Question 1

Historically,price discrimination was aggressive behavior exhibited by whom? The

Accepted Answer

A)  monopolist 
B)  mom and pop business person 
C)  manager of a large group of industrial workers 
D)  corporation 
A)  monopolist 
B)  mom and pop business person 
C)  manager of a large group of industrial workers 
D)  corporation

Question 2

What is the Sherman Anti-trust Act of 1890? What is the economic history behind this act? How is this act applied today?

Accepted Answer

The Sherman Antitrust Act of 1890 is a l

Question 3

Railroads fueled the expansion of all markets in the post-bellum period of U.S.history.

Accepted Answer

A) True 
 B)False

Question 4

Fogel (1964)showed that railroad construction after the Civil War dominated the markets for which of the following?

Accepted Answer

A)  Steel 
B)  Coal 
C)  Wood 
D)  None of the above 
A)  Steel 
B)  Coal 
C)  Wood 
D)  None of the above

Question 5

Incentives matter.Identify the main special interest group behind the Sherman Anti-trust Act of 1890 and identify why they wanted to pass this act.

Accepted Answer

The main special interest group behind t

Question 6

Discuss the historical significance of the Granger Cases in the 1870s.

Accepted Answer

The Granger Cases in the 1870s were a se

Question 7

The growth of total railroad mileage

Accepted Answer

A)  was far greater after the Civil War than before. 
B)  was maximized in miles built per decade before 1860. 
C)  was a free-market phenomenon, not subject to government subsidies. 
D)  was not subject to business cycle fluctuations. 
A)  was far greater after the Civil War than before. 
B)  was maximized in miles built per decade before 1860. 
C)  was a free-market phenomenon, not subject to government subsidies. 
D)  was not subject to business cycle fluctuations.

Question 8

As in the modern world,price-discriminating railroad industrialists of yesteryear charged the highest prices in markets with the steepest competition.

Accepted Answer

A) True 
 B)False

Question 9

All railroads were private enterprises with no government influence.

Accepted Answer

A) True 
 B)False

Question 10

What particular complaints developed against the railroads,and by whom,that eventually led to ?their regulation by government? Though there is considerable uncertainty involved,what may ?have been some of the effects of this regulation?

Accepted Answer

The particular complaints that developed

Question 11

In 1886,what did the U.S.Supreme Court rule in Wabash,St.Louis,and Pacific Railway v Illinois?

Accepted Answer

A)  Only the federal government could regulate commerce across states. 
B)  Only the states had the right to regulate commerce across states. 
C)  Neither the federal or state governments had the right to regulate across states. 
D)  Railroads were not subject to any government regulation, state or federal. 
A)  Only the federal government could regulate commerce across states. 
B)  Only the states had the right to regulate commerce across states. 
C)  Neither the federal or state governments had the right to regulate across states. 
D)  Railroads were not subject to any government regulation, state or federal.

Question 12

Changing conditions in transportation during the years following the Civil War (1861-1865)provided an economic explanation for which of the following?

Accepted Answer

A)  Railroad amalgamation 
B)  A well founded fear of monopolies by agriculturalists 
C)  Large government funding budgets for railroads 
D)  All of the above 
A)  Railroad amalgamation 
B)  A well founded fear of monopolies by agriculturalists 
C)  Large government funding budgets for railroads 
D)  All of the above

Question 13

The perfectly discriminating monopolist will produce the

Accepted Answer

A)  quantity at which average cost exceeds marginal revenue. 
B)  quantity at which marginal cost equals average cost. 
C)  quantity at which marginal revenue equals marginal cost. 
D)  quantity and price which is not necessarily profit-maximizing but in the ?best interest of society at large, even if it means loss. 
A)  quantity at which average cost exceeds marginal revenue. 
B)  quantity at which marginal cost equals average cost. 
C)  quantity at which marginal revenue equals marginal cost. 
D)  quantity and price which is not necessarily profit-maximizing but in the ?best interest of society at large, even if it means loss.

Question 14

Many individuals blame government regulation for the demise of the railroad industry.Describe their economic reasoning.

Accepted Answer

Many individuals blame government regula

Question 15

Describe the changing legal,business and economic climate of the post-Civil War period that led?to the federal regulation of business activity.Discuss the key court cases that sanctioned federal regulation of business.

Accepted Answer

The post-Civil War period in the United

Question 16

Which event in business regulatory history permitted government intervention in industry affairs?

