Economics 11th Edition Test Bank

Maximize your study time with Economics 11th Edition Test Bank, featuring a range of exam questions and answers for rapid review.

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1Student: ___________________________________________________________________________1.The Social Security Program began during the administration ofA. Franklin D. Roosevelt.B. Harry S. Truman.C. Dwight D. Eisenhower.D. John F. Kennedy.2.During the 19thcentury, the great abundance of land compared to the availability of laborA. attracted millions of immigrants.B. encouraged early marriage and large families.C. encouraged rapid technological development.D. All of the choices are true.3.Which of the following is true?A. The Japanese rebuilt their economy after World War II by selling its goods to their own rapidlygrowing population.B.Slow U.S. population growth in the 19thcentury forced American farmers and manufacturers to seekforeign markets to propel its rapid economic growth.C.The Japanese rebuilt their economy after World War II by targeting the large U.S. market, while theirown market remained largely closed to U.S. manufactured goods.D. America's rapid population growth in the 19thcentury slowed its economic growth rate.4.The completion of the American national railroad network in the second half of the 19thcentury led to allof the following exceptA. that it enabled manufacturers to sell their products all over the country.B. mass consumption.C. increased prices of goods sold which led to more investment and more jobs.D. higher wages.5.Between 1939 and 1944 the United States' national outputA. remained the same.B. nearly doubled.C. nearly tripled.D. nearly quadrupled.6.The worst recession since World War II started in which year?A. 1957B. 1973C. 1981D. 20077.Which of the following explains the slower economic growth in the South compared to other regions ofthe country?A. Much of the South's capital, public and private, was destroyed in the Civil War.B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s all bypassed theSouth.C.The South remained an agricultural region after the Civil War instead of immediately becoming ahigher productivity manufacturing region.D. All of the choices are true.

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8.Under President Eisenhower the problem of inflation.A. got a lot worse.B. got a little worse.C. got a little better.D. got a lot better.9.The decade that had the most stagflation was theA. 1940s.B. 1950s.C. 1960s.D. 1970s.10. Which of the following is true?A.The completion of the transcontinental railroad system in the 1880s eventually made the United Statesthe world's first mass market.B.Southern manufacturers benefited from high protective tariffs of the 19thcentury that kept out cheaperJapanese manufactured goods.C.The canal system linking east-coast rivers with the Great Lakes in the 1820s created an "Americaneconomy" rather than just a series of regional economies located in one country.D. Agricultural inventions such as John Deere's steel plows did little to improve farm productivity.11. The name of Andrew Carnegie is most closely associated withA. the steel industry.B. the rubber industry.C. the meatpacking industry.D. the chemical industry.12. Which was a decade of high inflation and high unemployment?A. the 1920sB. the 1950sC. the 1960sD. the 1970s13. The transcontinental railroads were completed in the 25 yearsA. before the Civil War.B. after the Civil War.C. after 1890.D. after the 20thcentury began.14. Cyrus McCormick and Eli Whitney were important in the technology ofA. steel.B. automobiles.C. agriculture.D. oil.15. Which statement is true?A. The United States has a larger national output than any other country in the world.B. We have had recessions about every three years since World War II.C. There were no recessions while Ronald Reagan was president.D. None of the statements are true.16. Which statement is true?A. More than any other region in the nation, the South prospered the most in the years following the CivilWar.B. The transcontinental railroads that were completed in the 1860s, 1870s, and 1880s, all bypassed theSouth.C. Before the Civil War most of the nation's large farms were located in the North.D. None of the choices are true.

