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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 9 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 453 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 27 Agriculture the Environment and Transportation GENERAL QUESTIONS 4 b c d N an arm 03 After 1960 all of the following declined except a the number of US farms the portion of US labor force employed by the agricultural sector the total amount of US land devoted to farming the average acreage per US farm By 1994 the percentage of the US labor force employed in agriculture was less than 3 percent between 5 and 7 percent about 10 percent 15 percent All of the following changes characterize the postwar agricultural sector except a b c d 4 the rise of corporate farms increasing reliance on expensive large scale machinery innovations by federal and state laboratories that increased output increasing numbers of tenant farms in the South Which of the following federal farm programs was successful in reducing agricultural surpluses a b c d 01 The Agricultural Act of 1948 The Emergency Act of 1978 The Emergency Feed Grain Bill of 1961 The Soil Bank Act of 1956 Under the deficiency payments system which was used to subsidize grain production a b the government purchased all surplus grain and destroyed it deficiency payments were increased when farmers cultivated their land more intensively c farmers were required to reduce cultivated acreage by 10 percent d farmers had a greater incentive to engage in beneficial crop rotation 6 In early 1996 Congress passed the Freedom to Farm Billquot Following the bill s enactment a farmers found that competition from international agriculture declined b farm prices rose steadily for the next four years c agriculture was completely deregulated and farmers began to operate without any government subsidies or assistance d farm prices fell leading Congress to authorize emergency payments to farmers in 1998 and 1999 ANSWER d farm prices fell leading Congress to authorize emergency 7 00 J H Market oriented economists favor the use of payments to farmers in 1998 and 1999 New Deal environmental policies included all of the following except a withdrawal of much of the public domain from private entry b the use of the soil bankquot to encourage agricultural conservation c projects such as the TVA that simultaneously protected many resources in a region d the establishment of Yellowstone as a national park to solve the global warming problem a explicit emission targets b taxes on emissions c tradeable rights d both a and e both and c Highway and road building a has received strong and continuous government support with substantial federal funds allocated as early as 1900 b received the record levels of federal funding during World War II c in urban areas must be financed solely by state and municipal sources d enjoyed dramatic increases in government funding during the Great Depression Deregulation of the trucking industry following the Motor Carrier Act of 1980 has resulted in all of the following except a lower shipping costs b decreased service to small towns c declining wages for both union and nonunion workers relative to other industries d improved quality of shipping services 11 H N H g H 01 H 0 Powers exercised by the Civil Aeronautics Board included all of the following except a issuing of permits for international carriers setting of maximum and minimum fares setting and enforcing rules for airline safety b c d encouraging the rapid sale or closure of unprofitable carriers Deregulation of the airline industry following the US Airline Deregulation Act of 1978 has resulted in all of the following except a lower fares for air travel b the adoption of the hub and spokequot system c decreases in ight delays d more crowded planes The period between 1920 and 1960 marked an era of general economic decline for the railroad industry However one major achievement within this era was a the industry s successful handling of increased traffic volume during b the successful consolidation of strong and weak lines c the realization of increasing profits from hauling coal d refurbishing of passenger cars resulting in increased demand for rail travel A major reason for the catastrophic decrease in demand experienced by railroads after 1920 is a the introduction of air travel b the country s increased reliance on electrical power c deregulation of the industry d increased foreign ownership of railroad infrastructure The Transportation Act of 1940 gave jurisdiction over all water carriers engaged in interstate commerce to the a Maritime Commission b Department of Defense c US Coast Guard d Interstate Commerce Commission Beginning in the mid 1960s the American shipping industry began to show signs of recovery largely due to a the reinstatement of large government subsidies for shipbuilding firms b increased federal tariffs on goods transported on foreign vessels c the development of the container ship d the development of the aircraft carrier ECONOMIC INSIGHTS 1 A comparison of a traditional price support program and the Brannan plan shows that a consumers would clearly prefer the traditional program b farmers would clearly prefer the Brannan plan c losses due to inefficiency are completely avoided under the Brannan plan d the more elastic the supply and demand curves the lower the relative cost of the Brannan plan will be e all of the above ECONOMIC ANALYSIS 1 The income elasticity of demand for agricultural products is typically a b c d 2 If th a b c d less than zero greater than zero but less than one greater than one infinity the government irnposed price of corn is greater than the market price then e quantity of corn supplied will exceed the quantity of corn demanded quantity of corn supplied will be less than the quantity of corn demanded demand curve for corn will increase supply curve for corn will increase 3 The existence of external costs means that the a b producer s marginal cost is greater than the marginal social cost of production producer s marginal cost is less than the marginal social cost of production consumer s marginal benefit is greater than the marginal social benefit of the good consumer s marginal benefit is less than the marginal social benefit of the good 4 Federal support for road building into