Gordon argues that the period 1940 to 2015

Question

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We start by restating the prompt and listing the answer choices to keep the context clear:
Question: Gordon argues that the period 1940 to 2015
Answer options:
1) was dominated by the tranferal of war/military technologies to the consumer economy especially electronics
2) was the period of rational expectations dominating financial markets
3) was a period of rapid economic growth followed by stagnation and/or much slower growth
4) was characterized by continual "small-wars" that led to government deficits, over-taxation and slow growth

Now, we evaluate each option in turn:
Option 1: 'was dominated by the tranferal of war/military technologies to the consumer economy especially electronics' This statement emphasizes military-to-civilian diffusion, a plausible historical narrative in some analyses, but it does not capture the standard characterization Gordon uses for the long span 1940–2015. It also uses the misspelled 'tranferal' and overemphasizes a technology-transfer mechanism without addressing the overall growth pattern over the entire period. Therefore, this option misstates the core argument.

Option 2: 'was the period of rational expectations dominating financial markets' This option focuses on a specific macroeconomic theory—rational expectations—and a particular domain (financial markets). While rational expectations did influence some periods and debates, it is not the central summary of the entire 1940–2015 arc that Gordon is known for describing. It narrows the period to a theoretical framework rather than the broad growth trajectory, making it an inaccurate characterization of the period as a whole.

Option 3: 'was a period of rapid economic growth followed by stagnation and/or much slower growth' This option speaks to a long-run growth pattern: strong growth in the mid-20th century followed by slower growth or stagnation in later decades. This description aligns with Gordon's view that the postwar era experienced robust growth that tapered off in the later part of the 20th century and into the 21st, reflecting the idea of a growth slowdown after a long period of rapid expansion. It directly matches a commonly cited interpretation of the era’s overall dynamics.

Option 4: 'was characterized by continual "small-wars" that led to government deficits, over-taxation and slow growth' This option asserts a causal chain of ongoing small conflicts causing deficits and slow growth. While fiscal pressures and geopolitical events do influence economies, the phrasing as continual small-wars driving deficits and slow growth is not the standard summary Gordon provides for the 1940–2015 period. It also introduces a specific causing mechanism (wars) that is not the primary characterization of the entire timeline.

In sum, options 1, 2, and 4 each venturing beyond or mischaracterizing the broad long-run pattern fail to capture the central claim about the overall growth trajectory across 1940–2015. Option 3 offers a concise, widely supported description of the period’s economy: strong growth in earlier decades followed by stagnation or slower growth later on.

ECON 1740-090 Fall 2025 Quiz: Week 5

Gordon argues that the period 1940 to 2015

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