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 decision-making of how to allocate scarce resources at the national level
B.   The study of past economic development and economic events
C.   The study of being boring on an individual and national scale
D.   The study of decision-making of how to allocate scarce resources
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.   Unclear
B.   Decrease the price
C.   Increase the price
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 benefit
B.   It increased the explicit cost and decreased the benefit
C.   It increased the explicit cost
D.   It increased the opportunity cost
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.   FALSE
B.   TRUE
Question #5
What lesson can be obtained from the origin of Georgia as a state?
A.   How a state’s attempt at a command economy will affect neighboring states’ economies
B.   How a state’s geography can help determine a state’s institutions (like whether to adopt slavery)
C.   The dangers of too many people coming into a state at the same time
D.   How intense political partisanship can have unintended consequences for a state’s economy
Question #6
Which of the following would likely have led to more specialization for laborers?
A.   President giving speeches to encourage people to specialize more
B.   Opening up more land in the West for settlement
C.   Policies that increased immigration into the US
D.   None of the above
Question #7
Which of the following is true about money in the colonies?
A.   There was no such thing as commodity money or fiat money
B.   Whether with friends or strangers, people found bartering to be convenient
C.   Thomas Jefferson thought the use of money was oppressive
D.   Money tended to change in such a way as to ease and thereby promote commerce
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.   TRUE
B.   FALSE
Question #9
Which of the following can be inferred from the Seven Years' War?
A.   It was supported by almost all the American colonists
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.   While it lasted several years, it did not require much spending by the British government
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 emerged over time as initial settlements transformed into towns and sometimes cities
C.   Wealth inequality was present from the very founding of the colonies
D.   Wealth inequality was very low during this time
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.   Some colonists were harmed while some gained
C.   All the colonists 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 benefit of migrating
B.   Increased the opportunity cost of migrating
C.   Increased the explicit cost 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.   FALSE
B.   TRUE
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.   TRUE
B.   FALSE
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 demand for cotton
B.   Increased supply of cotton in Ohio and Pennsylvania
C.   Increased supply of tobacco from other parts of the world
D.   Inventions that increased the productivity of cotton farming

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