Question 1

A number of economic historians have attempted to determine whether US railroads were built ahead of demand.  Which of the following statements presents accurate information about the findings of this area of research?

Accepted Answer

A)  Fogel and Mercer found that post-bellum transcontinentals had relatively low initial profit rates that grew over time. 
B)  According to Fishlow, antebellum railroads were built ahead of demand, but post-bellum transcontinentals were not. 
C)  Fishlow finds that government aid to antebellum railroads was generous and widespread. 
D)  Mercer finds that rates of return on all post-bellum transcontinental railroads were less than rates on alternative investments.

Question 2

In Munn v. Illinois (1877), the Supreme Court held that

Accepted Answer

A)  state laws limiting prices charged by grain elevators were a violation of the Fifth Amendment. 
B)  grain elevator and freight prices could only be regulated by the federal government. 
C)  states have a right to regulate businesses within the state that are "clothed with a public interest." 
D)  organizations like the Grangers violated federal conspiracy laws.

Question 3

In the late 19th century, the chief railroad terminus was

Accepted Answer

A)  New York . 
B)  Chicago . 
C)  New Orleans . 
D)  St. Louis .

Question 4

Quantitative evidence from Fishlow, Fogel and Mercer indicates that

Accepted Answer

A)  antebellum railroads were built ahead of demand, but post-bellum transcontinentals were not. 
B)  post-bellum transcontinentals were built ahead of demand, but antebellum railroads were not. 
C)  both antebellum railroads and post-bellum railroads were built ahead of demand. 
D)  antebellum railroads were not built ahead of demand, but the evidence on post-bellum railroads is mixed.

Exam 16: Railroads and Economic Change

A number of economic historians have attempted to determine whether US railroads were built ahead of demand. Which of the following statements presents accurate information about the findings of this area of research?

In Munn v. Illinois (1877) , the Supreme Court held that

In the late 19^th century, the chief railroad terminus was

Quantitative evidence from Fishlow, Fogel and Mercer indicates that