Question 1

Use lessons learned from your study of economic history to answer the question: "Does our past have a future?"

Accepted Answer

The study of economic history provides v

Question 2

Heavy business taxes

Accepted Answer

A)  vary according to firm size. 
B)  benefit small firms but cost large ones. 
C)  stifle entrepreneurial activity. 
D)  can be described by all of the above. 
A)  vary according to firm size. 
B)  benefit small firms but cost large ones. 
C)  stifle entrepreneurial activity. 
D)  can be described by all of the above.

Question 3

Secured property rights provide individuals with incentive to use the resources they own productively because they realize the gains from this use.

Accepted Answer

A) True 
 B)False

Question 4

Governmental policy decisions have

Accepted Answer

A)  only social benefits. 
B)  no private costs. 
C)  intended and unintended effects. 
D)  no social costs. 
A)  only social benefits. 
B)  no private costs. 
C)  intended and unintended effects. 
D)  no social costs.

Question 5

Describe some of the lessons learned from key "failures" in U.S.history.Discuss how these lessons have contributed to the political,social and/or economic successes of the present.Describe how they can help shape the future.

Accepted Answer

One key failure in U.S. history was the

Question 6

The U.S.has a system of private property rights that encourages productive uses of its resources even in the presence of some government influence.

Accepted Answer

A) True 
 B)False

Question 7

Social Security,like other governmental programs,alters individuals' decisions to save,consume ?and invest privately for the present as well as the future.

Accepted Answer

A) True 
 B)False

Question 8

Discuss the economic history behind the importance of social mobility in the U.S.Provide evidence that it exists and explain why it contributes to our growing and developing economy.

Accepted Answer

Social mobility refers to the ability of

Question 9

Sustained economic growth in the U.S.has been primarily a product of which of the following factors?

Accepted Answer

A)  War and exploitation of natural resources 
B)  Capital accumulation, increases in capital and labor productivity, ?and technological advancements 
C)  Restricted trade 
D)  Government policies and market interventions 
A)  War and exploitation of natural resources 
B)  Capital accumulation, increases in capital and labor productivity, ?and technological advancements 
C)  Restricted trade 
D)  Government policies and market interventions

Question 10

The founders of the U.S.Constitution clearly understood how to write a document capable of producing the amount of wealth presently accumulated in the U.S.

Accepted Answer

A) True 
 B)False

Question 11

Net worth and assets are the same.

Accepted Answer

A) True 
 B)False

Question 12

Discuss discrimination and the economic waste attached to it throughout U.S.history.

Accepted Answer

Discrimination has been a pervasive issu

Question 13

Why does the history of the U.S.matter?

Accepted Answer

A)  Historical knowledge helps us understand the forces that shaped the current economy. 
B)  The lessons of the past help us avoid future mistakes. 
C)  Historical knowledge helps us identify who or what is most likely to fuel future ?economic prosperity. 
D)  All of the above. 
A)  Historical knowledge helps us understand the forces that shaped the current economy. 
B)  The lessons of the past help us avoid future mistakes. 
C)  Historical knowledge helps us identify who or what is most likely to fuel future ?economic prosperity. 
D)  All of the above.

Question 14

Health care debates illustrate how special interest groups can use their lobbying power to "control" the federal government to transfer wealth from one group of productive,income earning individuals to another group that may or may not be productive.

Accepted Answer

A) True 
 B)False

Question 15

Comment on the following: "The American economy succeeded in part because it already succeeded."

Accepted Answer

This statement seems to suggest a circul

Question 16

Discuss the key changes in the U.S.federal government's role in the market throughout ?U.S.economic history.

Accepted Answer

Throughout U.S. economic history, the fe

Question 17

A review of U.S.history provides evidence that

Accepted Answer

A)  class mobility is restricted. 
B)  race and gender barriers simply cannot be dismantled. 
C)  the wealthy and idle rich class has deep and permanent roots in the U.S. 
D)  there are no social barriers that cannot be overcome in the U.S. 
A)  class mobility is restricted. 
B)  race and gender barriers simply cannot be dismantled. 
C)  the wealthy and idle rich class has deep and permanent roots in the U.S. 
D)  there are no social barriers that cannot be overcome in the U.S.

Question 18

The U.S.government is an asset to the U.S.economy when it

Accepted Answer

A)  effectively serves its role as the agent that defines and protects private property rights. 
B)  taxes one group of individuals and redistributes that taxed income to another group. 
C)  permits special groups to secure legislative protection from foreign competition in the ?industries which they own, manage or work within. 
D)  does all of the above. 
A)  effectively serves its role as the agent that defines and protects private property rights. 
B)  taxes one group of individuals and redistributes that taxed income to another group. 
C)  permits special groups to secure legislative protection from foreign competition in the ?industries which they own, manage or work within. 
D)  does all of the above.

Question 19

Special interest groups (such as doctors,teachers,lawyers,health insurance companies,the automobile industry and others)can best be characterized by which of the following statements?

Accepted Answer

A)  They are constantly working the government to seek rents from policy decisions. 
B)  They are resistant to change in governmental policies that benefit them at the expense of others. 
C)  They help push through federal policies that result in technological backwardness, low productivity and less overall economic growth. 
D)  They can be characterized by all of the above. 
A)  They are constantly working the government to seek rents from policy decisions. 
B)  They are resistant to change in governmental policies that benefit them at the expense of others. 
C)  They help push through federal policies that result in technological backwardness, low productivity and less overall economic growth. 
D)  They can be characterized by all of the above.

Question 20

Explain how the current debate over Wal-Mart is similar to the debate that took place with regard to the railroad industry in the late nineteenth century.How is this debate different?

Accepted Answer

The current debate over Wal-Mart is simi

Exam 31: Does Our Past Have a Future?

Use lessons learned from your study of economic history to answer the question: "Does our past have a future?"

Heavy business taxes

Secured property rights provide individuals with incentive to use the resources they own productively because they realize the gains from this use.

Governmental policy decisions have

Describe some of the lessons learned from key "failures" in U.S.history.Discuss how these lessons have contributed to the political,social and/or economic successes of the present.Describe how they can help shape the future.

The U.S.has a system of private property rights that encourages productive uses of its resources even in the presence of some government influence.

Social Security,like other governmental programs,alters individuals' decisions to save,consume ?and invest privately for the present as well as the future.

Discuss the economic history behind the importance of social mobility in the U.S.Provide evidence that it exists and explain why it contributes to our growing and developing economy.

Sustained economic growth in the U.S.has been primarily a product of which of the following factors?

The founders of the U.S.Constitution clearly understood how to write a document capable of producing the amount of wealth presently accumulated in the U.S.

Net worth and assets are the same.

Discuss discrimination and the economic waste attached to it throughout U.S.history.

Why does the history of the U.S.matter?

Health care debates illustrate how special interest groups can use their lobbying power to "control" the federal government to transfer wealth from one group of productive,income earning individuals to another group that may or may not be productive.

Comment on the following: "The American economy succeeded in part because it already succeeded."

Discuss the key changes in the U.S.federal government's role in the market throughout ?U.S.economic history.

A review of U.S.history provides evidence that

The U.S.government is an asset to the U.S.economy when it

Special interest groups (such as doctors,teachers,lawyers,health insurance companies,the automobile industry and others)can best be characterized by which of the following statements?

Explain how the current debate over Wal-Mart is similar to the debate that took place with regard to the railroad industry in the late nineteenth century.How is this debate different?

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

To the New Millennium and Beyond

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