Economic History: US Inflation, Productivity, and Industrialization (1860-1910), Quizzes of Development Economics

Download Economic History: US Inflation, Productivity, and Industrialization (1860-1910) and more Quizzes Development Economics in PDF only on Docsity! TERM 1 3.5; 10 DEFINITION 1 When the Nixon-era price controls were imposed in August 1971, the US inflation rate was ____ percent. Following the complete lifting of price controls in early 1974, the US inflation rate was _____ percent. TERM 2 demand for; increase DEFINITION 2 In Module 1.2, we reviewed data that show income convergence across regions in the U.S. Convergence is partly the result of capital migration, which typically causes the _____ labor to _____ in the capital-exporting region. (HINT: Remember that capital and labor are complements in the production process.) TERM 3 electricity DEFINITION 3 Often, new inventions dont generate meaningful productivity gains until businesses learn how to use them. For example, Paul Davids (1989) research has shown that this was the case for the invention of _______. TERM 4 height DEFINITION 4 Which of the following variables has been shown to be highly correlated with nutrition, disease and income, andis increasingly being used by economists to measure the well- being of people? TERM 5 70/R DEFINITION 5 Rule of 70 TERM 6 2 DEFINITION 6 Since 1870, the long-term trend in the annual growth rate of US real per capita GDP has has been about _______ percent. TERM 7 false DEFINITION 7 In the late 19th century Southern crop lien laws led to under- production of cotton. TERM 8 West-Viginia DEFINITION 8 Between 1879 and 1899, the average annual growth rate in per capita income in ______ was higher than the US. average rate TERM 9 The land was suited for grazing, but the lots were too smalll DEFINITION 9 The Homestead Act was passed in 1862. However, only about 20 percent of newly-added farm land between 1870 and 1900 belonged to homesteads because: TERM 10 false DEFINITION 10 A producer should specialize in the production of the good that commands the highest price in the market. TERM 21 total value output - material costs DEFINITION 21 Value added equals: TERM 22 Bessemer; no, open hearth was DEFINITION 22 Which Steel method dominated the industry in the late 1880's?Was it the cheapest? TERM 23 5.4; 10.8 DEFINITION 23 According to data presented in the text, in the US between 1860 and 1910, the total manufacturing labor force expanded by a multiple of _____, and total manufacturing output expanded by a multiple of _____. TERM 24 false DEFINITION 24 During the Reunification era, shareholders of most corporations were personally liable for debts incurred by the firms in which they owned stock. TERM 25 Greater than its marginal cost DEFINITION 25 A profit-maximizing monopoly charges a price that is TERM 26 P > ATC DEFINITION 26 Suppose thatFirm A produces the profit-maximizing level of output. Using notation from Module 3, we know that Firm A will earn an economic profit if: TERM 27 Trusts DEFINITION 27 In the late-1800s, some firms created _________ , which were agreements under which stockholders of various, competing companies turned over their shares to a group that exercised voting control over the companies. TERM 28 less than DEFINITION 28 When a firm is operating at excess capacity, its output is ________ the output associated with minimum long-run average cost. TERM 29 decreases in the average cost of refining operations. DEFINITION 29 The MAIN source of Standard Oil's profits in the late-1800s and early-1900s was TERM 30 continuous flow was only possible with steady supply and sales DEFINITION 30 According to Alfred Chandler, large vertically integrated firms dominated much of American manufacturing in the early- 1900s because: TERM 31 True DEFINITION 31 Holding other things constant, a goods price elasticity of demand decreases as the number of substitutes for the good increases. TERM 32 size DEFINITION 32 In 1911, the Supreme Court ordered the dissolution of both Standard Oil Co. and American Tobacco Co. In these decisions, the Court held that all of the following were grounds for antitrust violations EXCEPT: TERM 33 Carnegie DEFINITION 33 accounting in his iron workschemistry in blast-furnace operationsmodern techniques for marketing iron and steelsuccessful methods for identifying and retaining management talent TERM 34 decreases; increases DEFINITION 34 Assume that (1) labor supply is perfectly inelastic (vertical), and (2) immigrants and skilledlabor are complements. Given these assumptions, an increase in unskilled immigrant labor ______ the real wagesof unskilled labor and _____the real wages of skilled labor. TERM 35 "Yellow-dog" contracts are okay DEFINITION 35 InCoppage v. Kansas(1912), the Supreme Court held that: TERM 46 True DEFINITION 46 The Aldrich-Vreeland Act (1908) provided for the creation of National Currency Associations, which were empowered to issue emergency bank notes backed by Treasury bonds and other assets. TERM 47 The Federal Reserve's Board: 7 members, including the Secretary of the Treasury. DEFINITION 47 The Federal Reserve Act was signed by President Wilson in 1913. Which of the following statements provides accurate information about the provisions of the Act? TERM 48 interest rate follows inflation DEFINITION 48 Fischer effect TERM 49 decrease; burning greenbacks DEFINITION 49 After the Civil War ended, many Republicans supported a plan to ______ the price level by ______. TERM 50 gold was flowing out of the US England was getting inflation US exports lower than the C.W. the dollar-to-pound ratio equal to its value before the Civil War. DEFINITION 50 The US resumed specie payment. Why? TERM 51 More; increases DEFINITION 51 When the Coinage Act of 1873 was passed, silver was worth _________ on the market thanat the mint; however, subsequent __________ in the supply of silver led to public outcry over thedemonetization of silver under the Act. TERM 52 US exports increased US real GDP increased the US money supply increased, the US price level rose. DEFINITION 52 In the years between the 1896 election and the passage of the Gold Standard Act in 1900,