The “gang system” is an example of   a.  specialization and division of labor.   b.  diminishing marginal product.   c.  the envelope theorem.   d.  Gresham’s law.

A closed shop is an agreement whereby   a.  employers promise not to layoff workers during recessions.   b.  employees are forbidden from joining a union.   c.  employers pledge not to replace workers with machines.   d.  employees must join a recognized union as a condition of employment.

The Federal Reserve Act   a.  established a clearinghouse system for checks and notes.    b.  allowed only nationally-chartered banks to become members of the Federal Reserve system.   c.  allowed the Fed District Banks to offer commercial loans to private businesses at reduced interest rates.   d.  required that all Fed District Bank directors be associated with the commercial banking industry.

Which United States President is most closely linked with “The Great Society”?   a.  Franklin D. Roosevelt   b.  Lyndon Johnson   c.  Richard Nixon   d.  Ronald Reagan

The term “________” denotes the adaptation of new technological ideas to existing products and services.   a.  invention   b.  merger   c.  innovation   d.  economies of scale

Transfer payments include   a.  government spending on tanks and planes.   b.  government spending on national forests and parks.   c.  the salaries of senators and federal judges.   d.  welfare benefits and Social Security payments.

. In the early 1980s, many people found themselves unable to purchase new homes because of   a.  rising prices and interest rates.   b.  rising prices and falling interest rates.   c.  new government restrictions on mortgages for first-time buyers.   d.  increases in income tax rates.

During the 1870s, ___ surpassed ___ as the leading source of power.   a.  animals; humans   b.  water; animals   c.  steam; water   d.  electricity; steam

The primary source of power for industrial production in the antebellum period was   a.  coal.   b.  steam.   c.  water.   d.  wood.

Which nation was not an ally of the United States during World War I?    a.  Austria-Hungary.   b.  Britain.   c.  France.   d.  Russia.