Question 1

Discuss how desires to improve the "quality of life" in the U.S.stimulated changes in government intervention in market activities and federal regulation.

Accepted Answer

The desire to improve the "quality of li

Question 2

Which of the following did not occur during the period 1960-95?

Accepted Answer

A)  The problem of inflation 
B)  The growth of federal budget and trade deficits 
C)  Rising unemployment rates 
D)  All of the above occurred during this period. 
A)  The problem of inflation 
B)  The growth of federal budget and trade deficits 
C)  Rising unemployment rates 
D)  All of the above occurred during this period.

Question 3

In the long run,holding all else constant,inflation requires a decrease in the money supply relative ?to the output of goods and services-not enough money chasing too many goods.

Accepted Answer

A) True 
 B)False

Question 4

The 1990s and 1920s have which of the following in common?

Accepted Answer

A)  Growth in real output, real output per person, employment and productivity 
B)  Changes in the levels of nominal output, money supply and participation in the ?stock market 
C)  Similar expansions in the stock markets at the end of each period 
D)  All of the above 
A)  Growth in real output, real output per person, employment and productivity 
B)  Changes in the levels of nominal output, money supply and participation in the ?stock market 
C)  Similar expansions in the stock markets at the end of each period 
D)  All of the above

Question 5

Some economists argue for increased government regulation.Why do other economists disagree?

Accepted Answer

Economists who disagree with the notion

Question 6

During the 1920s and 1990s,the U.S.economy experienced remarkable growth in the overall economy and several key sectors.Identify what these periods have in common and provide two reasons why the expansive growth of the 1990s was not trailed by a severe depression like the ?Great Depression following the 1920s.

Accepted Answer

The 1920s and 1990s in the U.S. were bot

Question 7

The famous "Kennedy Tax Cut" of 1964 was

Accepted Answer

A)  meant to stimulate private spending. 
B)  meant to reduce private investment. 
C)  meant to restrain consumption. 
D)  designed to increase the federal deficit. 
A)  meant to stimulate private spending. 
B)  meant to reduce private investment. 
C)  meant to restrain consumption. 
D)  designed to increase the federal deficit.

Question 8

What events prevented the high inflation of the 1970s from permanently crippling the U.S.economy?

Accepted Answer

The high inflation of the 1970s, often r

Question 9

The Kennedy Tax Cut,enacted in 1964 after his death,was the first supply-side tax cut used in ?U.S.history.Its intent was to stimulate the economy by reducing tax rates in order to do what?

Accepted Answer

A)  Reduce supply 
B)  Increase production, employment and disposable income 
C)  Increase government spending 
D)  Increase the money supply 
A)  Reduce supply 
B)  Increase production, employment and disposable income 
C)  Increase government spending 
D)  Increase the money supply

Question 10

Government controls over industry

Accepted Answer

A)  limit overall net industrial growth. 
B)  help all industries. 
C)  lower consumer costs in the industries assisted by government. 
D)  encourage the destruction of inefficient and lagging industries. 
A)  limit overall net industrial growth. 
B)  help all industries. 
C)  lower consumer costs in the industries assisted by government. 
D)  encourage the destruction of inefficient and lagging industries.

Question 11

What does the idea of a trade-off between inflation and unemployment mean?

Accepted Answer

A)  That lower inflation could be established but only at the cost of higher unemployment 
B)  That lower unemployment could be achieved but only at the cost of more government spending 
C)  That lower inflation could be established but only at the cost of lower unemployment 
D)  That lower unemployment could be achieved but only at the cost of lower inflation rates 
A)  That lower inflation could be established but only at the cost of higher unemployment 
B)  That lower unemployment could be achieved but only at the cost of more government spending 
C)  That lower inflation could be established but only at the cost of lower unemployment 
D)  That lower unemployment could be achieved but only at the cost of lower inflation rates

Question 12

William J.Clinton (1993-2001)was the first U.S.president since the Great Depression to increase taxes to try to reduce the federal budget deficit.

Accepted Answer

A) True 
 B)False

Question 13

All of the following were important structural changes in American capitalism during the period 1960-95 except

Accepted Answer

A)  New technology in the form of automated (machine-guided) production processes 
B)  A capital-labor accord which allowed workers to share in productivity gains through wage increases, particularly during the 1950s and 1960s 
C)  An increase in self-sufficiency as the nation reduced its economic interdependence with other nations 
D)  A large and central role for government in directing the post-war economy 
A)  New technology in the form of automated (machine-guided) production processes 
B)  A capital-labor accord which allowed workers to share in productivity gains through wage increases, particularly during the 1950s and 1960s 
C)  An increase in self-sufficiency as the nation reduced its economic interdependence with other nations 
D)  A large and central role for government in directing the post-war economy

Question 14

Bracket creep forces taxpayers to pay a larger percentage of their income in taxes when which of the following occurs?

