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Study Guide Test 2

Study Guide Test 2 - ECON 2200-Moore Study Guide for Test 2...

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ECON 2200-Moore Study Guide for Test 2 Test #2 will be held in our regular classroom on Friday, October 12. The test will cover the following sections of the syllabus: II. The Reunification Era: Southern Stagnation, Western Expansion & the Industrial Revolution (c. 1865-1920) The Rise of “Big Business” Walton & Rockoff, Chap 17 Field, Alexander J., “The Magnetic Telegraph, Price and Quantity Data, and the New Management of Capital,” The Journal of Economic History , Vol. 52, No. 2, (June 1992), pp. 401-413. Money and Banking after the Civil War Walton & Rockoff, Chap 19 (Note: Coverage of Chap 19 will be continued on Test 3.) To prepare for the test, please review the assigned reading in the text, the supplementary reading, your lecture notes and any quizzes. Remember that the topic outlines (posted on Webct) are ONLY outlines; they are not an adequate substitute for good lecture notes. As you review, pay particular attention to figures and tables that we discussed in class. The test will consist of 35-40 true/false and multiple choice questions. Upon completing the test, you must turn in your scantron and your test booklet. However, you will be given a separate sheet on which to record your answers. You will be able to check your answers using the answer keys that will be posted on Webct following the test. For the test, you will need a #2 pencil and your UGA ID . Below you will find some questions to use as a guide to your studying. While this list is not exhaustive , it does illustrate the types of questions you should be prepared to answer. Be sure to review economic terms/theories, such as: economies of scale, productivity, value added, total fixed cost, monopoly, elasticity, deflation, excess capacity, etc. 1. Use Tables 17.1 and 17.2 to describe late-19 th century growth in both the labor force and output across various sectors of the economy. In which sectors was productivity growth greatest? In the late 19 th century almost every industry in America had an increase in labor force and an even greater increase in output. Agricultures labor force only doubled while manufacturing was over 5 times as big. The largest growth in labor force was the railroad industry which was 23 times larger in 1910 than in 1860. This is due to the increase of railroads all across America. The largest increase in output is the railroad freight ton miles, with an increase of 98 times! This time period was a very big time for development in America. This is so small you can barely see it. Kinda like Bobby’s penis. Haha, I made a penis joke. Tee hee. Hey are you still reading this?
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2. What is “valued added?” Use Table 17.5 to describe changes in value added per worker in the reunification period. Why does value added per worker tend to be higher in capital-intensive, “high-tech” industries? Use examples from Table 17.5 to illustrate your answer.
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