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17. Between 1836 and 1851 travel time between New York and Chicago was cut fromA. a month to two days.B. a month to a week.C. two weeks to one week.D. two weeks to two days.18. The first automobile manufacturer to use a division of labor and to use a moving assembly line wasA. Henry Ford.B. Henry Leland.C. Henry Olds.D. Andrew Carnegie.19. The United States truly became a mass consumption society inA. the early 1900s.B. the 1920s.C. the 1940s.D. the 1960s.20. Which statement is true?A. Few Americans blamed Herbert Hoover for the Great Depression.B. The U.S. experienced a brief depression in the early 1920s.C. Most American homes were not wired for electricity until the late 1940s.D. None of the choices are true.21. Between 1921 and 1929 national outputA. declined slightly.B. stayed about the same.C. rose slightly.D. rose by about 50%.22. In the late 1920s, you could buy $10,000 worth of stock by putting down as little asA. $100.B. $1,000.C. $2,500.D. $5,000.23. The Great Depression began inA. the second half of 1929.B. the middle of 1930.C. early 1932.D. March 1933.24. The recovery from the low point of the Great Depression lasted for ____ months.A. 12B. 25C. 50D. 9025. The recession of 1937-38 could be blamed onA. both the Roosevelt Administration and the Federal Reserve Board.B. neither the Roosevelt Administration nor the Federal Reserve Board.C. the Roosevelt Administration, but not the Federal Reserve Board.D. the Federal Reserve Board, but not the Roosevelt Administration.26. There were a huge number of bank failures betweenA. 1930 and 1933.B. 1933 and 1936.C. 1936 and 1939.D. 1939 and 1942.

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27. Which statement is true?A. We have had at least one recession in the 1940s, 1950s, 1960s, 1970s, 1980s, and 1990s.B. We have had at least two recessions in any one decade since World War II.C. We have had at least three recessions in all of the decades since World War II.D. None of the choices are true.28. The creation of the dust bowl and the migration of the "Okies" to California took place in theA. 1920s.B. 1930s.C. 1940s.D. 1950s.29. All of the nation's banks were closed in the first week of March, in the yearA. 1930.B. 1931.C. 1932.D. 1933.30. During the depths of the Great Depression the United States' official unemployment rate reached________ percent.A. 15B. 20C. 25D. 3031. The economic expansion which began in 1933 was due toA. the fact that business had hit bottom and was ready to rebound.B. The efforts of the Roosevelt Administration to stimulate the economy.C. Both the efforts of the Roosevelt Administration and the readiness of business to rebound.D. Neither the efforts of the Roosevelt Administration nor the readiness of business to rebound.32. In 1937-1938, the number of unemployedA. fell dramatically by about 5 million.B. fell slightly by about 1 million.C. rose slightly by about 1 million.D. rose dramatically by about 5 million.33. Which statement is false?A. Most jobs in defense plants during World War II were held by white males.B. The federal government instituted wage and price controls during World War II.C. Very little new housing was built during the Great Depression and World War II.D. None of the statements are false.34. In the years immediately after the American RevolutionA. both labor and capital were scarce.B. neither labor nor capital were scarce.C. labor was scarce and capital was plentiful.D. capital was scarce and labor was plentiful.35. An American farmer today feeds over ______ people.A. 15B. 30C. 50D. 100

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36. Between 1850 and 1950 the productivity of the average American farm workerA. declined.B. remained about the same.C. doubled.D. quadrupled.37. Which of the following has been one of the most productive sectors of the U.S. economy through the19th, 20thand 21stcenturies?A. TextilesB. SteamshipsC. SteelD. Agriculture38. Since World War II, about ______ out of every ten family farms have disappeared.A. oneB. threeC. fiveD. seven39. Of all the money spent on farm price supports, about ______ percent goes to large corporate farms.A. 25B. 50C. 75D. 9540. Henry FordA. was the second automobile manufacturer to use a moving assembly line.B. was the first automobile manufacturer to manufacture a standardized engine with interchangeableparts.C. sold millions of cars at a small unit of profit that allowed his company to keep auto prices low andwages high.D. all of the statements are true.41. Which statement is most accurate with respect to the federal government's land policies in the 19thcentury?A. It gave away land, and rarely if ever charged even a token amount per acre.B. It gave away a lot of land and charged a token amount for the rest.C. It gave away no land, but charged only a token amount.D. It charged a fairly substantial amount for the land it sold.42. Which statement is false?A. Before the Civil War about three quarters of the farms of over 500 acres were located in the South.B.The great abundance of land was the most influential factor in the United States' economicdevelopment during the 19thcentury.C.Although the percentage of Americans living on farms has declined substantially over the last 70 years,the actual number of people living on farms has remained constant.D. None of the statements are false.43. Each of the following was an effect of cheap or free land during the 19thcentury exceptA. a high birth rate.B. a high rate of immigration.C. a rapid rate of technological development.D. a high rate of migration from the farms to the cities.

