American Economic History Quiz

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Questions and Answers

What was the percentage increase of the Nasdaq over a certain amount of time?

900%

1500%

1000%

1210% (correct)

What is the supply cap of Bitcoin?

21 million (correct)

50 million

100 million

15 million

What is true about Blockchain?

Blockchain is only used for cryptocurrency

Blockchain does not use cryptography

Blockchain has a centralized structure

Each block in a blockchain contains a cryptographic hash of the previous block (correct)

What are the most cited risks with AI?

Legal and regulatory, concentration of power, lack of transparency, misinformation, data bias, privacy Signup and view all the answers

What did the War on Drugs do?

Prison population increased from 329,000 to 627,000 Signup and view all the answers

What are the differences between private prisons vs federal prisons in terms of annual spending?

$80.7B per year spent on public prisons and jails, Private prisons generate $10.3B per year Signup and view all the answers

What were the different efforts made by different countries to reduce recidivism rates?

Increased support for reintegration, Implementation of educational programs, Addressing mental health issues Signup and view all the answers

Which act sought to prevent anticompetitive effects of mergers and acquisitions?

Wheeler-Lea Amendment Signup and view all the answers

Which act aimed to address the problem of overproduction and low crop prices during the Great Depression?

Agricultural Adjustment Act (AAA) Signup and view all the answers

Which legislation established minimum wage, overtime pay eligibility, and child labor standards during the Great Depression?

Fair Labor Standards Act (FLSA) Signup and view all the answers

Which act empowered the FDA to set and enforce regulations regarding food safety and labeling?

Federal Food Drug & Cosmetic Act Signup and view all the answers

Which act created nonprofit electrical cooperatives among farmers?

Rural Electrification Act (1936) Signup and view all the answers

Which act amended the Federal Trade Commission (FTC) Act of 1914 and expanded the powers of the Federal Trade Commission?

Wheeler-Lea Amendment Signup and view all the answers

Which act established the federal reserve system and national banking system with 12 districts throughout the country?

Federal Reserve Act Signup and view all the answers

Which initiative aimed to address soil erosion and unemployment during the Dust Bowl crisis?

Civilian Conservation Corps (CCC) Signup and view all the answers

Which investigation called for changes in actuarial and marketing practices of the largest insurance companies in 1905?

Armstrong investigation Signup and view all the answers

Which country uses performance-based contracts for private prisons, resulting in 14% lower recidivism rates compared to public prisons?

Australia Signup and view all the answers

Which country saw 30 states legalizing sports gambling after the overturning of the Bradley Act by the SCOTUS in 2018?

United States Signup and view all the answers

What percentage of Americans have wagered a bet in the last year?

70% Signup and view all the answers

Which industry saw the emergence of lavish casinos in the early 1800s and the popularity of horse racing?

Gambling and Lotteries Signup and view all the answers

Which industry saw lab-grown diamonds accounting for 10% of the market in 2022, with the advancement of Chemical Vapor Deposition (CVD)?

Diamond Industry Signup and view all the answers

Which company pioneered the seatbelt?

Volvo Signup and view all the answers

Which regulatory agency is related to the Ford Pinto?

NHTSA Signup and view all the answers

When did the whaling industry start in Nantucket?

Around 1690 Signup and view all the answers

What caused the Nantucket-based whaling industry to suffer?

The American Revolution Signup and view all the answers

Which event led to the significant increase in ships in New Bedford, MA?

The American Revolution Signup and view all the answers

What led to San Francisco emerging as a prominent whaling port?

The opening of the transcontinental railroad Signup and view all the answers

What led to the decline in demand for whale oil?

Rise of petroleum and kerosene as lantern fuel Signup and view all the answers

What significant event occurred in 1751 related to the whaling industry?

Manufacture of spermaceti candles Signup and view all the answers

Which agency was established in 1914 and is focused on protecting consumers and promoting competition?

The FTC Signup and view all the answers

What was the percentage increase of the Nasdaq over a certain amount of time?

1210% Signup and view all the answers

What is not a significant consequence of the gold rush?

Implementation of sustainable mining practices Signup and view all the answers

What is true about Blockchain?

Each block in a blockchain contains a cryptographic hash of the previous block Signup and view all the answers

What are the most cited risks with AI?

Legal and regulatory, concentration of power, lack of transparency, misinformation, data bias, privacy Signup and view all the answers

What are the differences between private prisons vs federal prisons in terms of annual spending?

$10.3B per year spent on private prisons Signup and view all the answers

What did the War on Drugs do?

Prison population increased from 329,000 to 627,000 Signup and view all the answers

What is the supply cap of Bitcoin?

