following did NOT contribute to "internal economies" in the industrialization process?

Accepted Answer

A)  Diminishing returns to scale 
B)  Central power sources 
C)  Managerial improvements 
D)  Transportation networks 
A)  Diminishing returns to scale 
B)  Central power sources 
C)  Managerial improvements 
D)  Transportation networks

Question 4

Discuss the "economics of urbanization" that gave urban areas economic advantages over rural areas and led to rapid urbanization and economic growth in the late 19th century.

Accepted Answer

The "economics of urbanization" in the l

Question 5

By 1913,steel making by Bessemer converter had been completely surpassed by

Accepted Answer

A)  continuous casting integrated mills. 
B)  the Basic Oxygen furnace. 
C)  electric furnaces. 
D)  open hearth furnaces. 
A)  continuous casting integrated mills. 
B)  the Basic Oxygen furnace. 
C)  electric furnaces. 
D)  open hearth furnaces.

Question 6

Mass production was made possible by mass consumption,a national market and international trade.

Accepted Answer

A) True 
 B)False

Question 7

In the U.S.,the most recognized entrepreneurs during industrialization were

Accepted Answer

A)  clearly monopolists. 
B)  robber barons, who solely realized the concentrated wealth accumulated nation-wide. 
C)  individuals whose market power clearly originated from within the government. 
D)  key individuals who were famous or wealthy. 
A)  clearly monopolists. 
B)  robber barons, who solely realized the concentrated wealth accumulated nation-wide. 
C)  individuals whose market power clearly originated from within the government. 
D)  key individuals who were famous or wealthy.

Question 8

Capital equipment can be labor-saving or labor-using.Use late-19th-century industrialization to illustrate the differences between the two types of capital and explain why and when industrialists switched between them.

Accepted Answer

Late-19th-century industrialization saw

Question 9

How did mass production contribute to mass consumption? How did mass consumption fuel industrialization?

Accepted Answer

Mass production contributed to mass cons

Question 10

Industrialization through heavy capital investments required savings by households,businesses and/or government bodies.

Accepted Answer

A) True 
 B)False

Question 11

Cities included all of the following economies of scale except

Accepted Answer

A)  Transportation 
B)  Sanitation 
C)  Crime 
D)  Education 
A)  Transportation 
B)  Sanitation 
C)  Crime 
D)  Education

Question 12

Identify the importance of the steam engine in U.S.industrialization.

Accepted Answer

The steam engine played a crucial role i

Question 13

Describe the course of industrial development from the end of the Civil War to the beginning?of World War I.Use statistics on industrial production.

Accepted Answer

The period from the end of the Civil War

Question 14

Open-hearth technology quickly replaced the Bessemer converter in the steel industry.This is an example of Schumpeter's creative destruction process.

Accepted Answer

A) True 
 B)False

Question 15

What are external economies? How did they contribute to U.S.industrialization,and how did ?U.S.industrialization produce external economies?

Accepted Answer

External economies refer to the benefits

Question 16

Schumpeter asserts all of the following except

Accepted Answer

A)  A strong middle class fosters growth in society's entrepreneurial base. 
B)  Entrepreneurs are the leading force behind technological advancement. 
C)  Invention and innovation are unnecessary in a growing economy. 
D)  Secured property rights encourage risk-taking entrepreneurial behaviors. 
A)  A strong middle class fosters growth in society's entrepreneurial base. 
B)  Entrepreneurs are the leading force behind technological advancement. 
C)  Invention and innovation are unnecessary in a growing economy. 
D)  Secured property rights encourage risk-taking entrepreneurial behaviors.

Question 17

The demand for goods and services decreases with a rise in employment and income.

Accepted Answer

A) True 
 B)False

Question 18

By 1914 the American economy had transformed into an agricultural giant.

Accepted Answer

A) True 
 B)False

Question 19

Industrialization and urbanization in the U.S.occurred simultaneously between 1860 and 1910.

Accepted Answer

A) True 
 B)False

Question 20

Profit-maximizing industrialists are concerned with both revenues and costs.Transportation and production costs are an important part of total costs.Both are impacted by

Accepted Answer

A)  location and power sources. 
B)  the cost of managing large quantities of productive resources found anywhere along the production chain. 
C)  the ability to concentrate or group resources in the same place. 
D)  all of the above. 
A)  location and power sources. 
B)  the cost of managing large quantities of productive resources found anywhere along the production chain. 
C)  the ability to concentrate or group resources in the same place. 
D)  all of the above.

Exam 17: Industrialization, Entrepreneurship, and Urban Growth

The cost of output is income to the land,labor,capital and entrepreneurial talent used to produce it.

Which of the following did NOT contribute to "internal economies" in the industrialization process?

Discuss the "economics of urbanization" that gave urban areas economic advantages over rural areas and led to rapid urbanization and economic growth in the late 19th century.

By 1913,steel making by Bessemer converter had been completely surpassed by

Mass production was made possible by mass consumption,a national market and international trade.

In the U.S.,the most recognized entrepreneurs during industrialization were

Capital equipment can be labor-saving or labor-using.Use late-19th-century industrialization to illustrate the differences between the two types of capital and explain why and when industrialists switched between them.

How did mass production contribute to mass consumption? How did mass consumption fuel industrialization?

Industrialization through heavy capital investments required savings by households,businesses and/or government bodies.

Cities included all of the following economies of scale except

Identify the importance of the steam engine in U.S.industrialization.

Describe the course of industrial development from the end of the Civil War to the beginning?of World War I.Use statistics on industrial production.

Open-hearth technology quickly replaced the Bessemer converter in the steel industry.This is an example of Schumpeter's creative destruction process.

What are external economies? How did they contribute to U.S.industrialization,and how did ?U.S.industrialization produce external economies?

Schumpeter asserts all of the following except

The demand for goods and services decreases with a rise in employment and income.

By 1914 the American economy had transformed into an agricultural giant.

Industrialization and urbanization in the U.S.occurred simultaneously between 1860 and 1910.

Profit-maximizing industrialists are concerned with both revenues and costs.Transportation and production costs are an important part of total costs.Both are impacted by

Overseas Empire

Colonial Development

America on the Eve of Revolution

Gaining Independence

Westward Expansion

Population and Labor Force

Law and the Rise of Classical American Capitalism

Transportation, Internal Improvements, and Urbanization

Agricultural Expansion: The Conflict of Two Systems on the Land

The Debate over Slavery

The Early Industrial Sector

The Financial System and the International Economy

Economic Effects of the Civil War

Railroads and Economic Development

Post-Civil War Agriculture

Population Growth and the Atlantic Migration

Big Business and Government Intervention

Financial Developments 1863–1914

The Giant Economy and Its International Relations

Labor and the Law

The Command Economy Emerges: World War I

Normalcy”: 1919–1929

The Great Depression

The New Deal

The “Prosperity” of Wartime

Before the New Frontier: The Postwar Economy

Population, Health, and Labor

Postwar Industry and Agriculture

To the New Millennium and Beyond

Does Our Past Have a Future?

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