Practice Midterm

for Economics 115

Fall 1996

Identifications (one sentence each; 1/2 of exam):

1. The Gold Standard.

2. Homestead, Pennsylvania

3. United States Steel Corporation

4. The Panic of 1907

5. The Panic of 1890

6. The New Economic Policy

7. Closed-end mutual funds

8. Black Thursday

9. German Hyperinflation

10. The Economic Consequences of Mr. Churchill

11. Wigan Pier

12. Nazi Party

13. Joseph Stalin

14. Karl Marx

15. John Maynard Keynes

16. Herbert Hoover

Short Essays:

1. What role did the Gold Standard play in encouraging the international division of labor and industry before World War I? (1/4 of exam)

2. Why did the world economy undergo a Great Depression starting in 1929, and not at some other time (like 1925, or 1907, or 1890)? (1/4 of exam)

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