Question 1

Which is the most accurate statement?

Accepted Answer

The statement "No new homes were sold to black families in the Levittowns built in New York, New Jersey, Pennsylvania, and Maryland" is the most accurate statement as it is a well-documented fact that Levittowns explicitly excluded African Americans and other minorities from purchasing homes in these communities. This discriminatory policy continued until the late 1950s when the Civil Rights Act of 1964 made it illegal.

Question 2

Statement I.The Roaring Twenties began and ended with depressions.
Statement II.Although there was a stock market boom in the 1920s,most Americans experienced a declining standard of living during the entire decade.

Accepted Answer

Statement I is true because the Roaring Twenties, a period of economic prosperity in the U.S., was bookended by the post-World War I recession and the Great Depression starting in 1929. Statement II is false because during the 1920s, many Americans experienced an increase in their standard of living due to economic growth, technological advancements, and increased consumer spending, not a decline.

Question 3

Which is the most accurate statement?

Accepted Answer

The statement about the output of farm labor doubling between 1900 and 1947, and then doubling again between 1947 and 1960 is the most accurate of the options given. The other statements are either misleading or incorrect - A is false as the number of family farms has actually been decreasing; B is false as only a small percentage of the population actually lives and works on farms; and D, while somewhat true, oversimplifies the modern day reality of farming and the complexities of agriculture production.

Question 4

Which statement is true?

Accepted Answer

The federal government did play a significant role during Dwight Eisenhower's presidency, as he implemented policies such as the Interstate Highway System and enforced the desegregation of schools.

Note: A is false (there was a recession in 1980-1982), B is false (the 1920s was a decade of economic growth and prosperity known as the "Roaring Twenties"), and D is false (the longest recession since World War II was from 2007-2009).

Question 5

Statement I.There was a sharp recession in 1937-1938.
Statement II.In 1933 our unemployment rate was about 25 percent.

Accepted Answer

Both statements are true. There was indeed a sharp recession in 1937-1938, which is known as the "Roosevelt Recession." Additionally, the unemployment rate in 1933 was about 25 percent, which was one of the highest levels of unemployment in US history.

Question 6

The longest and most severe of these recessions was in

Accepted Answer

The recession between 2007-2009, also known as the Great Recession, was the longest and most severe recession since the Great Depression in the 1930s. It lasted for 18 months and caused significant damage to the economy, including high unemployment rates, declining housing prices, and a decrease in consumer spending.

Question 7

In the 1970s,the main economic problem was

Accepted Answer

The 1970s were marked by the phenomenon of stagflation, which refers to a combination of high inflation and high unemployment. This presented a significant challenge to economic policymakers and contributed to a period of economic uncertainty and volatility. Options B, C, and D are not accurate representations of the economic situation during the 1970s.

Question 8

Statement I.The New Deal brought the nation back to full employment within four years.
Statement II.The Social Security program was part of the New Deal.

Accepted Answer

Statement I is false because the New Deal, while significantly reducing unemployment, did not bring the nation back to full employment within four years; full employment was essentially achieved during World War II. Statement II is true as the Social Security program was indeed established as part of the New Deal initiatives.

Question 9

In early 2010 there were __________ Americans working than there were 10 years earlier.

Accepted Answer

The Great Recession, which began in 2007 and lasted until 2009, led to significant job losses in the United States, resulting in fewer Americans working in early 2010 compared to 10 years earlier.

Question 10

What got our economy out of the Depression in the early 1940s?

Accepted Answer

Spending on the war greatly boosted the economy during the early 1940s, creating jobs and stimulating production. The massive government spending on military equipment and supplies led to a surge in economic activity that brought the US out of the Depression. The New Deal and tax cuts had helped alleviate some of the economic suffering during the 1930s, but it was the war effort that ultimately spurred widespread recovery. Suburbanization, while it would later have a significant impact on the economy, did not play a major role in the early 1940s.

Question 11

What was the most important consequence of suburbanization?

Accepted Answer

Suburbanization led to a significant migration of middle and upper-income families from cities to suburbs, leaving behind a higher concentration of poverty in urban areas. This shift often resulted in decreased tax revenues for cities and increased social and economic challenges.

Question 12

The New Deal was carried out during the administration of President

Accepted Answer

The New Deal was a series of domestic programs and policies implemented by President Franklin Roosevelt in response to the Great Depression. It included a range of measures aimed at providing relief for the unemployed and the poor, stimulating economic recovery, and reforming the financial system. The New Deal was a central part of President Roosevelt's first term in office, from 1933 to 1937.