21 million Signup and view all the answers

Which country saw 30 states legalizing sports gambling after the overturning of the Bradley Act by the SCOTUS in 2018?

Australia Signup and view all the answers

What percentage of Americans have wagered a bet in the last year?

70% Signup and view all the answers

Which company pioneered the seatbelt?

Volvo Signup and view all the answers

Which regulatory agency is related to the Ford Pinto?

NHTSA Signup and view all the answers

What is true about lab diamonds?

They are similar to real diamonds in composition, physical and optical properties Signup and view all the answers

What is the focus of investment banks?

Raising money for larger institutions like big companies and government entities Signup and view all the answers

Who likened the American arms industry to 'Humanity hanging from a cross of iron'?

Dwight D. Eisenhower Signup and view all the answers

What significant event occurred in 1849 related to the whaling industry?

Expansion of the search for whales to the Arctic Signup and view all the answers

What led to the decline in demand for whale oil?

Rise of petroleum and kerosene as lantern fuel Signup and view all the answers

What was the focus of the Civilian Conservation Corps (CCC) established in 1933?

Conservation and development of natural resources Signup and view all the answers

What led to San Francisco emerging as a prominent whaling port?

Opening of the transcontinental railroad in 1869 Signup and view all the answers

What was the impact of the California Gold Rush on San Francisco?

Population boom and significant infrastructural growth Signup and view all the answers

What was the purpose of the FCC established by the Communications Act of 1934?

Regulating interstate and international communications Signup and view all the answers

What was the impact of the American Revolution on the whaling industry?

Suffered due to British navy blockading American ports Signup and view all the answers

Which act sought to address the problem of overproduction and low crop prices during the Great Depression?

Agricultural Adjustment Act (AAA) Signup and view all the answers

Which act empowered the FDA to set and enforce regulations regarding food safety and labeling?

Federal Food Drug & Cosmetic Act Signup and view all the answers

Which act established minimum wage, overtime pay eligibility, and child labor standards during the Great Depression?

Fair Labor Standards Act Signup and view all the answers

What was the primary goal of the Fair Labor Standards Act (FLSA)?

To ensure fair compensation and protect the rights of workers Signup and view all the answers

What did the Wheeler-Lea Act focus on?

Consumer Protection Signup and view all the answers

What did the Rural Electrification Act create?

Nonprofit electrical cooperatives among farmers Signup and view all the answers

What did the Federal Reserve Act establish?

National banking system Signup and view all the answers

What did the Agricultural Adjustment Act (AAA) seek to address?

Overproduction and low crop prices Signup and view all the answers

What was a key responsibility of the Federal Trade Commission?

Enforcing antitrust laws to prevent monopolistic behavior and anti-competitive practices Signup and view all the answers

What is a significant consequence of the gold rush?

Implementation of sustainable mining practices Signup and view all the answers

What is a difference between private prisons and federal prisons in terms of spending?

Private prisons spend less annually than federal prisons Signup and view all the answers

What is a commonly cited risk with AI?

Data accuracy and reliability Signup and view all the answers

What did the War on Drugs lead to?

Significant increase in the prison population Signup and view all the answers

Which country saw 30 states legalizing sports gambling after the overturning of the Bradley Act by the SCOTUS in 2018?

United States Signup and view all the answers

Who pioneered the seatbelt?

Volvo Signup and view all the answers

What percentage of Americans have wagered a bet in the last year?

70% Signup and view all the answers

What is the focus of investment banks?

Raising money for larger institutions Signup and view all the answers

What industry saw lab-grown diamonds accounting for 10% of the market in 2022, with the advancement of Chemical Vapor Deposition (CVD)?

Diamond industry Signup and view all the answers

Which regulatory agency is related to the Ford Pinto?

NHTSA Signup and view all the answers

Who likened the American arms industry to 'Humanity hanging from a cross of iron'?

Dwight D. Eisenhower Signup and view all the answers

Which industry saw the emergence of lavish casinos in the early 1800s and the popularity of horse racing?

Gambling industry Signup and view all the answers

What was the primary goal of the Fair Labor Standards Act (FLSA)?

Establishing minimum wage and overtime pay eligibility Signup and view all the answers

Which act empowered the FDA to set and enforce regulations regarding food safety and labeling?

Federal Food, Drug, and Cosmetic Act Signup and view all the answers

What did the USDA and HHS update every 5 years?

Dietary guidelines Signup and view all the answers

What are lab diamonds similar to in composition, physical, and optical properties?

Real diamonds Signup and view all the answers

What led to the decline of the Nantucket-based whaling industry?

