Question 1

During the industrialization of the U.S.,wealth was

Accepted Answer

A)  unequally divided among the population but accumulating. 
B)  a product of a federal plan for economic development and growth. 
C)  the sum of all revenue earned by U.S. households and businesses. 
D)  none of the above. 
A)  unequally divided among the population but accumulating. 
B)  a product of a federal plan for economic development and growth. 
C)  the sum of all revenue earned by U.S. households and businesses. 
D)  none of the above.

Question 2

Throughout U.S.history,entrepreneurial activity would occur when

Accepted Answer

A)  centralized economic planning was involved 
B)  distributed rights to profits were clear and protected 
C)  government intervention was pervasive 
D)  all of the above 
A)  centralized economic planning was involved 
B)  distributed rights to profits were clear and protected 
C)  government intervention was pervasive 
D)  all of the above

Question 3

By 1913,the dominant method of making basic steel was the open-hearth furnace.

Accepted Answer

A) True 
 B)False

Question 4

Which sector consists of services traded for food,shelter,housing or other services?

Accepted Answer

A)  tertiary 
B)  secondary 
C)  primary 
D)  international 
A)  tertiary 
B)  secondary 
C)  primary 
D)  international

Question 5

By 1910 the top ten industries included printing,malt liquors,tobacco cars and railroad cars.?The introduction of these new top ten industries indicated

Accepted Answer

A)  a shift in consumer preferences toward luxury items. 
B)  an increase in real incomes in the U.S., permitting people to purchase luxury items. 
C)  a smaller percentage of total consumption expenditures on essential food, clothing and shelter. 
D)  all of the above. 
A)  a shift in consumer preferences toward luxury items. 
B)  an increase in real incomes in the U.S., permitting people to purchase luxury items. 
C)  a smaller percentage of total consumption expenditures on essential food, clothing and shelter. 
D)  all of the above.

Question 6

Between 1860 and 1914,the growth rate in industrial production

Accepted Answer

A)  fell behind the growth in the overall U.S. population. 
B)  outpaced the growth rates in the labor force and population. 
C)  was less than the growth rate in agricultural production. 
D)  fell behind both the growth rate in agricultural production and that of the overall U.S. population. 
A)  fell behind the growth in the overall U.S. population. 
B)  outpaced the growth rates in the labor force and population. 
C)  was less than the growth rate in agricultural production. 
D)  fell behind both the growth rate in agricultural production and that of the overall U.S. population.

Question 7

Using Schumpeter's theory on creative destruction,describe the role of the entrepreneur in?the growth and development of the U.S.economy.

Accepted Answer

Schumpeter's theory of creative destruct

Question 8

Economies of scale result as a firm increases in size and expands its use of resources.Productivity increases and fixed production costs are spread over an increased number of goods and services.Which of the following are types of economies of scale?

Accepted Answer

A)  Command economies 
B)  External economies 
C)  Open economies 
D)  Closed economies 
A)  Command economies 
B)  External economies 
C)  Open economies 
D)  Closed economies

Question 9

Creative destruction includes all of the following except

Accepted Answer

A)  The rise of the automobile industry at the expense of the carriage industry 
B)  The rise of the computer industry at the expense of the typewriter industry 
C)  The destruction of all capital during economic busts 
D)  There is no except; all of the above are examples of creative destruction 
A)  The rise of the automobile industry at the expense of the carriage industry 
B)  The rise of the computer industry at the expense of the typewriter industry 
C)  The destruction of all capital during economic busts 
D)  There is no except; all of the above are examples of creative destruction

Question 10

Entrepreneurship results in an equal distribution of wealth and income.

Accepted Answer

A) True 
 B)False

Question 11

Output produced and sold always generates profits for businesses.

Accepted Answer

A) True 
 B)False

Question 12

The percentage of people living in urban areas decreased surprisingly between 1860 and 1910.

Accepted Answer

A) True 
 B)False

Question 13

In the process described as Schumpeterian economic growth (involving Schumpeter's ideas?about growth),

Accepted Answer

A)  recessions are the object of countercyclical policy designed to minimize the waste ?of unemployed labor and other resources. 
B)  expansions are considered wasteful because of the tendency for inflation to be ?generated near the cyclical peaks. 
C)  recessions are considered to be useful cleansing devices for abandoning inefficient ?uses of economic resources. 
D)  depressions are considered to be necessary to maintain greater equality of wealth ?and income over time. 
A)  recessions are the object of countercyclical policy designed to minimize the waste ?of unemployed labor and other resources. 
B)  expansions are considered wasteful because of the tendency for inflation to be ?generated near the cyclical peaks. 
C)  recessions are considered to be useful cleansing devices for abandoning inefficient ?uses of economic resources. 
D)  depressions are considered to be necessary to maintain greater equality of wealth ?and income over time.

Question 14

Discuss the importance of standardization in those industries using interchangeable parts.

Accepted Answer

Standardization is crucial in industries

Question 15

Which of the following is an example of external economies?

Accepted Answer

A)  The cost of per unit produced in manufacturing goods falls as the industry size grows. 
B)  The cost of per unit produced falls as the firm size, not the industry size, grows. 
C)  The cost of per unit produced in manufacturing goods increases as the industry grows. 
D)  The cost of per unit produced falls as the size of the firm grows. 
A)  The cost of per unit produced in manufacturing goods falls as the industry size grows. 
B)  The cost of per unit produced falls as the firm size, not the industry size, grows. 
C)  The cost of per unit produced in manufacturing goods increases as the industry grows. 
D)  The cost of per unit produced falls as the size of the firm grows.

Question 16

If the Habakkuk thesis had been correct-unamended by Rosenberg,David and others-a long-run decline in the supply of agricultural productivity west of the Appalachians would be matched by a proportional

Accepted Answer

A)  decline in the productivity growth in eastern manufacturing. 
B)  increase in productivity in eastern manufacturing. 
C)  rise in American food imports. 
D)  rise in American exports of manufacturing. 
A)  decline in the productivity growth in eastern manufacturing. 
B)  increase in productivity in eastern manufacturing. 
C)  rise in American food imports. 
D)  rise in American exports of manufacturing.

Exam 17: Industrialization, Entrepreneurship, and Urban Growth

During the industrialization of the U.S.,wealth was

Throughout U.S.history,entrepreneurial activity would occur when

By 1913,the dominant method of making basic steel was the open-hearth furnace.

Which sector consists of services traded for food,shelter,housing or other services?

By 1910 the top ten industries included printing,malt liquors,tobacco cars and railroad cars.?The introduction of these new top ten industries indicated

Between 1860 and 1914,the growth rate in industrial production

Using Schumpeter's theory on creative destruction,describe the role of the entrepreneur in?the growth and development of the U.S.economy.

Economies of scale result as a firm increases in size and expands its use of resources.Productivity increases and fixed production costs are spread over an increased number of goods and services.Which of the following are types of economies of scale?

Creative destruction includes all of the following except

Entrepreneurship results in an equal distribution of wealth and income.

Output produced and sold always generates profits for businesses.

The percentage of people living in urban areas decreased surprisingly between 1860 and 1910.

In the process described as Schumpeterian economic growth (involving Schumpeter's ideas?about growth),

Discuss the importance of standardization in those industries using interchangeable parts.

Which of the following is an example of external economies?

If the Habakkuk thesis had been correct-unamended by Rosenberg,David and others-a long-run decline in the supply of agricultural productivity west of the Appalachians would be matched by a proportional

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?

Filters