Practice%20Second%20Exam%20_2

Practice%20Second%20Exam%20_2 - Second Exam Practice Test#2...

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1 Second Exam, Practice Test #2 The correct answers to the multiple-choice questions and to the short-answer questions are at the end of the exam. A few of the topics covered on this practice test that will not be covered on the exam this semester. Only topics covered in the lectures or that are related to the reading questions will be covered on the exam. American Economic History Professor Rockoff Instructions . Answer the questions by marking the appropriate blocks on your scantron, or filling in the short answer. There is one best answer to each question in the sense of the one that appears to be most generally true in the light of class discussions and assigned readings. Sign both the question sheet and the scantron and turn in both. Try not to get hung up looking for special cases or trick questions. The idea is simply to see if you have learned the main points presented in the class lectures and in the text. Name ____________________________________ Rutgers ID# __________________________ Multiple-choice. (Each is worth 2 points each.) 1. The "Crime of 1873" was the decision by Congress to ___. a. lift the legal limit on the rate of interest (abolish the usury laws) b. reform the bankruptcy laws and make it harder for individuals to declare bankruptcy c. omit the silver dollar from the list of legal tender coins d. freeze the amount of greenback dollars in circulation. 2.The price level began to rise after 1896 until World War I. In class I attributed this rise in part to a. federal Reserve policies b. bank of England policies
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2 c. the cyanide process for extracting gold from ore d. discoveries of gold in Mexico e.discoveries of gold in Antarctica 3. In class I attributed the mild deflation from 1879 to 1896 to ____ and ______. a. conservative monetary policies followed by the Federal Reserve, rapid economic growth b. rapid economic growth, monopolistic policies followed by big business c. increased regulation of banking after financial panics, slow growth of the world gold supply d. slow growth of the world gold supply, rapid economic growth e. more countries joining the gold standard, monopolistic policies followed by big business 4. According to the “Fisher effect” (although not the evidence actually found by Fisher) ending the deflation of the 1880s and 1890s by adopting silver bimetallism would not have helped farmers very much because ____. a. agricultural terms of trade would rise b. agricultural terms of trade would fall c. interest rates would rise d. interest rates would fall 5. According to the class lecture the nickel coin was adopted because _____. a. nickel was soft and easily worked into coins b. to save on the amount of gold used in U.S. money thus increasing the price level c. to save on the amount of gold used in U.S. coins thus decreasing the price level d. to provide a market for American nickel e. to provide a trade coin that could be used in both gold standard and silver standard countries 6. At the end of the Civil War Republicans argued that it was important to return to the gold standard
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This note was uploaded on 09/25/2011 for the course ECONOMICS 305 taught by Professor Hughrockoff during the Spring '11 term at Rutgers.

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Practice%20Second%20Exam%20_2 - Second Exam Practice Test#2...

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