Question 13

Statement I.Suburbanization increased our dependence on foreign oil.
Statement II.Once returning World War II veterans found new housing in the suburbs,the process of suburbanization came to a halt.

Accepted Answer

Statement I is true as suburbanization led to an increase in car use, which in turn increased the demand for foreign oil. On the other hand, statement II is false as suburbanization continued to grow after World War II, though it did slow down in the 1970s due to factors such as rising oil prices and changing demographics.

Question 14

Which president had to cope with both rising deficits and a rising rate of inflation?

Accepted Answer

During Jimmy Carter's presidency, the US faced both rising deficits and a rising rate of inflation. The combination of these two factors, along with the Iranian Hostage Crisis and the energy crisis, contributed to a difficult economic environment during the late 1970s. Carter's attempts to combat these issues were largely unsuccessful, leading to his defeat in the 1980 election.

Question 15

Which statement is true?

Accepted Answer

Andrew Carnegie was indeed the leading steel producer in the United States around 1900, having built a powerful and influential empire in the steel industry.

Question 16

Statement I.The baby boom after World War II,along with low gas prices,accelerated the trend toward suburbanization.
Statement II.The Japanese and West German industrial production was so damaged or destroyed after World War II that it wasn't until 1960 that these nations could effectively compete in the world market.

Accepted Answer

Both statements are true.

Question 17

Which is the most accurate statement?

Accepted Answer

President Eisenhower, who served from 1953 to 1961, focused on stabilizing the economy and was successful in controlling inflation during his presidency. While his administration did not undo the New Deal, halt suburbanization, or avoid recessions entirely (there were economic downturns in 1953-54, 1957-58, and a minor one in 1960-61), his efforts towards economic stability were notable.

Question 18

Statement I.President Ronald Reagan said that if we cut tax rates,people would have more incentive to work,output would rise,and inflation would subside.
Statement II.President Reagan said big government is not the answer to our problem,it is the problem.

Accepted Answer

President Reagan was a strong advocate for cutting tax rates, believing that it would stimulate economic growth by incentivizing people to work harder and invest more. He also famously declared that big government was the problem, not the solution, and worked to reduce government spending and regulation during his presidency. Both of these statements accurately reflect his beliefs and policies.

Question 19

Statement I.In the future the bulk of our food will be grown on huge corporate farms.
Statement II.The primary purpose of price-support payments to farmers was to save the family farm.

Accepted Answer

The answer of Statement I.In the future the bulk of...

Question 20

Which presidential candidate made this pledge: "Read my lips: no new taxes"?

Accepted Answer

George H.W. Bush made this pledge during his 1988 presidential election campaign speech at the Republican National Convention, promising not to raise taxes. However, in 1990 he did raise taxes, breaking his pledge and causing controversy.

Quiz 1: A Brief Economic History of the United States

Which is the most accurate statement?

Statement I.The Roaring Twenties began and ended with depressions. Statement II.Although there was a stock market boom in the 1920s,most Americans experienced a declining standard of living during the entire decade.

Which is the most accurate statement?

Which statement is true?

Statement I.There was a sharp recession in 1937-1938. Statement II.In 1933 our unemployment rate was about 25 percent.

The longest and most severe of these recessions was in

In the 1970s,the main economic problem was

Statement I.The New Deal brought the nation back to full employment within four years. Statement II.The Social Security program was part of the New Deal.

In early 2010 there were __________ Americans working than there were 10 years earlier.

What got our economy out of the Depression in the early 1940s?

What was the most important consequence of suburbanization?

The New Deal was carried out during the administration of President

Statement I.Suburbanization increased our dependence on foreign oil. Statement II.Once returning World War II veterans found new housing in the suburbs,the process of suburbanization came to a halt.

Which president had to cope with both rising deficits and a rising rate of inflation?

Which statement is true?

Which is the most accurate statement?

Statement I.President Ronald Reagan said that if we cut tax rates,people would have more incentive to work,output would rise,and inflation would subside. Statement II.President Reagan said big government is not the answer to our problem,it is the problem.

Statement I.In the future the bulk of our food will be grown on huge corporate farms. Statement II.The primary purpose of price-support payments to farmers was to save the family farm.

Which presidential candidate made this pledge: "Read my lips: no new taxes"?