The impact of the American Revolution Signup and view all the answers

What was the significant impact of the California Gold Rush on San Francisco?

Rapid industrialization and establishment of the Bank of California Signup and view all the answers

What was the purpose of the Civilian Conservation Corps (CCC) established in 1933?

Conservation and development of natural resources Signup and view all the answers

What led to San Francisco emerging as a prominent whaling port after 1869?

Opening of the transcontinental railroad Signup and view all the answers

What led to the decline in demand for whale oil?

Rise of petroleum and kerosene as lantern fuel Signup and view all the answers

What significant event occurred in 1849 related to the whaling industry?

Expansion of the whaling industry to the Arctic Signup and view all the answers

What was the impact of the Gold Rush on indigenous populations in the gold-rich regions?

Environmental degradation and adverse impacts Signup and view all the answers

What was the primary goal of the FCC established by the Communications Act of 1934?

Overseeing telecommunications and broadcast media Signup and view all the answers

What is true about the Civilian Conservation Corps (CCC) established in 1933?

It focused on conservation and natural resource development Signup and view all the answers

What was the purpose of the Federal Trade Commission (FTC) established in 1914?

Protecting consumers and promoting competition Signup and view all the answers

What was the peak year for American whaling?

1846 Signup and view all the answers

What was the focus of investment banks?

Facilitating corporate mergers and acquisitions Signup and view all the answers

What did the Wheeler-Lea Amendment do?

Expanded the powers of the Federal Trade Commission and focused on consumer protection Signup and view all the answers

What was the primary goal of the Rural Electrification Act (1936)?

To establish nonprofit electrical cooperatives among farmers Signup and view all the answers

What were the key provisions of the Federal Food Drug & Cosmetic Act?

Empowering the FDA to set and enforce regulations regarding food additives, color additives, and contaminants Signup and view all the answers

What was the focus of the Agricultural Adjustment Act (AAA)?

To address the problem of overproduction and low crop prices Signup and view all the answers

What were the consequences of the Dust Bowl in the 1930s?

Major health consequences such as respiratory problems Signup and view all the answers

What was the primary goal of the Fair Labor Standards Act (FLSA)?

To establish minimum wage, overtime pay eligibility, and child labor standards Signup and view all the answers

What did the Federal Reserve Act (1913) do?

Created the federal reserve system and national banking system Signup and view all the answers

What did the Armstrong investigation into insurances call for?

Changes in actuarial and marketing practices of the largest insurance companies Signup and view all the answers

What was the focus of the Wheeler-Lea Act?

Strengthening the role of the Federal Trade Commission as a regulatory body overseeing fair business practices and consumer protection Signup and view all the answers

What were the causes of the Dust Bowl in the 1930s?

Drought, over farming, and extensive cultivation Signup and view all the answers

What were the key responsibilities of the Federal Trade Commission?

Enforcing antitrust laws, investigating deceptive or unfair business practices, promoting consumer protection, conducting economic analysis, and overseeing mergers and acquisitions Signup and view all the answers

What is the supply cap of bitcoin?

21 million Signup and view all the answers

What is true about Blockchain?

Each block in a blockchain contains a cryptographic hash of the previous block Signup and view all the answers

What were the different efforts made by different countries to reduce recidivism rates?

Implementing rehabilitation programs Signup and view all the answers

What did the War on Drugs do?

Prison population increased from 329,000 to 627,000 Signup and view all the answers

What percentage of the diamond market did lab-grown diamonds account for in 2022?

10% Signup and view all the answers

What is the focus for prisons in Germany and the Netherlands?

Rehabilitation, resocialization, and normalization Signup and view all the answers

Which country saw the overturning of the Bradley Act in 2018, leading to the legalization of sports gambling in 30 states?

USA Signup and view all the answers

What is the primary goal of the USDA and HSS updating dietary guidelines every 5 years?

To provide updated nutritional recommendations Signup and view all the answers

What is the focus of the American arms industry?

Manufacturing, selling, and improving weapons and equipment Signup and view all the answers

What percentage of Americans have wagered a bet in the last year?

70% Signup and view all the answers

What was the unemployment rate during the panic of 1837?

25% Signup and view all the answers

What type of contracts does Australia use for private prisons?

Performance-based contracts Signup and view all the answers

What did early gambling and lotteries in the US aim to achieve?

Raise revenue Signup and view all the answers

What is the similarity between lab diamonds and real diamonds?

Composition, physical, and optical properties Signup and view all the answers

Which company was responsible for the invention of the seatbelt?

Volvo Signup and view all the answers

What is the significant issue related to the US prison system?

