Economics 1740VERSION A - MARK ON YOUR SCANTRON ANSWER SHEET

Fall, 2002

Dr. Alston , Quiz #6, Walton and Rockoff, Chapters 11 & 12

1. According to studies by Goldin and Skoloff (1982) and Craig and Field-Hendry (1993), the female-to-male wage ratio in the early 1800s

a.was higher in the North than in the South.

b.is comparable to the ratio in 1860.

c.encouraged the adoption and success of the Waltham system.

d.was greater than one.

2.Which of the following statements presents accurate information about antebellum wages for males employed in manufacturing?

a.During the 1850s, real wages doubled.

b.Real wages were higher and grew more rapidly in New England than in the Middle Atlantic states.

c.Wage rates (by region) converged in the mid-1800s due to transportation improvements.

d.Wage rates in the 1820s were higher in rural areas than in urban areas.

3.Which of the following statements presents inaccurate information about the early U.S. labor movement?

a.Courts in the early 19th century often found unions guilty of conspiracy.

b.Unskilled factory workers were the primary beneficiaries of early labor gains.

c.In the 1820s and 1830s, small craft societies began to coalesce to form larger unions.

d.Early unions experimented with collective bargaining, strikes, and closed shops.

4.Which of the following best describes the antebellum United States?

a.Immigration peaked in the 1820s and slowly decreased through the Civil War.

b.Union membership grew consistently through the period and comprised a substantial portion of the working population by the Civil War.

c.English wages grew relative to those of the United States.

d.The percentage of people living in U.S. urban areas approximately tripled.

e.The North had the most unequal income distribution because of its large increase in industry.

5. As a result of the relatively low female-to-male wage ratio in early-1800s New England, the

a.supply of women willing to work in factories increased.

b.supply of women willing to work in farming declined.

c.wages of female farm labor rose.

d.North industrialized more quickly than the South.

e.all of the above

6.Which of the following was not true of the First and Second Banks of the United States?

a.They had branches throughout the country.

b.They issued paper money.

c.They made loans to private individuals.

d.They set the bimetallic ratio.

7.Opponents of the First Bank of the United States argued that the bank

a.was unconstitutional.

b.created a “money monopoly.”

c.favored northern manufacturing more than southern agriculture.

d.opened the U.S. monetary system to foreign control.

e.all of the above

8.According to Walton and Rockoff, Wall Street bankers opposed the Second Bank of the United States. Their opposition was based on the idea that the Second Bank

a.lent too freely to the federal government.

b.followed a monetary policy that favored stable prices even at the cost of a slower growing economy.

c.followed a monetary policy that kept interest rates too high.

d.favored Philadelphia because that was where the head office of the bank was located.

9.All of the following are examples of state regulations on banks except

a.the Suffolk System.

b.the Safety Fund System.

c.required bond deposits with a state authority prior to chartering.

d.the Forstall System.

10. If the market ratio of silver to gold is 16 to 1 and the mint ratio is 15 to 1, then

a.people will cease to use gold and silver as money.

b.the Treasury will be forced to issue paper money.

c.gold is overvalued at the mint.

d.silver is overvalued at the mint.

ANSWERS: Quiz No. 6, Econ 1740 Fall, 2002, Walton and Rockoff, Chapters 11 & 12, Version A

1. ANSWER: c. encouraged the adoption and success of the Waltham system.

2. ANSWER: c. Wage rates converged in the mid-1800s due to transportation improvements.

3. ANSWER: b. Unskilled factory workers were the primary beneficiaries of early labor gains.

4. ANSWER: d. The percentage of people living in U.S. urban areas approximately tripled.

5. ANSWER: e. all of the above

6. ANSWER: d. They set the bimetallic ratio.

7. ANSWER: e. all of the above

8. ANSWER: d. favored Philadelphia because that was where the head office of the bank was located.

9. ANSWER: a. the Suffolk System.

10. ANSWER: d. silver is overvalued at the mint.

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