Midterm2_AnswerKey_3

Midterm2_AnswerKey_3 - Econ 110B Prof. Meissner Midterm 2...

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Econ 110B Prof. Meissner Midterm 2 Answer Key 1 Multiple Choice Questions (4 Points each for a total of 20% of the grade) NOTE: The questions below correspond to Version A. 1. Which of the following is true for the agricultural sector between 1865 and 1913? a. Railroad expansion led to the disappearance of agriculture in the mid- west. b. Yields per acre fell dramatically due to new plant diseases. c. Mechanization lowered agricultural output per worker. d. Total factor productivity grew at between 0.6 and 0.7% per year on average. 2. Railroads were pioneers in which one of the following ways: a. From the 1850s they designed a new managerial structure copied in many other industries. b. They were the only way farmers could get their products to market. c. This was the ²rst fully competitive industry in the US economy. d. Prior to their arrival there was no way to ship goods out of local markets to international markets and hence the US was only able to trade internationally after their introduction 3. Railroads made an impact on the US economy because a. They allowed monopolists like Standard Oil to dominate the US oil in- dustry. b. They increased investment in the canals in order to complement the railroads±activities. c. Prior to their arrival there was no way to ship goods out of local markets to international markets and hence the US was only able to trade internationally after their introduction d. States took on the debt of railroads, which often defaulted, thus increasing the tax burden on their citizens. e. They partnered with the farmers± alliances to promote US exports of wheat to new markets. The right answer on version B was C: Without railroads, US GDP in 1890 might have been 4 % to 15% lower than it actually was. Unfortunately, this got messed up in the versioning. So, everyone received credit for this one, even for students taking Version B, which was printed cor- rectly. 1
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4. Which of the following is the best explanation for the start of the Great Depression? b. The Federal Reserve raised interest rates in 1928 d. Labor power increased, wages rose, unemployment rose and demand fell 5. Farmers±discontent had all of the following impacts except which of the following a. New political parties and interest groups formed to represent the interests of mid-western farmers b. The US almost went o/ the gold standard system in order to c. Government intervention in the economy increased d. Farmers withheld their commodities from the market so as to raise farm prices and to anger consumers of such goods. e. Helped establish the Granger movements
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Midterm2_AnswerKey_3 - Econ 110B Prof. Meissner Midterm 2...

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