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

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Question #1
Because of its abundance, we could say that Americans in the 17th century definitely had a comparative advantage relative to countries in Europe in the production of goods made of wood.
A.   TRUE
B.   FALSE
Question #2
The rise of tobacco in the South in the colonial period can be explained completely by geography and has nothing to do with institutions like government policies.
A.   FALSE
B.   TRUE
Question #3
What lesson can be obtained from the origin of Georgia as a state?
A.   The dangers of too many people coming into a state at the same time
B.   How intense political partisanship can have unintended consequences
C.   How a state’s attempt at a command economy will affect neighboring states' economies
D.   How a state’s high physical capital can lead to a natural disaster
E.   How a state’s geography can help determine a state’s institutions (like whether to adopt slavery)
F.     
Question #4
What is an accurate statement regarding mercantilism?
A.   It explains why England exports as much of their physical capital to America as possible
B.   It was motivated by the example of Holland and its path to economic prosperity
C.   It had a considerable dislike for gold and silver
D.   It explains part of the reason the English created permanent settlements in America
E.   It was the first attempt at open trade between countries in the world
Question #5
In the US in the colonial period, the evolution of money can be explained by trying to increase the convenience of commerce – that is, making it easier to undertake purchases.
A.   TRUE
B.   FALSE
Question #6
Which of the following is an example of fiat money?
A.   A fur
B.   Ten pounds of corn
C.   A gold coin
D.   A piano
E.   A piece of paper currency from the state of Massachusetts
Question #7
What lesson could we infer from the Navigation Acts?
A.   How England’s trade policies were instrumental in ending America’s slavery
B.   The North was by far America’s center for agricultural production and innovation
C.   Mercantilism had no effect on the policies adopted by England in the Colonial Period
D.   How an act of Parliament could give good pointers on how to sail a ship
E.   Laws by themselves did not mean much unless they were enforced
Question #8
In the colonial period, water was of major importance to trade. In fact, water was so important that none of the biggest cities in America were far away from the ocean.
A.   FALSE
B.   TRUE

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