1. The need for managers in the many new businesses of the late 1800s contributed significantly to the growth of a. the middle class. b. America's expanding debt. c. payroll clerks. d. big business. e. company takeovers. 2. How did business owners respond to the growth of unions and the labor movement? a. They cut wages and hours. b. They appealed to Congressmen to outlaw unions. c. They required workers to sign yellow dog contracts or created blacklists. d. They planted spies among union members. e. They promoted suspected organizers to the management level, thereby negating their union membership 3. Among the American Federation of Labor's successes were all of the following except a. setting a new standard workday from ten to eight hours. b. serving as an umbrella for the many craft unions. c. arbitrating disputes to ensure worker solidarity rather than competition between different groups of workers. d. becoming the leading labor organizations in the 1880s by appealing to middle class Americans as well as the working class. e. The AFL achieved all of these successes. 4. One of the earliest American preservationists was a. Andrew Carnegie. b. Jay Gould. c. John Muir. d. John D. Rockefeller. e. Thomas Edison. 5. As the Industrial Revolution progressed in America, all of the following occurred except a. Cities grew rapidly. b. People moved from farms to cities. c. Immigration became less important to America. d. Large-scale corporate firms dominated the American economy. e. Family businesses became less important to America's economy. 6. The Tweed Ring, working out of Tammany Hall, was a. a political machine designed to help workers get jobs. b. famously run by "Boss William Tweed," the leader of the dominant Democratic political organization or "machine" in New York City. c. a Chicago political machine. d. noted for helping the poor and the destitute. e. a haven for newly arrived immigrants. 7. Racism was a particularly important incentive for poor white voters supportive of the Democratic ticket in the South because a. keeping black people as an underclass in southern society was important to poor whites' sense of self-worth and economic well-being. b. poor southern whites had too often suffered the arrogant abuse from free blacks in Southern cities. c. poor southern whites lacked the education to understand the true equality of people of all colors. d. poor whites stood to gain economically from the plight of black Southerners 8. The Haymarket strike led to: a. the founding of the Knights of Labor. b. growing anti-union sentiment nationwide. c. increased union membership across the country. d. new government policies about arresting strikers. e. a huge victory for the American Federation of Labor. 9. Vertical integration meant a. buying up all competitors. b. breaking up older but less competitive monopolies. c. owning all aspects of production and dist ...

1. 1. The need for managers in the many new businesses of the late
1800s contributed significantly to the growth of
a. the middle class.
b. America's expanding debt.
c. payroll clerks.
d. big business.
e. company takeovers.
2. How did business owners respond to the growth of unions and
the labor movement?
a. They cut wages and hours.
b. They appealed to Congressmen to outlaw unions.
c. They required workers to sign yellow dog contracts or created
blacklists.
d. They planted spies among union members.
e. They promoted suspected organizers to the management
level, thereby negating their union membership
3. Among the American Federation of Labor's successes were
all of the following except
a. setting a new standard workday from ten to eight hours.
b. serving as an umbrella for the many craft unions.
c. arbitrating disputes to ensure worker solidarity rather than
competition between different groups of workers.
d. becoming the leading labor organizations in the 1880s by
appealing to middle class Americans as well as the working
class.
e. The AFL achieved all of these successes.
4. One of the earliest American preservationists was
a. Andrew Carnegie.
b. Jay Gould.
c. John Muir.
d. John D. Rockefeller.

2. e. Thomas Edison.
5. As the Industrial Revolution progressed in America, all of the
following occurred except
a. Cities grew rapidly.
b. People moved from farms to cities.
c. Immigration became less important to America.
d. Large-scale corporate firms dominated the American
economy.
e. Family businesses became less important to America's
economy.
6. The Tweed Ring, working out of Tammany Hall, was
a. a political machine designed to help workers get jobs.
b. famously run by "Boss William Tweed," the leader of the
dominant Democratic political organization or "machine" in
New York City.
c. a Chicago political machine.
d. noted for helping the poor and the destitute.
e. a haven for newly arrived immigrants.
7. Racism was a particularly important incentive for poor white
voters supportive of the Democratic ticket in the South because
a. keeping black people as an underclass in southern society
was important to poor whites' sense of self-worth and economic
well-being.
b. poor southern whites had too often suffered the arrogant
abuse from free blacks in Southern cities.
c. poor southern whites lacked the education to understand the
true equality of people of all colors.
d. poor whites stood to gain economically from the plight of
black Southerners
8. The Haymarket strike led to:
a. the founding of the Knights of Labor.
b. growing anti-union sentiment nationwide.
c. increased union membership across the country.

3. d. new government policies about arresting strikers.
e. a huge victory for the American Federation of Labor.
9. Vertical integration meant
a. buying up all competitors.
b. breaking up older but less competitive monopolies.
c. owning all aspects of production and distribution under one
corporate organization, from accessing and owning the raw
materials, to the production of the good(s), to the delivery of
the finished product(s) to the consumer.
d. creating a business model that would allow for mass
production.
e. buying just enough shares in a publicly traded company so as
to control it.
10. Although corrupt, New York's Tammany Hall appealed to
a. big business looking to boost profits.
b. recent immigrants and job seekers.
c. state government seeking a system for granting contracts.
d. reformers seeking to improve the social landscape.
e. Congressmen looking to get rich.
Discuss some actions taken by the federal government and
whether the recession would have been longer and the
unemployment rate higher if the government had not acted by
passing the stimulus package?
In order to get the US out of the 2007 to 2009 recession, newly
appointed President Obama had to do something to get the
country back on its feet. This was accomplished by passing a
$700 billion bank bailout known as the Emergency Economic
Stabilization Act of 2008 and passed a $787 billion fiscal
stimulus package known as the American Recovery and
Reinvestment Act of 2009. The stimulus included direct
spending in infrastructure, education, health, energy, federal tax
incentives, and expansion of unemployment benefits and other

