Section+6 - Section 6 Midterm 2 & the IS curve Wednesday,...

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Section 6 1 Wednesday, March 3, 2010
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MT2 - Multi-Choice Qs 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. e. The ‘terms of trade’ rose in each and every year after 1870 until 1913 2 Wednesday, March 3, 2010
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MT2 - Multi-Choice Qs 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 ±rst fully competitive industry in the US 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 Wednesday, March 3, 2010
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MT2 - Multi-Choice Qs 3. Railroads made an impact on the US economy because : a. They allowed monopolists like Standard Oil to dominate the US oil industry 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. They increased investment in the canals in order to complement the railroads’ activities e. States took on the debt of railroads, which often defaulted, thus increasing the tax burden on their citizens. 4 Wednesday, March 3, 2010
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4. Which of the following is the best explanation for the start of the Great Depression? a. Stock market volatility fell, damaging proFts at leading banks b. The ±ederal Reserve raised interest rates in 1928 . c. The Ponzi Scheme and other Fnancial fraud
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This note was uploaded on 03/11/2010 for the course ECN ECN111b taught by Professor Meissner during the Winter '10 term at UC Davis.

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Section+6 - Section 6 Midterm 2 & the IS curve Wednesday,...

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