History of the American Economy 12th Edition by Gary M. Walton – Test Bank

History of the American Economy 12th Edition by Gary M. Walton – Test Bank

ISBN-13: 978-1111822927, ISBN-10: 1111822921

Introduction

This 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:

• 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.

• 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.

• 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?
2. Changes in average height
3. Changes in life expectancy
4. Changes in average weight
5. Stock of nuclear weapons

ANSWER: d. Stock of nuclear weapons

2. Which of the following most accurately describes world population growth?
3. World population has increased steadily during the past 6,000 years.
4. World population has exhibited significant cyclical patterns of growth and decline.
5. World population was relatively small until 1750, after which it increased rapidly.
6. 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?
4. Life expectancy was relatively low until 1750, after which it increased rapidly.
5. Life expectancy has increased steadily during the past 6,000 years.
6. Life expectancy was low until after World War II, after which it increased very quickly.
7. 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 20^th century _____.
5. has remained about the same
6. increased until about 1970 and decreased since then
7. was cyclical, but generally trending upward throughout the century
8. was cyclical, but generally trending downward throughout the century

ANSWER: c. was cyclical, but generally trending upward throughout the century.