Mass incarceration Signup and view all the answers

When did the whaling industry start in Nantucket?

1690 Signup and view all the answers

What led to the decline in demand for whale oil?

Discovery of petroleum in 1859 Signup and view all the answers

What significant event occurred in 1849 related to the whaling industry?

Expansion of whalers' search for whales to the Arctic Signup and view all the answers

What was the impact of the Civilian Conservation Corps (CCC) established in 1933?

Addressed the economic hardships of the Great Depression Signup and view all the answers

What was the focus of the California Gold Rush?

Mining and significant population growth Signup and view all the answers

What led to San Francisco emerging as a prominent whaling port after 1869?

The opening of the transcontinental railroad in 1869 Signup and view all the answers

What was the impact of the petroleum discovery in 1859 on the whaling industry?

Decline in demand for whale oil Signup and view all the answers

What was the primary impact of the rise of the Italian banking family, the House of Medici, under Cosimo de’ Medici in the early 1400s?

Prominence in the banking industry Signup and view all the answers

What was the impact of the establishment of the Bank of California by William Ralston in 1864?

Facilitated mining speculations and infrastructure development Signup and view all the answers

What was the unique path to statehood for California?

Bypassing the usual process of becoming a federal territory Signup and view all the answers

What was the role of the Federal Communications Commission (FCC) in regulating industries?

Overseeing various aspects of the communications industry Signup and view all the answers

What was the responsibility of the Federal Trade Commission (FTC) in overseeing industries?

Regulating and overseeing various aspects of the trade industry Signup and view all the answers

What was a key responsibility of the Federal Trade Commission?

Enforcing antitrust laws to prevent monopolistic behavior Signup and view all the answers

What did the Wheeler-Lea Amendment focus on?

Consumer Protection Signup and view all the answers

What was the primary goal of the Agricultural Adjustment Act (AAA)?

Addressing overproduction and low crop prices Signup and view all the answers

What did the Fair Labor Standards Act (FLSA) establish?

Minimum wage, overtime pay eligibility, and child labor standards Signup and view all the answers

What was a key provision of the Federal Food Drug & Cosmetic Act?

Empowering the FDA to set and enforce food safety regulations Signup and view all the answers

What was the purpose of the Rural Electrification Act (1936)?

Creating nonprofit electrical cooperatives among farmers Signup and view all the answers

What was the impact of the Armstrong investigation on the insurance industry?

Called for changes in actuarial and marketing practices Signup and view all the answers

What were the major causes of the Dust Bowl in the 1930s?

Drought, overfarming, and extensive cultivation Signup and view all the answers

What did the Federal Reserve Act of 1913 establish?

The Federal Reserve System and national banking system Signup and view all the answers

What were the key responsibilities of the Civilian Conservation Corps (CCC) established in 1933?

Addressing soil erosion and unemployment Signup and view all the answers

What was a significant consequence of the Dust Bowl in the 1930s?

Major health consequences such as respiratory problems Signup and view all the answers

What was the primary goal of the Federal Trade Commission?

Enforcing antitrust laws to prevent monopolistic behavior Signup and view all the answers

Study Notes

American Economic History Overview

Whaling industry started in Long Island around 1650 and expanded to Nantucket in 1690, with 25 vessels by 1730.
The American Revolution caused the industry to suffer as British navy blockaded American ports, and Nantucket-based industry never fully recovered.
Post-war growth saw New Bedford, MA, become a major whaling port with a significant increase in ships over the years.
The search for whales expanded to the Arctic in 1849, and San Francisco emerged as a prominent whaling port after the opening of the transcontinental railroad in 1869.
Demand for baleen from the Arctic's Bowhead whale increased, while demand for whale oil declined due to the rise of petroleum and kerosene as lantern fuel.
The whaling industry timeline includes significant events such as the manufacture of spermaceti candles in 1751 and the peak year for American whaling in 1846.
The California Gold Rush began in 1848, leading to a population boom and significant infrastructural growth, transforming San Francisco and spurring the establishment of the Bank of California in 1864.
California bypassed the usual process of becoming a federal territory before becoming a state and was one of the first states to implement an income tax.
The Gold Rush led to environmental degradation and adverse impacts on indigenous populations in the gold-rich regions.
The Civilian Conservation Corps (CCC) was established in 1933 under the New Deal to provide employment for young men and focused on conservation and development of natural resources.
The FCC, established by the Communications Act of 1934, regulates interstate and international communications in the United States, managing radio frequency spectrum and overseeing telecommunications, broadcast media, and emerging technologies.
The FTC, established in 1914, is an independent agency focused on protecting consumers and promoting competition.