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44. Basically the United States' high rate of population growth since the time of George Washington'spresidencyA. has been a drag on the United States' rate of economic growth.B. pushed up the United States' rate of unemployment.C. created a growing problem of not enough food to feed everyone.D. provided a market for the United States' farmers and manufacturers.45. Southern agriculture differed markedly from agriculture in the rest of the country before the Civil War ineach of these respects EXCEPTA. it had, on the average, larger farms.B. it had slavery.C. it had different major crops.D. it had more subsistence farming.46. From 1865 to 1900, the production of wheat, corn, and cottonA. increased much more slowly than population growth.B. increased somewhat more slowly than population growth.C. increased at about the same pace as population growth.D. increased faster than population growth.47. The mechanical reaper was invented byA. Eli Whitney.B. The Marsh brothers.C. John Deere.D. Cyrus McCormick.48. The American economy is ________ economy in the world today.A. the largest and the fastest growingB. neither the largest nor the fastest growingC. the largest, but not the fastest growingD. the fastest growing, but not the largest49. Inflation adjusted hourly wages for the average hourly worker is _______ today than it was in 1973.A. higherB. lowerC. about the same50. The New Deal was the economic program ofA. Herbert Hoover.B. Franklin D. Roosevelt.C. Dwight D. Eisenhower.D. Lyndon B. Johnson.51. The New DealA. may be summarized by these words: relief, recovery, and reform.B. introduced Medicare and Medicaid.C. succeeded in quickly extending the Great Depression.D. reduced the economic role of the federal government.52. Who said the nation was "ill-fed, ill-clothed, and ill-housed?"A. Herbert HooverB. Franklin D. RooseveltC. Lyndon B. JohnsonD. Jimmy Carter

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53. Each of the following were created under the New Deal EXCEPTA. Social Security.B. the Federal Deposit Insurance Corporation (FDIC).C. the Securities and Exchange Commission (SEC).D. food stamps.54. Inflation was the nation's number-one economic worry duringA. the 1920s.B. the late 1950s.C. the early 1960s.D. the 1970s.55. Which statement is false?A.Had the stock market not crashed and the rest of the world not gone into a depression, the U.S.depression might have been avoided.B. By the end of 1930 thousands of banks had failed.C. By the first week in March 1933 every single bank in the United States had shut its doors.D. None of the statements are false.56. The low point of the Great Depression was reached in the yearA. 1929.B. 1931.C. 1933.D. 1935.57. Who promised "two cars in every garage and a chicken in every pot?"A. Herbert HooverB. Franklin D. RooseveltC. Dwight D. EisenhowerD. John F. Kennedy58. Choosing from among the following, the worst recession was inA. 1937-1938.B. 1980.C. 1990-1991.D. 2001.59. For all intents and purposes, the Great Depression ended inA. 1933.B. 1937.C. 1941.D. 1945.60. Of the 2.2 million working farms in the U.S., _________ of them produce more than $5,000 worth ofagricultural products.A. one quarterB. halfC. three quartersD. one third61. Agricultural prices fell during each of these periods EXCEPTA. 1865-1900.B. 1900-1919.C. 1929-1933.D. There is no exception. Agricultural prices fell in all these time periods.

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62. Which statement is true?A. There was brief depression in the early 1920s.B. Between 1921 and 1929 national output tripled.C. The automobile market was completely saturated by 1921 and sales remained low for the rest of thedecade.D. None of these statements are true.63. Which statement is false?A. The spreading use of electricity during the 1920s helped create rapid economic expansion in thatdecade.B. The stock market rose very rapidly in the late 1920s.C. Between 1921 and 1929 national output rose by 50 percent.D. None of the statements are false.64. The most rapid expansion in the use of electricity was in the period fromA. 1900-1910.B. 1910-1920.C. 1920-1930.D. 1930-1940.65. In which of these years was there very high inflation and a recession?A. 1937B. 1980C. 1990D. 200166. The heart of the supply-side economic program was toA. raise taxes.B. lower taxes.C. raise government spending.D. put people to work in government jobs.67. The highest unemployment rate we experienced since the Great Depression was inA. 1973.B. 1982.C. 1990.D. 2001.68. About how many Americans still live on farms today?A. 4.5 millionB. 14.5 millionC. 24.5 millionD. 34.5 million69. Which statement is true?A. The number of people living on family farms has been increasing in recent years.B. Most farm subsidy payments go to large corporate farms.C. The United States' huge agricultural surpluses have completely eliminated starvation in this country.D. None of the statements are true.70. Since the government has been paying out farm subsidiesA. the number of family farms has increased by about 40 percent.B. the number of family farms has increased by 10%.C. the number of family farms has decreased by 10%.D. the number of family farms has decreased by 70 percent.

