Macro Economics ch. 1-12

In the early 19th century, the US suffered from a scarcity of

True/False: Our economy has had an unemployment rate below 5% since the early 1940's.

True/False: There was a great deal of stagflation in the 1970's.

Each of the following were elements of the New Deal EXCEPT

Which best describes the post-WWII recessions in the US?

At the time of the American revolution, about _____ of every 10 Americans lived on a farm.

Between 1939 and 1944, federal government spending rose by more than_____.

Each was a year of high unemployment EXCEPT_____.

The year 2009 could be described as having had relatively _____ unemployment rate and a relatively _____ rate of inflation.

Between 1929 and 1933, output fell _____.

what would be the most accurate description of our economy since the end of 2007?

The inflation rate declined during the presidency of _____.

The transcontinental railroads completed in the 1860's 70s and 80s all bypassed the ______.

Compared to our economic history between 1870 and 1945, our economic history since 1945 could be considered ______.

The longest economic expansion in our history began in _______.

The age of the great industrial capitalists like Carnegie, Rockefeller, and Swift was in the

____ completely changed the face of the US in the 25 years following WWII.

Medicare and Medicaid were inaugurated under the administration of _____.

Most of the recessions since WWII lasted ____.

True/False: There was a major tax cut in 1964.

There was a major tax cut in ______.

Our economic growth began to slow markedly _______.

During WWII most of the people who got jobs in defense plants were ________ who had ______ experience building planes, tanks, and warships.

In the 1970s, our economy suffered from _______.

There were no recessions during the administration of _______

Our longest uninterrupted economic expansion took place mainly in the decade of the _________.

In the 1990s our economy has generated more than ________ million additional jobs.

What offset the Great Recession?

True/False: The South had some very substantial economic grievances against the North in the years immediately preceding the Civil War.

The massive shift of population and industry out of the large central cities from the late 1940s through the 1960s was caused by ____?

What was not a major contributing factor to Suburbanization?

True/False: The economic downturn that began in December 2007 is the longest since the 1930s.

Who made the statement: " Once upon a time my opponents honored me as possessing the fabulous intellectual and economic power by which I created a worldwide depression all by myself."

True/False: Although we got off to a rocky start, this century may well turn out to be another "American Century".

Our most rapid job growth was in the period from ________.

If you could blame just one person or group of people that caused the Great Depression, which one would you choose?

What did not happen during the Great Recession?

True/False: It is far too soon to say whether or not the 21st century will be another "American century".

The lowest point of the great depression was reached in the year _______.

In 1790, about ______of every 10 Americans lived on farms.

The worst recession we had since WWII occurred in _____.

The country with the world's largest output is ___.

In 1933, our official unemployment rate was _____.

Bills providing for Medicare and Medicaid were passed during the administration of _____.

Today one full-time American farmer feeds about _____ people.

During President Dwight D. Eisenhower's two terms, there were _______ recessions.

Rapid technology change in agriculture during the first half of the 19th century was brought on mainly by _______.

The main factor in finally bringing us out of the great depression was?

Since the end of WWII there have been _____ recessions.

The quarter century that was completely dominated by the great industrialists like Andrew Carnegie and John D. Rockefeller began in the year _______.

Passage of the ______ in 1944 enabled nearly 8 million veterans to go to school.

The _______ century was termed "The American Century"

The efficient allocation of the scarce means of production toward the satisfaction of human wants.

Conditions under which maximum output is produced with a given level of input.

The part of economics concerned with the economy as a whole.

Includes our resources and our technological ability to use them to produce output.

The inability of an economy to generate enough goods and services to satisfy all human wants.

Natural resources used to produce goods and services.

work and time for which one is paid

the price paid for the use or service of labor per unit of time.

All means of production mainly plant and equipment created by people.

The cost of borrowed goods.

Ability to recognize a business opportunity and successfully set up a business firm to take advantage of it.

The difference between total revenue and total cost.

An innovator