Economic Growth History In The Countries

Economic Growth History In The Countries Discussion Questions Help

Problem Set 5

1.Which is not one of the ways that agricultural westward expansion benefited from the federal government in the postbellum era?

a) The Department of Agriculture developed and disseminated new agricultural technologies.

b) The federal government facilitated the transcontinental railroad, improving access to markets.

c) Increasingly liberal land policy increased access to farm land.

d) The federal government offered low interest loans to farmers for new equipment.

 2. Which of the following is not true about industrial manufacturing in the second half of the 19 th century?

a) By the end of the 19th century, manufacturing had replaced agricultural production as the nation’s primary source of economic output.

b) Cotton Goods and Flour and Meal continued to be among the top 5 industries during this period.

c) By 1913, the US was not only the largest industrial producer in the world, it was the largest producer by far, producing approximately 1/3 of global industrial output. d) Fifty years after the start of the Civil War the manufacturing labor force was five times larger, however manufacturing output increased at almost twice that rate.

3. An important advance in manufacturing that led to economies of scale and increased industrial productivity was:

 a) Industrial concentration

b)Scientific management

c) Advertising  

d) None of these contributed to economies of scale

4. Which of the following laid the foundation for the federal government’s regulation of industry to encourage competition and discourage firms from exercising monopoly power?

 a) The Federal Reserve Act.

b) The Dillingham Commission.

c) The Parker Policies.  

d) The Sherman Antitrust Act.

B. True or False (0.5 point each)

For the following statements, please first answer true or false. Then provide a brief explanation to your answer.

1. When firms exercise market power, consumers end up paying relatively low prices and society is made better off.

2. By forming trusts, industries were temporarily successful at generating monopoly-level profits towards the end of the 19th century.

C. Short Question (2 points)

 1. Using Rockefeller and Carnegie as an example, compare and contrast vertical mergers with horizontal mergers and how they lead to market concentration.