Dr. Alston , Quiz #9, Walton and Rockoff, Chapters 17 & 18

Economics 1740 VERSION A - MARK ON YOUR SCANTRON ANSWER SHEET Fall, 2002 Dr. Alston , Quiz #9, Walton and Rockoff, Chapters 17 & 18

1. Which of the following statements provides the most accurate description of the employment growth rate in various sectors of the economy between 1860-1910? a. All major sectors grew with the exception of agriculture and construction. b. All major sectors grew, and agriculture grew the most. c. The manufacturing sector grew the most, followed by railroads, but agricultural employment decreased. d. All major sectors grew, and railroads grew the most.

2. The leading producer of manufactured goods in 1900 was a. the United States. b. Germany. c. England. d. Canada.

3. A “vertically integrated firm” is a firm that a. combines firms which formerly competed. b. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm. c. earns zero economic profits due to the highly competitive market within which it operates. d. has representatives on its board of directors from many of the companies that it buys from and sells to.

4. In 1911, the Supreme Court ordered the dissolution of both Standard Oil and the American Tobacco Co. In these decisions, the Court held that all except which of the following were grounds for antitrust violations? a. predatory practices that occur in a firm's growth period b. the use of "kickbacks" and rebates c. the size of the firm relative to other firms in the same market d. the use of price wars to weaken competing firms

5. A monopsony is a market in which a. one firm is the sole producer of a good or service. b. one firm is the sole buyer of a good or service. c. firms encourage competition by starting “price wars” among competitors. d. firms collude in setting prices and levels of output. 6. Between 1800 and 1940, the U.S. birthrate fell steadily. Factors contributing to this downward trend include a. urbanization. b. rising female employment. c. compulsory schooling. d. declining infant mortality. e. all of the above.

7. Which of the following statements is least accurate with regard to immigration after the Civil War? a. The number of immigrants fluctuated dramatically until World War I. b. The proportion of immigrants from Northern and Western Europe fell dramatically. c. The cost of crossing the Atlantic was much lower than it was in earlier decades. d. A growing network of relatives in the United States could help immigrants find jobs and places to live. e. The majority of immigrants moved to the Midwest to take advantage of the excellent farming opportunities.

8. All of the following groups benefited from immigration to the United States in the late 19th and early 20th century except a. manufacturing and mining companies. b. retailers. c. railroad companies. d. unskilled native workers.

9. Which of the following is most accurate about the period between the Civil War and World War I? a. An increasing share of the U.S. population lived in rural areas. b. Unions pursued strategies of peaceful negotiation with employers. c. The average number of hours of work increased significantly during the period. d. The difference between male and female wages decreased.

10. During what period did the greatest violence between organized labor and companies occur? a. 1800-1820. b. 1860-1870. c. 1875-1895. d. 1910-1930. ANSWERS: Quiz No. 9, Econ 1740 Fall, 2002, Walton and Rockoff, Chapters 17 & 18, Version A 1. ANSWER: d. All major sectors grew, and railroads grew the most. 2. ANSWER: a. the United States. 3. ANSWER: b. manages all stages of production, from the production of raw materials to the marketing of the final product, within the firm. 4. ANSWER: c. the size of the firm relative to other firms in the same market. 5. ANSWER: b. one firm is the sole buyer of a good or service. 6. ANSWER: e. all of the above. 7. ANSWER: e. The majority of immigrants moved to the Midwest to take advantage of the excellent farming opportunities. 8. ANSWER: d. unskilled native workers. 9. ANSWER: d. The difference between male and female wages decreased 10. ANSWER: c. 1875-1895.

Return to Economics 1740 Announcement/Practice Exam Page