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AI Economic History of the U S

by: Elwin Waelchi

AI Economic History of the U S ECON 1740

Marketplace > Weber State University > Economcs > ECON 1740 > AI Economic History of the U S
Elwin Waelchi
Weber State University
GPA 3.63


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This 5 page Class Notes was uploaded by Elwin Waelchi on Wednesday October 28, 2015. The Class Notes belongs to ECON 1740 at Weber State University taught by Staff in Fall. Since its upload, it has received 22 views. For similar materials see /class/230793/econ-1740-weber-state-university in Economcs at Weber State University.

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Date Created: 10/28/15
Chapter 16 Railroads and Economic Change GENERAL QUESTIONS N U 4 U1 The joining of the eastern and western sections of the nation s first transcontinental railroad was commemorated with the driving of the last spike on May 10 1869 a in Salt Lake City b in Washington DC c at Promontory Point d on the rim of the Grand Canyon The Willie and Martin Companies were a two groups of Mormon handcarters who were stranded when early winter storms interrupted their migration b two work teams that were instrumental in completing the first transcontinental railroad c the northern and southern branches respectively of the Granger organization d two railroad construction companies that were found to have insiders on the boards of railroad companies with which they contracted Between 1864 and 1900 the largest portion of railroad track as a percentage of total annual construction was laid in which region of the United States a the Southeast b the Northeast c the Pacific Northwest d the Great Plains region The sustained productivity growth of railroads occurred primarily because of a increased economies of scale b more powerful locomotives and more efficient freight cars c stronger steel rails d the advent of refrigerator cars Fogel argued that railroads were more cost effective than canals because railroads were faster and were in service all year and that using rail instead of canals would 0 1 00 J H O lower freight rates on the railroads lower government subsidies for railroads lower inventories of grain in the East reduce the wheat being shipped to Europe draws Albert Fishlow argued that if the railroads were built ahead of demand we would observe initial profit rates that were very densities that were very and initial population a low high b high low c low low d high high Which of the following was not used to subsidize railroad companies and their building of railroads a loans from the US government b reduced corporate income taxes c land grants d direct payments based on the number of miles of tracks laid Which of the methods used to subsidize railroads produced the highest land values a loans from the US government b reduced corporate income taxes c land grants d direct payments based on the number of miles of tracks laid The federal government granted 200 million acres of land to railroads Which of the following statements presents accurate information about these land grants a The railroads were required to return 13 of the profits from the sale of this land to the federal government b The alternate section provision allowed state governments to purchase portions of the land grants from the railroads at reduced prices c The federal government incurred huge revenue losses under the land grant program d Congress required railroad companies that received land grants to transport mail troops and government property at reduced rates In considering the financial history of the transcontinental railroads the text argues that there was a surprisingly little corruption given the corruption in other walks of life at the ti1ne 11 H g surprisingly little corruption mostly involving the buying off of federal regulators when rate controls became unreasonable c a great deal of corruption mostly in the form of high fees charged immigrants for what was really free federal land a great deal of corruption mostly because construction companies were run by insiders 53 Types of price discrimination practiced by postbellum railroads included all except which of the following a varied rates based on passenger s gender b varied rates based on town of origin c higher rates per mile for short hauls than for long hauls d higher rates per ton for manufactured goods than for raw materials The Grangers were an a organization designed to support the interests of railroads b agrarian society c abolitionist organization d society that petitioned for Prohibition The Grangers would most likely support which policy a price controls on grain operators b price de ation c a strong commitment to backing currency only with gold d federal government aid to railroads In the Wabash case 1886 the Supreme Court held that a states cannot enact laws that interfere with interstate commerce b states could restrict price discrirnination based on person but not price discrimination based on place c states could regulate railroad rates on long hauls but not rates on short hauls d held that railroad practices could not be regulated by any federal or state governing body In Mum 0 Illinois 1877 the Supreme Court held that 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 within the state states have a right to regulate businesses that are clothed with a public interestquot d organizations like the Grangers violated federal conspiracy laws 16 The first independent federal regulatory agency was the a b c d Interstate Commerce Commission Federal Trade Commission Federal Bureau of Alcohol Tobacco and Firearms United States Fair Trade Commission 17 Albro Martin and the text contend that the work of the Interstate Commerce Commission was largely for the benefit of H 00 H J a b c d consumers the environment the federal government major shippers Which of the following is the best description of the economic benefits of the railroads RRs a RRs saved about 3 percent of GNP over what it would have cost to ship b 0 EL a b C d a b c d goods and people by alternative methods US GNP was reached about 20 years earlier with RRs than it would have been reached had RRs not been developed US GNP was reached about 40 years earlier with RRs than it would have been reached had RRs not been developed Alternative forms of transport could have shipped goods and people for the same cost or less than the RRs did and therefore RRs generated no extra economic growth After computing the social savings from the railroads Fogel concluded that the railroads were indispensable to the economic development of the United States the railroads were not indispensable in 1850 but by 1890 were dispensable the railroads could explain only a small fraction of the growth in real income in the United States economics is not sufficiently scientific to make a meaningful calculation of the social savings In defining the social savings from the railroad economic historians measure the extra real that can be attributed to this innovation profits rents wage income GNP ECONOMIC INSIGHTS 1 Robert Fogel s estimate of the total benefits of the railroad in the transport of agricultural products nonagricultural products and passenger serVice is percent of GNP in 1890 a about 5 b about 40 c about 80 d about 120 ECONOMIC ANALYSIS 1 Economic theory predicts that a profit maxirnizing car rental agency with some market power would set its prices in what way a Charge the same for both weekday and weekend rentals b Charge more for weekend rentals and less for weekday rentals c Charge more for rentals during the week and less for weekend rentals 2 Cartels a encourage competition b attempt to restrict output in order to raise prices c rely on legally enforceable contracts between cartel participants d rely on advertising and packaging to increase profits e all of the above Return to Pennnmim 1740 Practice Exam Page


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