Accepted Answer

A)  The case of Munn v Illinois (1877) 
B)  The Sherman Act of 1890 
C)  The case of Nebbia v New York (1934) 
D)  The creation of the Interstate Commerce Commission via the ?Interstate Commerce Act of 1887 
A)  The case of Munn v Illinois (1877) 
B)  The Sherman Act of 1890 
C)  The case of Nebbia v New York (1934) 
D)  The creation of the Interstate Commerce Commission via the ?Interstate Commerce Act of 1887

Question 17

Railroads

Accepted Answer

A)  were among the last of the pre-1890 big businesses to be regulated. 
B)  were only subject to regulation by governments when the federal government stepped in with?the Interstate Commerce Act of 1887. 
C)  were objects of regulation more than a decade before the Interstate Commerce Commission Act. 
D)  were never subject to government regulation before World War I and the "command economy." 
A)  were among the last of the pre-1890 big businesses to be regulated. 
B)  were only subject to regulation by governments when the federal government stepped in with?the Interstate Commerce Act of 1887. 
C)  were objects of regulation more than a decade before the Interstate Commerce Commission Act. 
D)  were never subject to government regulation before World War I and the "command economy."

Question 18

Many railroads received government subsidies and land grants and,thus,were influenced by the government.

Accepted Answer

A) True 
 B)False

Question 19

The Granger Cases of the 1870s

Accepted Answer

A)  represented farmers' overall support for changes in the railroad industry. 
B)  served to organize collectively and support legally the economic, political and social values?of farmers. 
C)  organized the collective interests of railroads in what was known as "The Grange of the Midwest." 
D)  are true for all of the above. 
A)  represented farmers' overall support for changes in the railroad industry. 
B)  served to organize collectively and support legally the economic, political and social values?of farmers. 
C)  organized the collective interests of railroads in what was known as "The Grange of the Midwest." 
D)  are true for all of the above.

Question 20

Today's railroads are:

Accepted Answer

A)  Privately owned and regulated by competitive forces. 
B)  Private owned but managed by federal regulatory bodies. 
C)  Federally owned and managed by government regulatory bodies. 
D)  Federally owned but competitive. 
A)  Privately owned and regulated by competitive forces. 
B)  Private owned but managed by federal regulatory bodies. 
C)  Federally owned and managed by government regulatory bodies. 
D)  Federally owned but competitive.

Exam 14: Railroads and Economic Development

Historically,price discrimination was aggressive behavior exhibited by whom? The

What is the Sherman Anti-trust Act of 1890? What is the economic history behind this act? How is this act applied today?

Railroads fueled the expansion of all markets in the post-bellum period of U.S.history.

Fogel (1964)showed that railroad construction after the Civil War dominated the markets for which of the following?

Incentives matter.Identify the main special interest group behind the Sherman Anti-trust Act of 1890 and identify why they wanted to pass this act.

Discuss the historical significance of the Granger Cases in the 1870s.

The growth of total railroad mileage

As in the modern world,price-discriminating railroad industrialists of yesteryear charged the highest prices in markets with the steepest competition.

All railroads were private enterprises with no government influence.

What particular complaints developed against the railroads,and by whom,that eventually led to ?their regulation by government? Though there is considerable uncertainty involved,what may ?have been some of the effects of this regulation?

In 1886,what did the U.S.Supreme Court rule in Wabash,St.Louis,and Pacific Railway v Illinois?

Changing conditions in transportation during the years following the Civil War (1861-1865)provided an economic explanation for which of the following?

The perfectly discriminating monopolist will produce the

Many individuals blame government regulation for the demise of the railroad industry.Describe their economic reasoning.

Describe the changing legal,business and economic climate of the post-Civil War period that led?to the federal regulation of business activity.Discuss the key court cases that sanctioned federal regulation of business.

Which event in business regulatory history permitted government intervention in industry affairs?

Railroads

Many railroads received government subsidies and land grants and,thus,were influenced by the government.

The Granger Cases of the 1870s

Today's railroads are:

Overseas Empire

Colonial Development

America on the Eve of Revolution

Gaining Independence

Westward Expansion

Population and Labor Force

Law and the Rise of Classical American Capitalism

Transportation, Internal Improvements, and Urbanization

Agricultural Expansion: The Conflict of Two Systems on the Land

The Debate over Slavery

The Early Industrial Sector

The Financial System and the International Economy

Economic Effects of the Civil War

Post-Civil War Agriculture

Population Growth and the Atlantic Migration

Industrialization, Entrepreneurship, and Urban Growth

Big Business and Government Intervention

Financial Developments 1863–1914

The Giant Economy and Its International Relations

Labor and the Law

The Command Economy Emerges: World War I

Normalcy”: 1919–1929

The Great Depression

The New Deal

The “Prosperity” of Wartime

Before the New Frontier: The Postwar Economy

Population, Health, and Labor

Postwar Industry and Agriculture

To the New Millennium and Beyond

Does Our Past Have a Future?

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