Question 1

The world's number one economic power,in terms of total output,is

Accepted Answer

The United States holds the position of the world's number one economic power in terms of total output, measured by Gross Domestic Product (GDP).

Question 2

What caused the major economic conflict between the North and the South immediately before the outbreak of the Civil War?

Accepted Answer

Agricultural development in the South relied heavily on slave labor, while industrialization in the North led to the growth of the abolitionist movement. This fundamental difference in economic structures and the morality surrounding slavery created a major conflict between the regions. The South also felt that the North's tariff policies unfairly benefitted their industries at the expense of Southern agricultural exports. Additionally, tensions over the expansion of slavery into new territories further exacerbated the economic conflict.

Question 3

The prototype of suburban tract development was in

Accepted Answer

Levittown,New York is widely regarded as the prototype of suburban tract development. It was built in the late 1940s and early 1950s by the Levitt brothers and was the first large-scale suburban housing development in the United States. Its success led to the proliferation of similar developments across the country.

Question 4

Which statement is true?

Accepted Answer

The recessions of 1973-1975 and 1981-1982 were both severe, characterized by high unemployment rates, high inflation, and significant economic downturns.

Question 5

Which statement is true?

Accepted Answer

The United States has both a larger economy and a larger population than Japan, making option A correct.

Question 6

In the decades before the Civil War,the South _________________________.

Accepted Answer

The South supported the extension of slavery into the territories, as they saw it as necessary to maintain their way of life and economic systems that depended on slave labor. They feared that the growing number of free states would upset the balance of power in Congress and threaten the future of slavery in the South. This led to tensions with the North, who opposed the spread of slavery and argued for free territories.

Question 7

Our economy was most depressed in

Accepted Answer

The most severe economic depression in the United States occurred during the 1930s, which is commonly referred to as the Great Depression. 1933 was the height of the Great Depression, with unemployment levels reaching 25% and widespread poverty and destitution. Other options are less likely, as some were during the post-World War I economic boom and others were during periods of economic growth and expansion.

Question 8

Economic conflict(s)leading to the Civil War __________________________.

Accepted Answer

The economic conflicts leading to the Civil War were primarily over tariffs and the extension of slavery into the new territories. The North favored protective tariffs to protect its industries, while the South opposed them since it relied heavily on exporting raw materials. Additionally, the North opposed the extension of slavery into the new Western territories, while the South sought to expand slavery to support its agricultural economy. These economic differences, along with social and political tensions, ultimately led to the outbreak of the Civil War.

Question 9

During World War II our economy grew by about ________ percent a year.

Accepted Answer

During World War II, the U.S. economy experienced significant growth, averaging around 10 percent per year due to increased industrial production and government spending related to the war effort.

Question 10

Statement I.Small farmers can still easily survive thanks to government programs.
Statement II.During the 19th century,the U.S.government gave away 160-acre plots of land to anyone willing to clear the land and farm on it.

Accepted Answer

Statement II is true as it refers to the Homestead Act of 1862, which indeed offered 160-acre plots of land to settlers who committed to farming on it for at least five years. Statement I is false, as small farmers today face various challenges and government programs may not be enough to ensure their survival.

Question 11

Statement I.The generation that came of age in the 21st century did better economically than their parents' generation.
Statement II.The American economic picture was brighter in the 1980s than the 1990s.

Accepted Answer

Statement I is generally false because many reports and studies indicate that the generation that came of age in the 21st century, often referred to as Millennials, are facing more economic challenges than their parents' generation, including higher levels of student debt, difficulties in the housing market, and wage stagnation. Statement II is false because the American economy experienced significant growth during the 1990s, characterized by a long period of economic expansion, a booming stock market, and low unemployment, making it generally considered a brighter period economically than the 1980s.

Question 12

In the decades leading to the Civil War __________ supported high protective tariffs.

Accepted Answer

Only the North supported high protective tariffs in the decades leading to the Civil War. This was because the North had a more industrialized economy and supported tariffs to protect their industries from foreign competition. The South, which was more focused on agriculture and relied on exports, opposed protective tariffs as it made goods more expensive for them to import.

Question 13

Which statement is false?