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71. Which statement is true?A. America has always had a very productive agricultural sector.B.The most influential factor in the United States' economic development during the 19thcentury was agreat abundance of labor.C. The central problem of economics is an oversupply of capital.D. None of the statements are true.72. Which statement is false?A. Between 1789 and 1812 the United States' population doubled.B. Between 1812 and 1835 the United States' population doubled.C. Between 1835 and 1858 the United States' population doubled.D. None of the statements are false.73. Which statement is true?A. All regions of the United States were primarily agricultural in 1865.B. Only the South was primarily agricultural in 1865.C. Only the North and West were primarily agricultural in 1865.D. None of the statements are true.74. Which region's agricultural system developed very differently from that of the rest of the nation?A. the WestB. the MidwestC. New EnglandD. the South75. The "Okies" were associated with each of these EXCEPTA. the Dust Bowl.B. John Steinbeck's The Grapes of Wrath.C. the Great Depression.D. the rust belt.76. The second half of the 1940s was a period ofA. recession.B. no economic growth.C. very slow economic growth.D. fairly high economic growth.77. Highway and home construction had a boom fromA. 1925-1940.B. 1935-1950.C. 1945-1960.D. 1965-1980.78. When General Dwight D. Eisenhower ran for the presidency for the first time, he said he wouldA. end the recession and end inflation.B. end the recession and end the Korean War.C. end inflation and end the Korean War.D. end the recession, the Korean War, and inflation.79. Which statement is false?A.Suburbanization was the migration of tens of millions of middle-class Americans—nearly all of themwhite—from the cities to the suburbs.B.The people who moved to the suburbs were replaced in the cities by millions of poor people, the largemajority of whom were black and Hispanic.C. The inner cities today are socially isolated from the rest of the country.D. None of these statements are false.

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80. The suburbanization of America _______________ the United States' dependence on oil imports.A. increased substantiallyB. had no effectC. decreased substantially81. Which statement is true?A. Mass production can take place without mass consumption.B. Mass consumption can take place without mass production.C.Mass production can take place without mass consumption and mass consumption can take placewithout mass production.D.Mass production cannot take place without mass consumption, nor can mass consumption take placewithout mass production.82. As a manufacturer becomes a mass producer, generally productivity ____ and wage rates _____.A. falls; fallB. rises; riseC. rises; fallD. falls; rise83. Which statement is true?A. The recessions of 1973-1975 and 1981-1982 were both mild.B. The recessions of 1973-1975 and 1981-1982 were both severe.C. The recession of 1973-1975 was mild; the recession of 1981-1982 was severe.D. The recession of 1973-1975 was severe; the recession of 1981-1982 was mild.84. Among the key ingredients that propelled the American economy to emerge as the leading industrialpower by the beginning of World War I wereA. the world's first universal public education system.B. a large agricultural surplus.C. entrepreneurial abilities of great industrialists.D. all of the choices are true.85. In the decades leading to the Civil War __________ supported high protective tariffs.A. both the North and the SouthB. neither the North nor the SouthC. only the NorthD. only the South86. Economic conflict(s) leading to the Civil War ___________________________.A. were over tariffs and the extension of slavery into the new territoriesB. was the growing free trade with EnglandC. was Abraham Lincoln freeing the slavesD. None of the choices are true87. In the decades before the Civil War, the South __________________________.A. opposed the extension of slavery into the territoriesB. supported the extension of slavery into the territoriesC. cooperated with the North to establish both free and slavery territoriesD. None of the choices are true88. What caused the major economic conflict between the North and the South immediately before theoutbreak of the Civil War?A. Agricultural development.B. Industrialization in the North.C. Trade barriers with England.D. All of the choices are true.

