Different political and cultural histories probably made immigrants’ assimilation into the American labor force   a.  more enjoyable.   b.  much easier.   c.  just as hard as for rural white Americans.   d.  more difficult.

With the adoption of the U.S. Constitution in 1787,   a.  importation of slaves was made illegal.   b.  importation of slaves was allowed, but only for the next 20 years.   c.  importation of slaves from the Caribbean was prohibited, but importation of African slaves was allowed.   d.  importation of slaves was allowed only on federally-approved vessels that met minimum crew sizes.

John D. Rockefeller is most recognized for:   a.  developing the oil industry.    b.  being an early promoter of the computer industry.    c.  lobbying the government for the abolition of slavery.   d.  inventing new technology to further the steel production process.    

. If the government-imposed price of corn is greater than the market price,   a.  the quantity of corn supplied will exceed the quantity of corn demanded.   b.  the quantity of corn supplied will be less than the quantity of corn demanded.   c.  the demand curve for corn will increase.   d.  the supply curve for corn will increase.

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.

The majority of slaves that were brought to the New World during the colonial period were used in the production of:   a.  cotton.   b.  sugar.   c.  tobacco.   d.  rice.

Which of the following most accurately describes the “Fisher effect?”    a.  Interest rates increase after inflation and decrease after deflation, but with a long lag.    b.  Interest rates are independent of inflation and deflation.    c.  Interest rates increase after inflation, but are not affected by deflation.    d.  Increasing interest rates precede inflation and decreasing interest rates precede deflation. 

“Automatic stabilizers” played a part in reducing the length and severity of the recession of 1953-54.  This term refers to   a.  deficit spending by the federal government.   b.  spending on education by local and state governments.   c.  programs like unemployment insurance and Social Security.   d.  actions by the Federal Reserve aimed at reducing interest rates.

Which of the following most accurately describes the “Fisher effect?”    a.  Interest rates increase after inflation and decrease after deflation, but with a long lag.    b.  Interest rates are independent of inflation and deflation.    c.  Interest rates increase after inflation, but are not affected by deflation.    d.  Increasing interest rates precede inflation and decreasing interest rates precede deflation. 

cording to Walton and Rockoff, all of the following were among Jefferson’s main goals for land policy except:   a.  To assure clear property rights to the land owned by individuals.    b.  To drive Indians off the land and secure it for American settlers.    c.  To provide revenues to the federal government through sales.    d.  To spread democratic institutions.