What was not one of the primary reasons why people opposed the First and Second Banks of the United States?    a.  They printed too much money and triggered a substantial inflation.   b.  They had monopoly control over some banking activities.   c.  They were unconstitutional.   d.  They did not provide sufficiently generous lending policies.

(04.03 MC)Your little brother has a big ball of clay. You break the ball of clay into smaller pieces while he watches. He begins to cry because he thinks he now has less clay. Which of Piaget’s stages is your brother likely in?

What best describes the impact of the cotton gin?   a.  A decrease in the price and an increase in the quantity of cotton.    b.  An increase in the price and a decrease in the quantity of cotton.    c.  Decreases in both the price and quantity of cotton.   d.  Increases in both the price and quantity of cotton.

Clipper ships   a.  allowed for profitable shipping on both short and long journeys.   b.  dominated Atlantic trade by 1850.   c.  were among the first ships to have iron hulls.   d.  earned huge profits transporting passengers and cargo during the gold rushes to California and Australia. 

. In the early 1980s, many people found themselves unable to purchase new homes because of   a.  rising prices and interest rates.   b.  rising prices and falling interest rates.   c.  new government restrictions on mortgages for first-time buyers.   d.  increases in income tax rates.

A _________ is an agreement under which stockholders of several formerly-competing companies turn over their shares to a group that exercises voting control over the companies.   a.  trust   b.  gentleman’s agreement   c.  holding company   d.  pooling arrangement

“Economic exploitation” is measured by   a.  the sum of all input costs, both direct and indirect.   b.  the difference between the value of output a worker adds and what she receives.   c.  the difference between a monopoly’s profit and the profit of a competitive firm.   d.  the average wage of a skilled worker divided by the average wage of an unskilled worker.

The Federal Reserve Act   a.  established a clearinghouse system for checks and notes.    b.  allowed only nationally-chartered banks to become members of the Federal Reserve system.   c.  allowed the Fed District Banks to offer commercial loans to private businesses at reduced interest rates.   d.  required that all Fed District Bank directors be associated with the commercial banking industry.

On the eve of the Civil War, which U.S. region had the highest per capita income?   a.  the Northeast region   b.  the South Atlantic region   c.  the North Central region   d.  the West South Central region 

Anna Schwatz and Milton Friedman have argued that the Great Depression was caused by   a.  the fall in the stock of money.   b.  the fall in consumer durable spending.   c.  the fall in investment spending.    d.  the increase in nominal wages.