Accepted Answer

A)  The emergence of high unemployment 
B)  Inflation 
C)  Deflation 
D)  The growth of trade deficit(s) 
A)  The emergence of high unemployment 
B)  Inflation 
C)  Deflation 
D)  The growth of trade deficit(s)

Question 15

Which of the following provides a tool by which you can measure overall price changes paid by representative individuals living in urban households?

Accepted Answer

A)  The GDP Deflator (NGDP/RGDP*100, expressed as a percentage) 
B)  The Producer Price Index 
C)  The Consumer Price Index 
D)  The Housing Price Index 
A)  The GDP Deflator (NGDP/RGDP*100, expressed as a percentage) 
B)  The Producer Price Index 
C)  The Consumer Price Index 
D)  The Housing Price Index

Question 16

The techniques of government regulation in the U.S.are intended to increase the degree of competitiveness in the domestic and international marketplaces.

Accepted Answer

A) True 
 B)False

Question 17

The Cold War was of overriding importance during the period after World War II for all of the following reasons except

Accepted Answer

A)  It was an automatic "pump primer" which helped keep spending levels high in the overall economy. 
B)  It helped fuel growth of key sectors of the economy, such as aircraft manufacturing and computers. 
C)  It fostered economic growth and urbanization in many parts of the nation where military bases and defense factories were built. 
D)  It put people to work who would otherwise have been unemployed because without high levels of defense spending, the economy almost certainly would have lapsed back into a depression like the one of the 1930s. 
A)  It was an automatic "pump primer" which helped keep spending levels high in the overall economy. 
B)  It helped fuel growth of key sectors of the economy, such as aircraft manufacturing and computers. 
C)  It fostered economic growth and urbanization in many parts of the nation where military bases and defense factories were built. 
D)  It put people to work who would otherwise have been unemployed because without high levels of defense spending, the economy almost certainly would have lapsed back into a depression like the one of the 1930s.

Question 18

Describe the deregulation efforts of the Reagan Administration.On what economic grounds did the Reagan Administration succeed and fail?

Accepted Answer

The Reagan Administration implemented a

Question 19

The techniques of regulation used in the U.S.are

Accepted Answer

A)  meant to solve basic problems, but they create others. 
B)  meant to re-enforce the "decisions of the marketplace." 
C)  meant to manage problems rather than solve them. 
D)  designed to make the economy more efficient than is possible with only the free market mechanism. 
A)  meant to solve basic problems, but they create others. 
B)  meant to re-enforce the "decisions of the marketplace." 
C)  meant to manage problems rather than solve them. 
D)  designed to make the economy more efficient than is possible with only the free market mechanism.

Exam 30: To the New Millennium and Beyond

Discuss how desires to improve the "quality of life" in the U.S.stimulated changes in government intervention in market activities and federal regulation.

Which of the following did not occur during the period 1960-95?

In the long run,holding all else constant,inflation requires a decrease in the money supply relative ?to the output of goods and services-not enough money chasing too many goods.

The 1990s and 1920s have which of the following in common?

Some economists argue for increased government regulation.Why do other economists disagree?

The famous "Kennedy Tax Cut" of 1964 was

What events prevented the high inflation of the 1970s from permanently crippling the U.S.economy?

The Kennedy Tax Cut,enacted in 1964 after his death,was the first supply-side tax cut used in ?U.S.history.Its intent was to stimulate the economy by reducing tax rates in order to do what?

Government controls over industry

What does the idea of a trade-off between inflation and unemployment mean?

William J.Clinton (1993-2001)was the first U.S.president since the Great Depression to increase taxes to try to reduce the federal budget deficit.

All of the following were important structural changes in American capitalism during the period 1960-95 except

Bracket creep forces taxpayers to pay a larger percentage of their income in taxes when which of the following occurs?

Which of the following provides a tool by which you can measure overall price changes paid by representative individuals living in urban households?

The techniques of government regulation in the U.S.are intended to increase the degree of competitiveness in the domestic and international marketplaces.

The Cold War was of overriding importance during the period after World War II for all of the following reasons except

Describe the deregulation efforts of the Reagan Administration.On what economic grounds did the Reagan Administration succeed and fail?

The techniques of regulation used in the U.S.are

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

Postwar Industry and Agriculture

Does Our Past Have a Future?

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