Question 1

Labor productivity is measured by dividing Gross Domestic Product (GDP)by population.

Accepted Answer

A) True 
 B)False  False

Question 2

The implementation of new technology can be quick throughout the world if

Accepted Answer

A)  patent rights are leased and purchased. 
B)  unions are strong. 
C)  economies are closed to foreign competition. 
D)  tariffs are placed on those imported goods and services benefiting from ?the technological advancements in the rest of the world. 
A)  patent rights are leased and purchased. 
B)  unions are strong. 
C)  economies are closed to foreign competition. 
D)  tariffs are placed on those imported goods and services benefiting from ?the technological advancements in the rest of the world. A

Question 3

Governments,not markets,have the best record of allocating investment resources into those projects with the highest expected rate of return.

Accepted Answer

A) True 
 B)False  False

Question 4

How did the federal government's actions impact the steel and automobile industries negatively? Positively?

Accepted Answer

The federal government's actions had bot

Question 5

Compared to other countries,the U.S.government is very concerned with intellectual property rights.This can explain,in part,the success of its software,computer and other electronic industries.

Accepted Answer

A) True 
 B)False

Question 6

The loss of total market share of steel in the world market for steel can be blamed on steel producers' decisions to not adopt the latest steel technology.The producers in other countries that adopted it gained market share at the expense of the U.S.

Accepted Answer

A) True 
 B)False

Question 7

The rapid adoption of Basic Oxygen Furnaces by "Big Steel" (the top six firms)kept the American basic steel industry from falling behind changes in world technology during the 1960s.

Accepted Answer

A) True 
 B)False

Question 8

The U.S.demand for foreign cars has increased dramatically since the early 1900s because

Accepted Answer

A)  Americans perceive foreign cars as lower quality cars than U.S.-produced cars. 
B)  foreign producers are manufacturing relatively fuel-efficient cars. 
C)  U.S. consumer demand for large, fuel inefficient cars has increased. 
D)  of all of the above reasons. 
A)  Americans perceive foreign cars as lower quality cars than U.S.-produced cars. 
B)  foreign producers are manufacturing relatively fuel-efficient cars. 
C)  U.S. consumer demand for large, fuel inefficient cars has increased. 
D)  of all of the above reasons.

Question 9

Employment in manufacturing fell by almost twenty percent between 1980 and 1999.

Accepted Answer

A) True 
 B)False

Question 10

From the mid-1960s to the present,what would a graph of U.S.productivity rates against time reveal?

Accepted Answer

A)  A stable upward trend in the amount of output per paid hour 
B)  An unstable but upward trend 
C)  A U-shape 
D)  A downward trend 
A)  A stable upward trend in the amount of output per paid hour 
B)  An unstable but upward trend 
C)  A U-shape 
D)  A downward trend

Question 11

Industrial growth and location changed while manufacturing employment rose in the Sun Belt and fell in the Frost Belt.This growth and relocation were primarily due to the relocation of plants,functions and people moving from the Frost Belt to the Sun Belt.

Accepted Answer

A) True 
 B)False

Question 12

Discuss the role of research and development in growing industries.

Accepted Answer

Research and development (R&D) plays a c

Question 13

The income elasticity for cars is high.This is best illustrated by which of the following?

Accepted Answer

A)  College students buy a high percentage of the lower priced, dependable foreign cars. 
B)  The purchase of all hybrid cars increases in response to the call to reduce the auto's footprint. 
C)  U.S. cars built by foreign automakers sold at relatively lower prices than their equal American counterparts. 
D)  All of the above. 
A)  College students buy a high percentage of the lower priced, dependable foreign cars. 
B)  The purchase of all hybrid cars increases in response to the call to reduce the auto's footprint. 
C)  U.S. cars built by foreign automakers sold at relatively lower prices than their equal American counterparts. 
D)  All of the above.

Question 14

Even though the number of workers in manufacturing has increased in the post-war world?(since 1947),the proportion of manufacturing workers in the total labor force has declined.

Accepted Answer

A) True 
 B)False

Question 15

Unlike the steel industry,the automobile industry

Accepted Answer

A)  became more concentrated. 
B)  became less concentrated. 
C)  remained the same in terms of concentration. 
D)  constantly fluctuated in terms of concentration. 
A)  became more concentrated. 
B)  became less concentrated. 
C)  remained the same in terms of concentration. 
D)  constantly fluctuated in terms of concentration.