Accepted Answer

The statement that compared to other decades, the 1990s was a decade that was unique in that it had strong economic growth with no recessions is false. The 1960s and 1980s also had strong economic growth without any recessions.

Question 14

Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were

Accepted Answer

Each of the choices listed played a significant role in the growth of the American economy in the late 19th and early 20th centuries. Technological talent allowed for the development of new machinery, transportation systems, and communication technologies. The universal public education system provided a literate and skilled workforce, while the large agricultural surplus allowed for a stable food supply and encouraged industrial growth. Finally, the entrepreneurial abilities of great industrialists, such as John D. Rockefeller and Andrew Carnegie, helped to drive innovation and establish large, successful companies.

Question 15

Statement I.William Levitt and other suburban developers were guilty of housing discrimination in the years after World War II.
Statement II.The suburbanization of the country did not really get rolling until the 1970s.

Accepted Answer

Statement I is true based on evidence that William Levitt and other suburban developers practiced housing discrimination by excluding African Americans and other minorities from their suburban communities. Statement II is false because the suburbanization of the country began in the post-World War II period, with Levittown being a prime example of the mass suburbanization of the 1950s and 1960s.

Question 16

Which statement is true?

Accepted Answer

The statement says that the recession of 2001 and the recession of 2007-2009 were compared in terms of severity. Option A is incorrect as it states that both were mild. Option B is incorrect because it states that both were severe, which is not true. Option C is incorrect as it states the opposite of what is true: the recession of 2001 was severe, and the recession of 2007-2009 was more severe. Option D is correct because it captures the correct comparison of severity between the two recessions.

Question 17

_______________ sold low-priced,prefabricated homes to people who wanted to move to the suburbs after World War II.

Accepted Answer

William Levitt sold low-priced, prefabricated homes to people who wanted to move to the suburbs after World War II.

Question 18

There are _______ family farms today than at any previous time in our history.

Accepted Answer

There are fewer family farms today than at any previous time in our history, due to factors like industrialization of agriculture, consolidation of farms into larger operations, and economic pressures.

Question 19

The Southern economy ________________ from the damages of the Civil War.

Accepted Answer

The Southern economy was devastated by the Civil War, with widespread destruction of infrastructure, loss of labor, and collapse of financial systems. It took decades for the region to recover and undergo economic transition, including the shift from a primarily agricultural-based economy to a more diverse one.

Question 20

Which statement best compares our economic condition in 1933 and today?

Accepted Answer

Our economic condition today is much better than it was in 1933. In 1933, the United States was in the midst of the Great Depression, with high unemployment rates, a struggling agricultural sector, and a major banking crisis. Today, the US economy is much larger and more diversified, with low unemployment rates, robust industrial, financial, and technological sectors, and a much more stable banking system. While there are still economic challenges and inequalities, overall the US economy today is much stronger than it was in 1933.

Quiz 1: A Brief Economic History of the United States

The world's number one economic power,in terms of total output,is

What caused the major economic conflict between the North and the South immediately before the outbreak of the Civil War?

The prototype of suburban tract development was in

Which statement is true?

Which statement is true?

In the decades before the Civil War,the South _________________________.

Our economy was most depressed in

Economic conflict(s) leading to the Civil War __________________________.

During World War II our economy grew by about ________ percent a year.

Statement I.Small farmers can still easily survive thanks to government programs. Statement II.During the 19th century,the U.S.government gave away 160-acre plots of land to anyone willing to clear the land and farm on it.

Statement I.The generation that came of age in the 21st century did better economically than their parents' generation. Statement II.The American economic picture was brighter in the 1980s than the 1990s.

In the decades leading to the Civil War __________ supported high protective tariffs.

Which statement is false?

Among the key ingredients that propelled the American economy to emerge as the leading industrial power by the beginning of World War I were

Statement I.William Levitt and other suburban developers were guilty of housing discrimination in the years after World War II. Statement II.The suburbanization of the country did not really get rolling until the 1970s.

Which statement is true?

_______________ sold low-priced,prefabricated homes to people who wanted to move to the suburbs after World War II.

There are _______ family farms today than at any previous time in our history.

The Southern economy ________________ from the damages of the Civil War.

Which statement best compares our economic condition in 1933 and today?