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89. The Southern economy ________________ from the damages of the Civil War.A. quickly recoveredB. experienced no lingering effectsC. suffered decades of economic transition90. During World War II the United States' economy grew by about ________ percent a year.A. 5B. 10C. 15D. 2091. The prototype of suburban tract development was inA. San Luis Obispo, California.B. Camden, New Jersey.C. Butte, Montana.D. Levittown, New York.92. _______________ sold low-priced, prefabricated homes to people who wanted to move to the suburbsafter World War II.A. Andrew CarnegieB. William LevittC. Henry FordD. Cyrus McCormick93. There are _______ family farms today than at any previous time in the United States' history.A. moreB. fewerC. about the same number of94. The United States' economy was most depressed inA. 1923.B. 1933.C. 1943.D. 1953.95. The world's number one economic power, in terms of total output, isA. the United States.B. Germany.C. China.D. Japan.96. Which statement is false?A. The 1990s was one of the most prosperous decades in the United States' history.B. The United States' economy reached its tenth year of steady expansion in the spring of 2001.C.Compared to other decades, the 1990s was a decade was unique in that it had strong economic growthwith no recessions.D. At the end of the 1990s, the government was running budget surpluses.97. Which statement is true?A. The United States' economy is larger than Japan's and the United States' population is larger thanJapan's.B. The United States' economy is smaller than Japan's and The United States' population is smaller thanJapan's.C. The United States' economy is larger than Japan's and The United States' population is smaller thanJapan's.D. The United States' economy is smaller than Japan's and The United States' population is larger thanJapan's.

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98. Which presidential candidate made this pledge: "Read my lips: no new taxes"?A. Gerald Ford (1974)B. Jimmy Carter (1976)C. Ronald Reagan (1980)D. George H.W. Bush (1988)99. In the 1970s, the main economic problem wasA. stagflation.B. huge budget surpluses.C. a slow growing money supply.D. an economy that was expanding too rapidly.100.Which president had to cope with both rising deficits and a rising rate of inflation?A. John KennedyB. Dwight EisenhowerC. Jimmy CarterD. Ronald Reagan101.What was the most important consequence of suburbanization?A. It made people less dependent on their cars.B. It was very bad for the construction industry.C. It left the cities with large concentrations of poor people.D. It raised the tax bases of most cities.102.What revived the United States' economy out of the Depression in the early 1940s?A. the New DealB. a tax cutC. spending on the warD. suburbanization103.Which statement is true?A. There were no recessions during the 1980s.B. The 1920s was not a prosperous decade.C. The federal government played a significant role during Dwight Eisenhower's presidency.D. The longest recession since World War II began in 1990.104.In early 2010 there were __________ Americans working than there were 10 years earlier.A. moreB. fewerC. the same number of105.Which statement is true?A. In 1900 most Americans lived on farms.B. The United States' industrial base was largely destroyed by World War I.C. John D. Rockefeller controlled the U.S. automobile industry during the first two decades of the 20thcentury.D. Andrew Carnegie was the leading steel producer in the U.S. in 1900.106.The New Deal was carried out during the administration of PresidentA. Herbert Hoover.B. Franklin Roosevelt.C. Harry Truman.D. Dwight Eisenhower.107.In the first week in March 1933, ______ banks had shut their doors.A. a fewB. nearly halfC. mostD. all

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108.The most important factor in reversing the economic decline of 1929-1933 was thatA. the federal government finally balanced its budget.B. the stock market began to rise.C. people became more optimistic.D. the federal government began to spend a huge amount of money.109.Which statement is false?A. During the 19thcentury the main cash crops grown in the South were cotton, rice, sugar, and tobacco.B. The only real economic conflict between the North and the South before the Civil War was overslavery.C. It took most parts of the South about a century to recover economically from the effects of the CivilWar.D. Southern agriculture developed very differently from agriculture in other regions of the nation.110.Which one of the following was the strategy followed by Japanese industrialists after World War II?A. They sold low-priced goods to the low end of the American market while they rebuilt their industrialbase.B.They charged Japanese consumers much lower prices than they charged American consumers, sinceAmericans could afford to pay more for these goods.C. They sold high-priced goods to the high end of the American market, leaving the low end to Korea andTaiwan.D. They received tens of billions of dollars in aid from the U.S. government and have still not paid back apenny.111.Which one of the following was a basic economic conflict between the North and the South in the yearspreceding the Civil War?A. The North opposed the high protective tariffs the South supported to protect its manufactured goods.B. The South opposed the high protective tariffs the North supported to protect its manufactured goods.C. The North demanded the abolition of slavery.D. The North opposed the building of a transcontinental railroad.112.In 1860 four-fifths of the farms with over 500 acres were in theA. North.B. East.C. South.D. West.113.For most of the 19thcentury in the American West, there wasA. an abundance of labor relative to land.B. abundance of land relative to labor.C. an abundance of both labor and land.D. a scarcity of both labor and land.114.The Age of the great industrial capitalist wasA. the first quarter of the 19thcentury.B. the second quarter of the 19thcentury.C. the third quarter of the 19thcentury.D. the fourth quarter of the 19thcentury.115.The U.S. did not lapse back into a depression after World War II ended for all of the following reasonsEXCEPTA. a larger role taken on by the federal government.B. pent up demand for housing and automobiles.C. government programs that aided the trend toward suburbanization.D. a return to laissez-faire economic policies.