Question 16

Burns (1934)argued that retardation and decline in some industries are

Accepted Answer

A)  healthy for a growing and developing economy because resources are released for use in productive sectors. 
B)  healthy only for the competitors of the declining industries. 
C)  unhealthy for a growing economy because resources are idle in the declining industries. 
D)  unhealthy for a growing economy because the released resources are used unproductively ?by the competitors of the declining industries. 
A)  healthy for a growing and developing economy because resources are released for use in productive sectors. 
B)  healthy only for the competitors of the declining industries. 
C)  unhealthy for a growing economy because resources are idle in the declining industries. 
D)  unhealthy for a growing economy because the released resources are used unproductively ?by the competitors of the declining industries.

Question 17

Since the 1950s,

Accepted Answer

A)  U.S. holdings of foreign assets and foreign holdings of U.S. assets have risen steadily. 
B)  U.S. holdings of foreign assets and foreign holdings of U.S. holdings have declined. 
C)  U.S. holdings of foreign assets have declined while foreign holdings of U.S. assets ?have risen steadily. 
D)  U.S. holdings of foreign assets have risen steadily while foreign holdings of U.S. ?assets declined. 
A)  U.S. holdings of foreign assets and foreign holdings of U.S. assets have risen steadily. 
B)  U.S. holdings of foreign assets and foreign holdings of U.S. holdings have declined. 
C)  U.S. holdings of foreign assets have declined while foreign holdings of U.S. assets ?have risen steadily. 
D)  U.S. holdings of foreign assets have risen steadily while foreign holdings of U.S. ?assets declined.

Question 18

The steel industry successfully lobbied for protection from foreign competition.Consequently,the steel-producing industries and those industries using steel benefited.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following contributed to the clear advancement of the automobile and steel industries?

Accepted Answer

A)  Oligopoly behavior 
B)  Voluntary export restrictions 
C)  Quotas set for the number of foreign products entering the U.S. 
D)  Dynamic entrepreneurialism 
A)  Oligopoly behavior 
B)  Voluntary export restrictions 
C)  Quotas set for the number of foreign products entering the U.S. 
D)  Dynamic entrepreneurialism

Question 20

Growth rates in labor productivity

Accepted Answer

A)  increased in the 1970s. 
B)  slowed across all employment sectors, with some experiencing ?more severe drops than others. 
C)  decreased across all employment sectors at the same rate. 
D)  were largely stagnate. 
A)  increased in the 1970s. 
B)  slowed across all employment sectors, with some experiencing ?more severe drops than others. 
C)  decreased across all employment sectors at the same rate. 
D)  were largely stagnate.

Exam 29: Postwar Industry and Agriculture

Labor productivity is measured by dividing Gross Domestic Product (GDP)by population.

The implementation of new technology can be quick throughout the world if

Governments,not markets,have the best record of allocating investment resources into those projects with the highest expected rate of return.

How did the federal government's actions impact the steel and automobile industries negatively? Positively?

Compared to other countries,the U.S.government is very concerned with intellectual property rights.This can explain,in part,the success of its software,computer and other electronic industries.

The loss of total market share of steel in the world market for steel can be blamed on steel producers' decisions to not adopt the latest steel technology.The producers in other countries that adopted it gained market share at the expense of the U.S.

The rapid adoption of Basic Oxygen Furnaces by "Big Steel" (the top six firms)kept the American basic steel industry from falling behind changes in world technology during the 1960s.

The U.S.demand for foreign cars has increased dramatically since the early 1900s because

Employment in manufacturing fell by almost twenty percent between 1980 and 1999.

From the mid-1960s to the present,what would a graph of U.S.productivity rates against time reveal?

Industrial growth and location changed while manufacturing employment rose in the Sun Belt and fell in the Frost Belt.This growth and relocation were primarily due to the relocation of plants,functions and people moving from the Frost Belt to the Sun Belt.

Discuss the role of research and development in growing industries.

The income elasticity for cars is high.This is best illustrated by which of the following?

Even though the number of workers in manufacturing has increased in the post-war world?(since 1947),the proportion of manufacturing workers in the total labor force has declined.

Unlike the steel industry,the automobile industry

Burns (1934)argued that retardation and decline in some industries are

Since the 1950s,

The steel industry successfully lobbied for protection from foreign competition.Consequently,the steel-producing industries and those industries using steel benefited.

Which of the following contributed to the clear advancement of the automobile and steel industries?

Growth rates in labor productivity

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

Industrialization, Entrepreneurship, and Urban Growth

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

To the New Millennium and Beyond

Does Our Past Have a Future?

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