ECON 1740-01 Quiz 4 || All Answers Are Correct 100%.
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Course
ECON 1740
Institution
ECON 1740
Which of the following is not true concerning the early development of the telegraph?
a. Samuel F.B. Morse came up with the system of dot-dash code that was adopted around the world
b. its main drawback was technical; it could not be effectively strung across large bodies of water.
c. it c...
ECON 1740-01 Quiz 4 || All Answers Are Correct 100%.
Which of the following is not true concerning the early development of the telegraph?
a. Samuel F.B. Morse came up with the system of dot-dash code that was adopted around the
world
b. its main drawback was technical; it could not be effectively strung across large bodies of
water.
c. it contributed immensely to the efficiency of the railroads
d. it helped make New York the financial capital of the United States. correct answers b. its main
drawback was technical; it could not be effectively strung across large bodies of water.
Newspaper man James Gordon Bennett was first to use or employ:
I. Steam powered rotary presses capable of producing thousands of copies a day.
II. Partisan news reporting.
III. Coverage of sports and weather. correct answers Only I and III are true
Which of the following was not an innovation in A.T. Stewart's department stores?
a. offering markups, set prices, and "sales."
b. allowing "free entrance."
c. bulk buying to keep prices low.
d. made shopping a pleasant pastime for those with money and leisure. correct answers c. bulk
buying to keep prices low.
According to the author, the creation of department stores, which began to replace small general
stores in cities and towns, was made possible by:
a. railroads, telegraph, and newspapers.
b. canals, especially the Erie Canal.
c. the discovery of gold in California.
d. the creation of the National Banks which made the credit based money system possible.
correct answers a. railroads, telegraph, and newspapers.
Which of the following is not mentioned by the author as contributing to improved standards of
living in the era before the Civil War?
a. light using gas made from coal.
b. standardized 2 x 4 cut lumber as the basis of framing.
c. cast-iron cook stoves.
, d. servants even for modest households. correct answers b. standardized 2 x 4 cut lumber as the
basis of framing.
What improvement made in Philadelphia in 1832 would allow cities to continue growing and do
so with less disease?
a. paved streets
b. a system of steam powered trolley cars
c. a water and sewer system
d. suburbs correct answers b. a water and sewer system
According to the author, New Englanders became so good at catching whales that:
a. they caught them faster than they could reproduce, causing a shortage.
b. they drove the British and Russian whalers out of business creating an American monopoly.
c. they opened the world's first technical school in Gloucester, Massachusetts for training
technical specialists, in this case whalers.
d. the state of Massachusetts' nickname is "The Whaling State. correct answers a. they caught
them faster than they could reproduce, causing a shortage.
According to the author, an underappreciated aspect of the free market is the way it efficiently
deals with shortages because:
I. When demand outstrips supply, prices rise.
II. Higher prices increases conservation of the scarce resource.
III. Higher prices create a profit opportunity that intensifies the search for additional supplies or
substitutes. correct answers I, II, and III are all true
Concerning American forests before the Civil War:
I. The first attempt at wilderness preservation was undertaken by the state of Vermont in 1856.
II. As an abundant resource, they were a major factor that aided U.S. economic growth.
III. Growing demand by 1860 caused state after state to experience serious deforestation. correct
answers Only II and III are true
Which of the following concerning resources and labor is not true?
a. Because the supply of land was seemingly endless, early Americans placed a small value on
it.
b. A resource that is relatively plentiful will tend to be misused or wasted.
c. Land in Europe was cared for effectively because it was so plentiful.
d. Because labor in early America was scarce, it was cherished and conserved.
e. A scarce resource will be guarded and creatively deployed so as to make it more productive.
correct answers c. Land in Europe was cared for effectively because it was so plentiful.
Which of the following was not part of Cyrus McCormick's contribution to American
agriculture?
a. He designed machines that improved corn and soybean as well as wheat farming.
b. He helped make the Middle West of America the breadbasket of the world.
c. He helped change the way Americans earned their livings.
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