Practice questions for Exam 1

Economic History of the United States Practice Questions for Final Exam Spring 2013

The actual final exam will consist of 8 questions drawn from this list of 20 practice questions. As discussed in class I will choose which 8 of these questions will be on the exam. Once you have the exam you should then choose 7 of those 8 to answer.

1. Initial economic institutions have substantially influenced economic development in America. Agree or disagree and support your response.

2. What are some of the economic factors that may have been contributing causes to the American Revolution?

3. Give an economic explanation of why the US was more inclined to technological innovations than the U.K..

4. What are tariffs and how do they relate to the conflict between the Northern and Southern states?

5. Are there any drawbacks to bimetallism?

6. Discuss the costs of the civil war.

7. Describe the views of Roger Ransom and Richard Sutch regarding reconstruction.

8. Whats the "Crime of 73"? Why was it "committed"? Who benefited and who lost from the policies associated with the "Crime of 73"? Can you suggest an alternative policy that might have addressed the grievances of the losers without recreating the reason the "crime" was "committed"?

9. How did the 16th amendment manage to pass ? Be sure to explain the structure of the income taxes implemented as well as the views of Baack and Ray.

10. Two presidents named Roosevelt helped promote the acceptance of unions. What did Theodore Roosevelt do in 1902 to promote unionism? More importantly what did Franklin Roosevelt do in the mid-1930s?

11. In 1929 the US had an unemployment rate of approximately 3.2%, or 1.6 million people unemployed, yet Hughes and Cain suggest we were at full employment. What do they mean by "full employment"?

12. Some economic historians think the Federal Reserve did not do all it should have to prevent the depression. Discuss alternative views of what they did or could have done.

13. A variety of economic reforms were undertaken as part of the New Deal. Describe 3 of them.

14. Most economists argue that we should not strive to balance the budget on an annual basis and prefer to look at the structural budget. Some point out Hoovers tax folly to emphasize their point. Explain what they are talking about.

15. Compare and contrast stock market activity in October 1929, October 1987 and late summer 1998. What are some of the institutional differences that might influence the impact of market changes on the real economy?

16. In what ways was economic warfare a part of W.W.II?

17. Discuss inflationary pressures associated with W.W.II.

18. What was the War on Poverty and how does it relate to The Affluent Society and The Other America?

19. Why has the tertiary sector grown so much?

20. How is the fiscal drag Kennedy worried about related to supply side economics?