4. social welfare provisions (Amacher & Pate, 2012). The
stimulus allowed the country to get back on enough solid
ground to start repairing what had to the economy over the past
two years. I believe that the recession would have lasted longer
and there could have been a possibility that it could have turned
into a depression. This would surely make the unemployment
rate to continue to increase. With less money being circulated,
there is less opportunity to improve the economy. Without the
increase in the economy, the rate of unemployment is going to
continue to decline.
If left alone, do you believe the economy would have corrected
itself as suggested by Classical economic theory? Explain.
If nothing was done by the government to stop the recession, it
time it would right itself once. Classical economists believed
that equilibrium would be reached and maintained at a level
consistent with full employment by the actions of three self-
regulating markets (Amacher & Pate, 2012). This theory says
that any economy is able to survive without the help of a
government. The most important thing that helps economies
survive is having a balance of supply and demand. When there
is a higher amount of supply, which is when the economy will
begin to slip towards a recession. When that happens, a way to
get that balance back is to make it possible for consumers to
buy up the large amounts of supply.
Discuss the effect these policies had on increasing the size of
the budget deficits and the national debt.
A deficit is the amount by which the federal government’s
expenditures exceed its revenues in a given year. The national
debt is the cumulative total of all past budget deficits minus all
past surpluses (Amacher & Pate, 2012). The deficit is forever
staying the same or getting worse. The programs that are in
play throughout the country are constantly putting a strain on

5. the economy but there is very little possible to limit the
programs as too many people rely on them. The national debt is
a number that includes everything that country has borrowed in
order to maintain the deficit and to maintain this country. The
money for the national debt is money that we borrow from other
lenders, many of them foreign. The effect that these policies
have on the deficits and the national debt is it constantly
increases the amount of money that it takes to pay it off.
Reference: Amacher, R., Pate, J., (2012). Principles of
Macroeconomics. San Diego, California: Bridgepoint Education,
Inc.
Some of the actions taken by the government included several
stimulus packages. These economic packages were designed to
stimulate the economy, as well as put Americans back to work.
The assumption was, if Americans had more disposable income,
then they would be inclined to spend. The increase in spending
would lead to demands of goods and services, which will reduce
the unemployment rate. Along with this approach, the
government decided to spend more money on infrastructure
improvements such as roads, bridges, and certain buildings.
This approach wasn’t well received by the Republican Party due
to its increase in spending. If there wasn’t any stimulus
package, then the economy would have been much worse.
At first, the stimulus packages did not achieve its goal. Many
people took the money and placed in savings accounts. The
object of the money was to be spent, not saved. President
Obama addressed this issue to the nation during the one of the
State of the Union speeches. He urged people to spend the free
money on whatever they want. After the speech, the economy
had moderate improvements. The tax breaks were designed to
provide consumers with financial relief, which in turn would
enable them to spend more money. In terms of the deficit, there
will definitely be an increase in both. The deficit increase was

6. the center of many debates with the government. They did not
agree with the concept of going into debt just to get the
economy started. However, the Return on Investment should be
part of the discussion, which in this case would be an improved
infrastructure.
Travis
Discussion 2
Between 2007 and 2011 the federal budget deficit grew from
$160.7 billion to $1,299.6 billion, and the national debt grew
from $8.9 trillion to $14.8 trillion. (Figure 10.1: The ratio of
debt to GDP, 1977-2011.)
In your post, differentiate the budget deficit from the national
debt. How do you think the increases in the budget deficits and
the national debt will affect the economy in the future?
"A deficit is the amount by which the federal government's expe
nditures exceed its revenues in a given year, national debt is the
cumulative total of all past budget deficits minus all past surpl
uses. It is the amount owed to lenders by the federal governmen
t" (Amacher & Pate, 2012). No matter what we will always have
them, it doesn't matter how hard we try it will always be
there. The current national debt actually understates the financia
l obligations of the U.S. government because of other obligation
s besides debt repayment that could prove costly in the nearfutu
re.
Because bank failures have been higher than expected througho
ut the 2000's, these guarantees have been a serious drain on the
treasury". (Amacher & Pate, 2012). There are no guarantees
when it comes to the economy and the future.
Reference:
Amacher, R., Pate, J., (2012). Principles of Macroeconomics.
San Diego, California: Bridgepoint Education, Inc.

7. This is a comment from the professor...please respond
In reference to your comment: “For instance, in 2007-2008
recessions, the Federal Reserve used deficits and increased
national debt in order to stimulate the economic activity.”
Another occurrence worthy of mention was the stock market
downfall during the same period. Stockholders have the
advantage of limited liability if the corporation were to “go
south”. However, we should still perform specific and
comprehensive research when choosing stocks for investment.
A classic example is the losses suffered by ENRON
shareholders when the price quickly plummeted to almost
nothing in a quick fashion.
Class: Provide an example of another company that suffered
from any similar time period.