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1. Most of what the Constitution says about economic matters is contained in a. article I, which deals with the powers of Congress b. article II, which deals with the powers of the president c. article III, which deals with the judiciary d. the Bill of Rights and certain other amendments to the Constitution
2. Who is sometimes identified as the "father of modern economics?"
a. Karl Marx b. John Maynard Keynes c. Henry Wallace d. Adam Smith
3. The Tennessee Valley Authority
a. was a monopoly established in the 1980s in an effort to control all the energy resources of the Tennessee River Valley b. was a government program of the New Deal that failed in its effort to help farmers in the South c. was a successful effort, that is still with us today, to harness hydroelectric power and develop other ways to assist farmers in the Tennessee River Valley d. was a cooperative federal and state project designed to bring about better law enforcement in a larger area of the South
4. Which of the following actions does Gary Daynes, author of the long section on "The Political-Economic Problem," from lesson 21, tend to favor?
a. an active tariff policy, especially one designed to protect industries vital to American defense b. keeping the U.S. post office from being privatized c. generally eliminating farm subsidies and price supports d. protecting public schools against the threat of school vouchers e. all of the above f. none of the above
5. The Sixteenth Amendment to the Constitution
a. changed the manner of electing United States Senators b. made slavery unConstitutional c. incorporated the commerce clause into the Constitution d. authorized an income tax
6. Which of the following New Deal programs was the least successful?
a. Social Security b. the CCC c. the WPA d. the NRA e. the TVA
7. The term capital refers to
a. the amount of money you have in your savings account b. a building that houses a state or national legislature c. economic goods (buildings, equipment, and so on) used to promote the production of other goods and services d. the total inventory of goods for sale in a particular business
8. In Franklin D. Roosevelt's first inaugural address, who did he say was responsible for the depression the country was facing at the time?
a. leaders of American businesses, through stubbornness and incompetence b. American labor, through lack of industry and hard work c. the banking establishment, who refused to provide enough loans to keep the economy moving d. government, for refusing to spend enough money to keep the economy moving forward
9. The term invisible hand refers to
a. the results of the "invisible" power structure that operates in a command economy to keep everything equal and stifle initiative economic growth b. the idea that in a market system people are motivated more by self-interest than by virtue, but in pursuing their own self-interest they unintentionally promote the interests of society as a whole c. the belief that even though we can neither perceive or understand it, in some way, a Divine Power helps keep the Constitution alive and the economic system viable d. the heavy hand of the teacher who will grade your final examination
10. During the last 30 years of the twentieth century
a. net farm income increased dramatically b. output per unit of farm labor decreased substantially c. American farm population remained about the same d. all of the above e. a and c
11. What has been the most important cause of the major changes in farming and farm production in the past century?
a. technology b. entrepreneurship c. government support of farmers d. the weather
12. Which statement is not true?
a. The U.S. Postal Service is a monopoly, guaranteed by law and possibly by the Constitution. b. The postal workers' union would probably see no problems in the idea of privatization of the Postal service. c. The office of Postmaster General was once a cabinet-level position in the U.S. government, but it no longer has that distinction. d. All of the above are true.
13. Which of the following New Deal programs or laws have become permanent?
a. the Agricultural Adjustment Administration b. the Wagner Act c. the Civilian Conservation Corps d. the Federal Deposit Insurance Corporation e. all of the above f. b and d
14. We say that today the American economic system is a "mixed" system--basically a market system but with some necessary elements of government control and protection. At what point in American history was there a completely "free" market system?
a. during the colonial period b. in the years immediately following the Revolution, when the Continental Congress provided only a very weak form of government c. in the thirty years following the Civil War, when American entrepreneurship and enterprise led to the most dynamic economic growth yet seen in the nation's history d. never
15. The term monetary policy refers to
a. government policy relating to taxing and spending, which is controlled by Congress b. government policy relating to interest rates, which is controlled by the Federal Reserve System c. the marketing techniques of banking institutions (who have money to "sell" through loans) d. Treasury Department decisions with regard to printing more paper money
16. In the Supreme Court case of Gibbons v. Ogden, the Court
a. upheld the sovereignty of the states b. affirmed that the court itself was the final arbiter on the Constitutionality of all laws c. affirmed that the commerce clause allowed only the federal government to regulate trade between the states d. limited the power of the federal government
17. Which of the following New Deal programs was designed primarily as a long-term recovery or reform program rather an immediate relief program?
a. WPA b. Social Security c. CCC d. Emergency Banking Relief Act
18. More often than not, especially in the last century, the Supreme Court has sided with the state governments in disputes between them and the federal government.
a. true b. false
19. Which statement is true?
a. The framers did not expect much interaction between the state and federal governments. b. One of the strengths of the Constitution is its lack of ambiguity. c. According to the Constitution, the federal government may issue bills of attainder and make ex post facto laws, but state governments may not. d. One of the federal government's enumerated powers was the power to permit slavery. e. all of the above f. none of the above
20. The general attitude toward the New Deal expressed in your syllabus is that it
a. was almost a complete failure b. successfully pulled America out of the Great Depression c. brought about needed and responsible reforms in the economic system and helped save American capitalism d. brought America dangerously close to socialism
You must write a 1,200 to 2,000-word essay. This essay is not closed book, but any ideas you draw from the text or elsewhere must be expressed in your own words. Please see the statement on plagiarism under "Course Organization" at the beginning of this syllabus.
Using whatever historical and/or current events you choose to consider, write an essay on whether you think the dreams of the Founders have been fulfilled. As you prepare your essay, you should look back to the beginning of the course, summarize the ideals of the Founders, consider what you know about the history of the United States since the Founding, and look at current times. You may approach the question any way you wish, so long as you somehow deal with the wishes of the Founders and the general theme of "Fulfilling the Founding." You may want to consider such questions as the following: Is the Constitution still working exactly as the Founders thought it might? What did the Founders establish that was of lasting political importance? You see all kinds of problems today, but what is good about America? What problems do you see in the way the political and legal systems works, and what is good about the way they work? What freedoms do you have that might not exist in other parts of the world? To what degree do those freedoms represent the contributions of the Founders? It might help if you also thought of other kinds of questions, such as the following: What would happen if we suddenly adopted some other form of government–one in which we did not have the right to choose our representative regularly? What is the rule of law and how, specifically, is it functioning today? What would happen if the Bill of Rights were suddenly eliminated? This last question should be especially thought provoking. You may want to look hard at the Bill of Rights and then imagine that suddenly, in some manner that you did not understand, the government swept all its guarantees away. What difference would this make in your life and in the life of the nation as a whole? How does all of this help you deal with the other questions raised above?
At the end of your essay, include a list of sources used.
NOTE: If for any reason you resubmit this assignment, please see the resubmission policy in the "How to Succeed in This Course" section of this course manual.
Essay Instructions: Prepare your essay with your word processor. Save your answer. Now copy the entire answer to your clipboard (Ctrl-C on a windows machine) and paste it into the input box below (Ctrl-V on a windows machine). Submit your assignment.
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