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116.The United States experienced depressions in all of the following decades exceptA. the 1890s.B. the 1920s.C. the 1930s.D. the 1950s.117.Which of the following would not be considered a boom period as measured by the percentage growthrate of U.S. output of goods and services?A. the Roaring 20sB. the conversion from a wartime to a peacetime economy following World War IIC. World War IID. the late 1990s118.What was the most influential factor in the United States' economic development during the 19thcentury?A. the abundance of capitalB. the abundance of laborC. mass productionD. the abundance of land119.The South's economy was based on production ofA. iron, steel and textiles.B. corn, wheat and soybeans.C. tobacco, cotton and rice.D. iron, wheat and cotton.120.Which of the following is false?A.The completion of the national railroad network by 1890 led to the development of a national Americanmarket rather than just a series of smaller regional markets.B.Before the Civil War the North and the South were in agreement on the issue of protective tariffs, butwere in conflict over the spread of slavery into the new Western territories.C. The U.S. was the first mass-consumption society.D. From 1900 to the end of World War I, U.S. farmers prospered.121.Economic growth was stimulated by suburbanizationA. in the first five years after World War II.B. in the 15 years following World War II.C. from the mid 1960s to the mid 1970s.D. after the Persian Gulf War.122.In which of the following decades did the American government take a more "hands off" or "let it alone"approach in its role in the economy?A. 1970sB. 1940sC. 1930sD. 1920s123.The United States experienced _______________ from 1930 to 1933.A. stagflationB. inflationC. deflationD. budget surpluses124.Today farms with sales of more than $250,000 a year account for about _____ percent of all agriculturesales.A. 5B. 25C. 50D. 75

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125.In which year did the United States account for half the world's manufacturing output?A. 1925B. 1945C. 1965D. 1985126.Each of the following took place in the latter half of the 1990s exceptA. a declining federal budget deficit.B. a declining unemployment rate.C. the spread of computerization.D. a rising rate of inflation.127.Each of the following took place in the latter half of the 1990s exceptA. a falling rate of inflation.B. a rising stock market.C. an economic boom.D. a rising unemployment rate.128.The symbiotic relationship between mass production and mass consumption was best personified byA. John D. Rockefeller.B. Andrew Carnegie.C. Henry Ford.D. John Deere.129.Which of the following statements is true?A. The average farm has gone from 500 acres in the 19thcentury to 100 acres today.B. The Freedom to Farm Act of 1996 ended government payments to farmers.C.Despite hundreds of billions of dollars on farm price-support payments since World War II, the familyfarm is vanishing.D. About 20 million people live on farms today.130.Which of the following is true?A. Twenty-five percent of Americans were officially unemployed in 1933.B. The United States' economy expanded steadily from 1933 to 1937.C. Once the Great Depression began in 1929, the United States' economy moved steadily downhill until1933.D. All of the choices are true.131.Which statement is false?A. The rate of inflation rose during the Eisenhower Administration.B. The United States' economy has not had an unemployment rate below 5 percent since the early 1940s.C. President Reagan believed the federal government should "tax, tax, tax, spend, spend, spend", its wayto prosperity.D. All of the statements are false.132.Which statement is false?A. President Eisenhower presided over three recessions.B. At the close of the 20thcentury the unemployment rate was below 5 percent.C. The United States' longest economic expansion was for six years during the Reagan Administration.D. None of the choices are false.133.Which statement is true?A. There was a great deal of stagflation in the 1960s.B. We had full employment for most of the 1980s.C. We have had twelve recessions since the beginning of 1945.D. None of the choices are true.
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