EXAM 2 - Assesments and Previous Exam

EXAM 2 - Assesments and Previous Exam - 1. In Munn v....

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1. In Munn v. Illinois (1877), the US Supreme Court held that states: Student Response Value Correct Answer Feedback A.cannot issue paper currencies. B.cannot enact laws that interfere with interstate commerce. C.may establish loan programs for farmers within their borders. D.may regulate the prices charged by certain types of private businesses. 100% General Feedback: Review the discussion of Munn v. Illinois in Presentation 2. Score: 10/10 2. Farmers who joined the Greenback Party in the late-19th century felt that: Student Response Value Correct Answer Feedback A.an increase in the money supply would benefit debtors. 100% B.the government should own all transportation and communication facilities. C.the government should make efforts to curb the inflation that the country was experiencing. D.farm prices were too high in comparison to the overall price-level of the economy. General Feedback:
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See Presentation #2. Remember that the actual benefit of inflation on farmers/debtors would have been temporary at best. Be sure that you can explain this using economic reasoning and historical facts. Score: 10/10 3. Modern economists believe that reflation would have put an end to US farmers’ adverse terms of trade in the late- 1800s. Student Response Value Correct Answer False 100% False General Feedback: See Presentation 2. Remember that farmers' adverse terms of trade were created by a large increase in the supply of agricultural products. Changing the direction of the price-level would not have ended the negative pressure of increased supply on agricultural prices. Score: 10/10 4. Established in 1862, the US Department of Agriculture’s functions during the 19th and early 20th century included all of the following EXCEPT: Student Response Value Correct Answer Feedback A.research and experimentation on plant and animal breeding. B.regulation of US agricultural prices and output. 100% C.distribution of information through publications and experiment stations. D.regulation of quality through inspection of meat and dairy products. General Feedback: See Presentation 2 and p. 275 in text. Score: 10/10
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In the US between 1860 and 1910, the total manufacturing labor force expanded by a multiple of _____, and total manufacturing output expanded by a multiple of _____. Student Response Value Correct Answer Feedback A.3.4; 6.8 B.5.4; 10.8 100% C.6.0; 15.2 D.23.2; 17.1 General Feedback: Table 17.1 provides labor force expansion data for various sectors. Table 17.2 provides output expansion data for parallel sectors. Score: 10/10 6. In the US between 1860 and 1910, data indicate that output grew by a larger multiple than the labor force in the _____ sector. Student Response Value Correct Answer Feedback A.agricultural B.iron and steel production C.coal mining D.railroad freight hauling E.All of the above. 100% General Feedback: See Tables 17.1 and 17.2, and the discussion of these tables on p. 298-299 of your text. Score:
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EXAM 2 - Assesments and Previous Exam - 1. In Munn v....

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