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History of the American Economy 12th Edition by Gary M. Walton - Test Bank
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, IntroductionThis question bank is designed to be used with Gary M. Walton and Hugh
Rockoff’s History of the American Economy. The question bank is organized by chapters
that correspond to the textbook. Within chapters there are three types of questions:
1) General Questions: These questions test knowledge of the general information
in the chapters, and comprise the largest number of questions. We have
constructed them to test knowledge of material at the level of the chapter
subheadings or of main points from tables and figures. These questions do not
test very specific details from the text.
2) Economic Insights: Each chapter contains about 2-5 questions taken from the
“Economic Insight” sections in the text. These questions are more detailed and
specific than the general questions. They are typically more difficult than the
first type of question, but draw from a much more narrow range of material.
3) Economic Analysis: Some, but not all chapters contain principles of
economics questions with an historical context. For example, to answer these
questions students would have to know how to move supply and demand
curves, articulate the difference between substitutes and complements or apply
concepts like comparative advantage.
The last section of questions differs from the above organization. Instead of
offering questions that relate only to one chapter, it provides broad questions on common
themes throughout American history that contain information from different chapters.
These questions are suitable for a comprehensive final exam, and address major themes
such as immigration, industrial composition, unionization and GNP.
Chapter 1
Growth, Welfare, and the American Economy
General Questions
1. Which of the following is NOT a direct indicator of a society’s well-being?
a. Changes in average height
b. Changes in life expectancy
c. Changes in average weight
d. Stock of nuclear weapons
ANSWER: d. Stock of nuclear weapons
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or
duplicated, or posted to a publicly accessible website, in whole or in part.
,2. Which of the following most accurately describes world population growth?
a. World population has increased steadily during the past 6,000 years.
b. World population has exhibited significant cyclical patterns of growth and
decline.
c. World population was relatively small until 1750, after which it increased
rapidly.
d. World population was small until World War II, after which it increased very
quickly.
ANSWER: c. World population was relatively small until 1750, after which it increased
rapidly.
3. Which of the following most accurately describes changes in life expectancy?
a. Life expectancy was relatively low until 1750, after which it increased rapidly.
b. Life expectancy has increased steadily during the past 6,000 years.
c. Life expectancy was low until after World War II, after which it increased very
quickly.
d. Life expectancy has exhibited significant cyclical patterns of growth and
decline.
ANSWER: a. Life expectancy was relatively small until 1750, after which it increased
rapidly.
4. Per capita GDP in the U.S. during the 20th century _____.
a. has remained about the same
b. increased until about 1970 and decreased since then
c. was cyclical, but generally trending upward throughout the century
d. was cyclical, but generally trending downward throughout the century
ANSWER: c. was cyclical, but generally trending upward throughout the century.
5. Which of the following is true about present day Americans who are classified as
“officially poor” by the government?
a. Their incomes are about the same as those at the official poverty level in 1950.
b. Their incomes are higher than all but the richest Americans in 1900.
c. Their incomes are about the same as those at the official poverty level in 1900.
d. Their incomes are about the same as those in the middle class in 1950.
ANSWER: b. Their incomes are higher than all but the richest Americans in 1900.
6. Which of the following is true about present day Americans who are at the official
poverty level?
a. Their incomes are about the same as the average per capita income in most of
the developed nations of the world..
b. Their incomes are about half of the average world income.
c. Their incomes are far higher than the average per capita income in most of the
rest of the world.
d. Their incomes are almost equal to the average income of people in nations like
China, India, and Pakistan.
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or
duplicated, or posted to a publicly accessible website, in whole or in part.
, ANSWER: c. Their incomes are above the world average per capita income.
7. Which of the following statements is most accurate about ownership of household
goods, such as flush toilets, refrigerators, televisions, clothes dryers and automobiles?
a. In 2005, very few “officially poor” Americans owned these goods.
b. The same proportion of Americans who were officially poor owned these
goods in 2005 in comparison to 1950. The proportion of officially poor
Americans who owned these goods in 2005 was equal to the proportion of all
households who owned these goods in 1950.
c. A higher proportion of “poor” Americans owned these goods in 2005
compared to the proportion of all U.S. households who owned these goods in
1950.
d. The proportion of Americans at the poverty level who owned these goods in
2005 was exactly double the proportion of all households who owned these
goods in 1950.
ANSWER: c. A higher proportion of “poor” Americans owned these goods in 2005
compared to the proportion of all U.S. households who owned these goods in 1950.
8. In the year 2010, the richest fifth of the American population earned close to:
a. 50% of the total income.
b. 20% of the total income.
c. 30% of the total income.
d. 80% of the total income.
ANSWER: a. 50% of the total income.
9. In August 1971, President Nixon implemented price and wage controls to combat
inflation. Which of the following statements best describes the change in price levels
after the price controls policy was implemented?
a. Inflation remained almost the same for many years.
b. The rate of inflation decreased and remained around 3 percent throughout 1972.
c.. The rate of change in prices fell below zero in mid-1970s.
d. Implementation of controls led to an increase in inflation rates in 1972.
ANSWER: b. The rate of inflation decreased and remained around 3 percent throughout
1972.
10. Which of the following institutional changes contributed to the high rate of
development in European and North American countries?
a. An increase in government intervention in production and consumption of
goods and services through taxes and subsisidies
b. An increase in governments’ support to monopolistic firms and businesses
c. An increase in government ownership of resources
d. Stricter enforcement of private property rights
ANSWER: d. Stricter enforcement of private property rights
© 2014 Cengage Learning. All Rights Reserved. May not be scanned, copied or
duplicated, or posted to a publicly accessible website, in whole or in part.
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