Econ 010 - Economic History of the United States » Fall 2021 » Quiz 2

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Question #1
What is the definition of economic history?
A.   The study of past economic development and economic events
B.   The study of being boring on an individual and national scale
C.   The study of decision-making of how to allocate scarce resources
D.   The study of decision-making of how to allocate scarce resources at the national level
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.   Increase the price
B.   Decrease the price
C.   Unclear
D.   Leave the price unchanged
Question #3
The headright system had what effect on the decision of people in Europe to migrate to America?
A.   It increased the opportunity cost
B.   It increased the benefit
C.   It increased the explicit cost
D.   It increased the explicit cost and decreased the benefit
Question #4
If there had been a huge increase in the supply of spices in Western Europe in the late 15th century, it would have lowered the incentive for Columbus to sail west and discover America.
A.   TRUE
B.   FALSE
Question #5
What lesson can be obtained from the origin of Georgia as a state?
A.   How intense political partisanship can have unintended consequences for a state’s economy
B.   How a state’s attempt at a command economy will affect neighboring states’ economies
C.   The dangers of too many people coming into a state at the same time
D.   How a state’s geography can help determine a state’s institutions (like whether to adopt slavery)
Question #6
Which of the following would likely have led to more specialization for laborers?
A.   Policies that increased immigration into the US
B.   President giving speeches to encourage people to specialize more
C.   Opening up more land in the West for settlement
D.   None of the above
Question #7
Which of the following is true about money in the colonies?
A.   Money tended to change in such a way as to ease and thereby promote commerce
B.   There was no such thing as commodity money or fiat money
C.   Whether with friends or strangers, people found bartering to be convenient
D.   Thomas Jefferson thought the use of money was oppressive
Question #8
A major economic contributor to the American Revolution was the British landowners’ desire for tax relief and the British merchants’ desire to avoid colonial boycotts.
A.   FALSE
B.   TRUE
Question #9
Which of the following can be inferred from the Seven Years' War?
A.   While it lasted several years, it did not require much spending by the British government
B.   It led to the colonists viewing the British government as free riders
C.   After it ended, Britain had more incentive to prevent further westward settlement
D.   It was supported by almost all the American colonists
Question #10
Which of the following is valid about wealth inequality in the US during the colonial period?
A.   The increase in commerce tended to decrease wealth inequality
B.   Wealth inequality was present from the very founding of the colonies
C.   Wealth inequality was very low during this time
D.   Wealth inequality emerged over time as initial settlements transformed into towns and sometimes cities
Question #11
How would we describe the economic effect on colonists of the land policies enacted by Britain after 1763?
A.   No difference as the policies before 1763 were the same as those after 1763
B.   All the colonists gained
C.   Some colonists were harmed while some gained
D.   All the colonists were harmed
Question #12
Recall from the lecture slides the California Gold Rush. This discovery of gold would have had what effect on the decision to migrate to these places?
A.   Increased the opportunity cost of migrating
B.   Increased the explicit cost of migrating
C.   Increased the benefit of migrating
D.   None of the above
Question #13
One of the main reasons the US Constitution replaced the Articles of Confederation was that the country’s economy would function more effectively with a weaker federal government.
A.   TRUE
B.   FALSE
Question #14
During the period of 1775 to 1815, the American economy swung from recession to prosperity and back again. This movement back and forth had to do with the dependence of the country’s economy on trade.
A.   FALSE
B.   TRUE
Question #15
Over time, the Southern states began to move increasingly into the crop of cotton. Which of the following was NOT a reason for this change?
A.   Increased supply of tobacco from other parts of the world
B.   Inventions that increased the productivity of cotton farming
C.   Increased demand for cotton
D.   Increased supply of cotton in Ohio and Pennsylvania

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