3.13 Unit Test Review

What is the name of the economic system where the government, or another central administration, regulates supply and prices?

• hybrid economy

• market economy

• traditional economy

• command economy

Which term refers to a type of business that is owned by stockholders?

• collective

• partnership

• corporation

• syndicate

Which item was part of the Populist Party's platform?

• repeal of the graduated income tax

• election of U.S. senators by state legislatures

• an end to government loans to farmers

• consumer protection from unsafe goods

Which are ways American farming changed in the late 1800s?

Choose all answers that are correct.

• a move to large, single-crop farms

• increased world competition

• independence from banks and railroads

• no more fear of drought or crop diseases

Which statement about the Federal Reserve System is true?

• It is run by a board that is independent of political parties.

• It is controlled by a congressional committee.

• Its leaders are chosen by the political party that holds the White House.

• Its chairman is the Secretary of the Treasury.

Who was president during the Spanish-American War?

• Andrew Johnson

• William McKinley

• Chester Arthur

• Benjamin Harrison

Which president's second term coincided with one of the nation's worst economic depressions in the 1890s?

• Chester Arthur

• Benjamin Harrison

• Grover Cleveland

• William McKinley

Which statement about John Roebling is true?

• •He developed an inexpensive process for making steel.

• •He built sculptures out of steel to decorate Central Park.

• •He designed the world's first steel-framed skyscrapers.

• •He invented a way to spin steel wire into strong cables.

Which great landscape architect designed Central Park in New York City?

• Frederick Olmsted

• Frank Lloyd Wright

• Elisha Otis

• Louis Sullivan

What occurs when there is a lot of money in circulation, but it is worth less and prices are rising?

• deflation

• recession

• inflation

• shortage