publicly owned commercial forests has caused a an increase in the supply of timber b an increase in the demand for timber c d e higher timber prices a shortage of timber all of the above 5 Comparisons between industrialized nations and less developed countries indicates that as income rises the demand for a clean and well preserved environment a increases by a proportional amount b decreases by a proportional amount c increases by a more than proportional amount d decreases by a less than proportional amount Return to Pennnmim 1740 Practice Exam Page Chapter 4 The Economic Relations of the Colonies GENERAL QUESTIONS 4 N U 4 U1 0 A nation practicing mercantilism aiIns to a keep the government out of the economy b establish an excess of exports over ilnports c balance ilnports with exports d replace gold and silver with paper money e reduce the size of the military sector According to the mercantilists colonies were supposed to export 7 and ilnport from a manufactured products raw materials the mother country b raw materials manufactured products countries outside the empire c manufactured products raw materials countries outside the empire d raw materials manufactured products the mother country Which of the following most accurately describes what the text says about mercantilists a They tried to build up the military power of their economies b They tried to produce full employment c They confused gold and silver with true wealth d They were merely spokesmen for special interest groups Mercantilists believed that national military power could be achieved best by a confiscating church lands and selling them to private businesses b freeing business from government regulation c having the government supply the infrastructure for the economy while leaving private enterprise alone in other spheres d strictly regulating economic life Mercantilists wanted a favorable balance of trade by which they meant a exports ilnports b exports gt ilnports c exports lt ilnports d to ilnport nothing from the colonies Mercantilism was an economic policy that called for a the use of taxes and subsidies to control trade b c d leaving economic decisions to the free market laissez faire the elimination of private property 7 Under the British Navigation Acts enumerated goods were a list of colonial a exports showing how dependent the British were on the colonies b imports showing how dependent the colonies were on Britain c exports that had to be shipped through British middlemen d exports that were reserved for the crown 8 During the colonial period commodities that could only be exported legally to Britain were known as a Foxwell goods b tariff goods c scot free goods d enumerated goods 9 The Navigation Acts a placed tariffs on the import of British goods by the colonies b provided for the free trade of colonial goods including tobacco indigo and sugar c required all colonial trade to be carried on English vessels d were abolished in 1700 10 New England s exports went primarily to a the United Kingdom b continental Europe c the West Indies d Africa 4 H a Colonists owned the vast majority of the tonnage shipped between New England and the West Indies b England and the West Indies c d the Middle colonies and England the South and the West Indies 12 The Southern colonies exports went primarily to a b c d the United Kingdom continental Europe the West Indies Africa 13 The Middle colonies exports went primarily to a the United Kingdom b continental Europe c the West Indies d Africa 14 Problems with the use of commodity money include a quality control storage difficulties c inconvenience d spoilage e all of the above 15 What was not a problem with using commodity money in the US colonies prior to 1700 a Very few people were willing to accept commodities as payment b c d H 0 Commodity spoilage rates were high It was difficult to control the quality of payments made with commodities Commodities had high storage costs Types of money used by colonists included all of the following except a gold and silver coins b bills of exchange am bills of credit government issued fiat currency 17 A notable and unique feature of the colonial monetary system was the a b c d use of minted silver coins circulation of commodities as money use of a widely accepted paper currency development of checking accounts issued by private commercial banks 18 The Currency Act of 1751 a b c d required English merchants to accept bills of credit at full face value was passed in response to English merchants concerns about the uctuating value of colonial money established dollar bills as legal tender in the colonies ended the use of paper money in the colonies 19 What statement most accurately describes the US colonial economy in the 1700s a The Middle colonies had big trade surpluses from their large shipments of food b The majority of the population lived in the large urban areas along the Atlantic coast c Once indentured servants completed their indentures they moved to the deep South where the agricultural productivity was highest d Colonial America was the first region in the world to permanently use paper money 20 Which of the following statements correctly characterizes the colonial commodity trade deficit a The Middle colonies had the largest commodity trade deficit b The Southern colonies exported more to Great Britain and Ireland than they imported c The colonies experienced commodity trade deficits not only in their trade with England but also in trade with Southern Europe and Africa d The colonies had a commodity trade deficit with Great Britain but a commodity trade surplus once all trades were taken into account ECONOMIC INSIGHTS 1 The most important source of foreign exchange earnings to offset the colonial deficit with England was a insurance charges and merchant commissions b the sale of ships c payment for slaves d the sale of colonial shipping services 2 The colonies as a whole had a significant commodity import deficit in their trade with England The most important source of foreign exchange earnings to offset this trade deficit was a commodity trading with the West Indies b the sale of colonial shipping services c commodity trading with Africa d British government spending in the colonies Return to Economics 1740 Announcement Practice Exam Page


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