American Economic History Overview

Whaling industry started in Long Island around 1650 and expanded to Nantucket in 1690, with 25 vessels by 1730.
The American Revolution caused the industry to suffer as British navy blockaded American ports, and Nantucket-based industry never fully recovered.
Post-war growth saw New Bedford, MA, become a major whaling port with a significant increase in ships over the years.
The search for whales expanded to the Arctic in 1849, and San Francisco emerged as a prominent whaling port after the opening of the transcontinental railroad in 1869.
Demand for baleen from the Arctic's Bowhead whale increased, while demand for whale oil declined due to the rise of petroleum and kerosene as lantern fuel.
The whaling industry timeline includes significant events such as the manufacture of spermaceti candles in 1751 and the peak year for American whaling in 1846.
The California Gold Rush began in 1848, leading to a population boom and significant infrastructural growth, transforming San Francisco and spurring the establishment of the Bank of California in 1864.
California bypassed the usual process of becoming a federal territory before becoming a state and was one of the first states to implement an income tax.
The Gold Rush led to environmental degradation and adverse impacts on indigenous populations in the gold-rich regions.
The Civilian Conservation Corps (CCC) was established in 1933 under the New Deal to provide employment for young men and focused on conservation and development of natural resources.
The FCC, established by the Communications Act of 1934, regulates interstate and international communications in the United States, managing radio frequency spectrum and overseeing telecommunications, broadcast media, and emerging technologies.
The FTC, established in 1914, is an independent agency focused on protecting consumers and promoting competition.

American Economic History Overview

Whaling industry started in Long Island around 1650 and expanded to Nantucket in 1690, with 25 vessels by 1730.
The American Revolution caused the industry to suffer as British navy blockaded American ports, and Nantucket-based industry never fully recovered.
Post-war growth saw New Bedford, MA, become a major whaling port with a significant increase in ships over the years.
The search for whales expanded to the Arctic in 1849, and San Francisco emerged as a prominent whaling port after the opening of the transcontinental railroad in 1869.
Demand for baleen from the Arctic's Bowhead whale increased, while demand for whale oil declined due to the rise of petroleum and kerosene as lantern fuel.
The whaling industry timeline includes significant events such as the manufacture of spermaceti candles in 1751 and the peak year for American whaling in 1846.
The California Gold Rush began in 1848, leading to a population boom and significant infrastructural growth, transforming San Francisco and spurring the establishment of the Bank of California in 1864.
California bypassed the usual process of becoming a federal territory before becoming a state and was one of the first states to implement an income tax.
The Gold Rush led to environmental degradation and adverse impacts on indigenous populations in the gold-rich regions.
The Civilian Conservation Corps (CCC) was established in 1933 under the New Deal to provide employment for young men and focused on conservation and development of natural resources.
The FCC, established by the Communications Act of 1934, regulates interstate and international communications in the United States, managing radio frequency spectrum and overseeing telecommunications, broadcast media, and emerging technologies.
The FTC, established in 1914, is an independent agency focused on protecting consumers and promoting competition.

American Industry Evolution

Modern space industry led by NASA with significant private sector involvement, including companies like GM
Whaling industry originated in Long Island in 1650, expanded to Nantucket by 1690, and faced setbacks during the American Revolution
Post-war growth saw New Bedford, MA emerge as a prominent whaling port
Whalers expanded their search for whales to the Arctic in 1849 and San Francisco became a key whaling port after the opening of the transcontinental railroad in 1869
Increase in demand for baleen from the Arctic's Bowhead whale, while demand for whale oil declined
Timeline of key events in the whaling industry, including the peak year in 1846 and the impact of petroleum discovery in 1859
The rise of the Italian banking family, the House of Medici, under Cosimo de’ Medici in the early 1400s
The California Gold Rush began in 1848, transforming the state's socio-economic fabric and leading to significant population growth and infrastructure development
The establishment of the Bank of California by William Ralston in 1864, facilitating mining speculations and infrastructure development
California's unique path to statehood, bypassing the usual process of becoming a federal territory
Impact of the Civilian Conservation Corps (CCC) established in 1933 to address the economic hardships of the Great Depression
Role and responsibilities of the Federal Communications Commission (FCC) and the Federal Trade Commission (FTC) in regulating and overseeing various aspects of the communications and trade industries

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Description

Test your knowledge of American economic history with this overview quiz. Explore the rise and decline of the whaling industry, the impact of the California Gold Rush, and the establishment of key organizations such as the Civilian Conservation Corps, FCC, and FTC.