Macro Economics ch. 1-12

Macro Economics ch. 1-12

In the early 19th century, the US suffered from a scarcity of
labor-relative to land
True/False:
Our economy has had an unemployment rate below 5% since the early 1940’s.
false
True/False:
There was a great deal of stagflation in the 1970’s.
true
Each of the following were elements of the New Deal EXCEPT
a balanced budget
Which best describes the post-WWII recessions in the US?
Each was accomplished by a decline in output of goods and services and an increase in unemployment.
At the time of the American revolution, about _____ of every 10 Americans lived on a farm.
one
Between 1939 and 1944, federal government spending rose by more than_____.
400%
Each was a year of high unemployment EXCEPT_____.
1944
The year 2009 could be described as having had relatively _____ unemployment rate and a relatively _____ rate of inflation.
high; low
Between 1929 and 1933, output fell _____.
by about one third
what would be the most accurate description of our economy since the end of 2007?
we experienced the worst economic mess since the great depression.
The inflation rate declined during the presidency of _____.
Both Eisenhower and Reagan
The transcontinental railroads completed in the 1860’s 70s and 80s all bypassed the ______.
South
Compared to our economic history between 1870 and 1945, our economic history since 1945 could be considered ______.
much more stable
The longest economic expansion in our history began in _______.
the spring of 1991
The age of the great industrial capitalists like Carnegie, Rockefeller, and Swift was in the
fourth quarter of the 19th century
____ completely changed the face of the US in the 25 years following WWII.
Suburbanization
Medicare and Medicaid were inaugurated under the administration of _____.
Lyndon B. Johnson
Most of the recessions since WWII lasted ____.
6 to 12 months
True/False:
There was a major tax cut in 1964.
true
There was a major tax cut in ______.
both 1964 and 1981
Our economic growth began to slow markedly _______.
in the early 1970s
During WWII most of the people who got jobs in defense plants were ________ who had ______ experience building planes, tanks, and warships.
women; no
In the 1970s, our economy suffered from _______.
inflation and stagnation
There were no recessions during the administration of _______
Bill Clinton
Our longest uninterrupted economic expansion took place mainly in the decade of the _________.
1990s
In the 1990s our economy has generated more than ________ million additional jobs.
20
What offset the Great Recession?
The bursting of the housing bubble.
True/False:
The South had some very substantial economic grievances against the North in the years immediately preceding the Civil War.
true
The massive shift of population and industry out of the large central cities from the late 1940s through the 1960s was caused by ____?
Suburbanization
What was not a major contributing factor to Suburbanization?
federal subsidies for public transportation
True/False:
The economic downturn that began in December 2007 is the longest since the 1930s.
true
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.”
Herbert Hoover
True/False:
Although we got off to a rocky start, this century may well turn out to be another “American Century”.
True
Our most rapid job growth was in the period from ________.
1995 to 2000
If you could blame just one person or group of people that caused the Great Depression, which one would you choose?
The Federal Reserve Board
What did not happen during the Great Recession?
a sharp rise in the inflation rate
True/False:
It is far too soon to say whether or not the 21st century will be another “American century”.
true
The lowest point of the great depression was reached in the year _______.
1933
In 1790, about ______of every 10 Americans lived on farms.
9
The worst recession we had since WWII occurred in _____.
2007-2009
The country with the world’s largest output is ___.
The US
In 1933, our official unemployment rate was _____.
25%
Bills providing for Medicare and Medicaid were passed during the administration of _____.
Lyndon B. Johnson
Today one full-time American farmer feeds about _____ people.
500
During President Dwight D. Eisenhower’s two terms, there were _______ recessions.
3
Rapid technology change in agriculture during the first half of the 19th century was brought on mainly by _______.
A plenitude of land in comparison with the amount of labor.
The main factor in finally bringing us out of the great depression was?
government spending on WWII
Since the end of WWII there have been _____ recessions.
12
The quarter century that was completely dominated by the great industrialists like Andrew Carnegie and John D. Rockefeller began in the year _______.
1875 +/-
Passage of the ______ in 1944 enabled nearly 8 million veterans to go to school.
The GI Bill of Rights
The _______ century was termed “The American Century”
20th
The efficient allocation of the scarce means of production toward the satisfaction of human wants.
economics
Conditions under which maximum output is produced with a given level of input.
efficiency
The part of economics concerned with the economy as a whole.
Macroeconomics
Includes our resources and our technological ability to use them to produce output.
means of production
The inability of an economy to generate enough goods and services to satisfy all human wants.
scarcity
Natural resources used to produce goods and services.
land
work and time for which one is paid
labor
the price paid for the use or service of labor per unit of time.
wage
All means of production mainly plant and equipment created by people.
capital
The cost of borrowed goods.
interest
Ability to recognize a business opportunity and successfully set up a business firm to take advantage of it.
entrepreneurial ability
The difference between total revenue and total cost.
profit or loss
An innovator
entrepreneur