Los Angeles Valley College » Economics » Econ 010 - Economic History of the United States » Fall 2021

Econ 010 - Economic History of the United States » Fall 2021 » Homework 4

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Question #1

The vast majority of American colonists supported the American Revolution.

A. FALSE

B. TRUE

Question #2

Consider how after the Revolutionary War that the amount of imports increased a lot. What effect would this rise in imports have had on the price of goods that used the imports as inputs?

A. Decrease the price

B. Increase the price

C. Unclear

D. Leave the price unchanged

E. None of the above

Question #3

To help pay its bills, America’s new federal government decided to rely on…

A. Printing money

B. Property taxes

C. Tariffs

E. Income taxes

F. Taxes on State Constitutions

Question #4

Which of the following is FALSE about the US Constitution?

A. It stated that the federal government alone could print money

B. It prevented the US states from enacting their own tariffs

C. The states received concessions in exchange for losing power to the federal government

D. It established that the federal government had the power to tax

E. All of the above were true

Question #5

With the benefit of hindsight, what can we say would be the major drawback to the US’ strong economic performance of the middle and late 1790s?

A. It created a banking panic

B. The US was actually in a deep recession during this time

C. It was based on the largest European countries being at war which was not a sustainable way of achieving economic growth

D. It led to a massive migration of people back to Europe

E. It provided no money for building up the country’s manufacturing industry

Question #6

Which of the following could be inferred from the Land Ordinances of 1785 and 1787?

A. The country was in dire need of revenue at the time

B. As symbolized by the American flag’s thirteen stripes, the original 13 colonies were to be far higher in status and rights relative to any new states

C. Thomas Jefferson wanted a federal government that owned a lot of land and had a lot of power

D. Thomas Jefferson did not think much of property rights

E. None of the above

Question #7

The Southerners were generally opposed to pro-settler laws like the General Preemption Act of 1841. They might have been less opposed if what had been changed?

A. Provide subsidies to farmers to grow crops there paid for by taxes on Southern states

B. Increased the size of the land parcels offered

C. Increased the price charged per acre

D. Allowing the settlers to hire boring economics teachers to lecture them on supply and demand

E. None of the above

Question #8

Consider the “Know Nothing” party that existed in the US in the 1840s and 1850s. It was strongly against immigration. What can you infer from the lecture slides (lecture 9) about why this movement began?

A. Anger at the free trade policies at the time of the Democratic Party

B. The increased migration of people from Ireland, Germany and Scotland during the early and mid-1800s

C. The quick movement of America’s settlements westward which led to people native to those areas moving to the Northeastern United States

D. The issue of slavery and its possible spread to other states

E. A large number of French migrants from Canada’s Quebec moving to Boston and New York City in the 1840s

Question #9

By the middle of the 19th century, the Northeastern farmers were outcompeted by the Midwestern farmers in crops like wheat and corn.

A. TRUE

B. FALSE

Question #10

The decision by the South to adopt cotton had only to do with changes in technology like the cotton gin and had nothing to do with changes in the demand for cotton.

A. FALSE

B. TRUE

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