The first factories in the US were developed within the __________ industry.   a.  iron smelting   b.  grain milling   c.  boot and shoe   d.  cotton textile

The “gang system” is an example of   a.  specialization and division of labor.   b.  diminishing marginal product.   c.  the envelope theorem.   d.  Gresham’s law.

. 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

Deflation   a.  often accompanies increases in the money supply.   b.  is good for borrowers, but bad for lenders.   c.  is good for lenders, but bad for borrowers.   d.  cannot occur under a bimetallic standard. 

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 

What most accurately describes the U.S. compared to other nations in the early 1900s?   a.  The U.S., which was still quite young, was one of the least productive nations in the world in both the agricultural and manufacturing sectors.   b.  The U.S., Great Britain and Germany were the three most industrialized nations.   c.  The industrial output in the U.S. was about average compared the rest of the nations in the world.   d.  The U.S., which had large supplies of land, had a highly productive agricultural sector, but its industrial productivity was quite low relative to that of other nations.

Which of the following federal farm programs was successful in reducing agricultural surpluses?   a.  The Agricultural Act of 1948   b.  The Emergency Act of 1978   c.  The Emergency Feed Grain Bill of 1961   d.  The Soil Bank Act of 1956

Which US President was in office during World War I?   a.  Grover Cleveland   b.  Herbert Hoover.    c.  Abraham Lincoln.   d.  Woodrow Wilson.