Econ 010 - Economic History of the United States » Fall 2021 » Homework 1

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Question #1
Which of the following is the best definition of economics?
A.   The study of how to allocate an unlimited amount of resources
B.   It is the study of being boring on an individual and national scale
C.   The study of decision-making of how to allocate scarce resources at the national level
D.   The study of decision-making of how to allocate scarce resources
E.   The study of decision-making of how to allocate scarce resources by individual persons and firms
Question #2
Consider the decision of whether a person in England should migrate to the US. Over the course of the 17th and 18th centuries, what happened to the net benefit of this choice?
A.   It increased
B.   It is unclear
C.   It stayed the same
D.   It decreased
E.   None of the above
Question #3
If the British government had decided to restrict the land available for settlement (as they did after 1763), it would have had what effect on the wages of laborers?
A.   Decreased
B.   Unclear
C.   No effect
D.   Increased
E.   None of the above
Question #4
One reason for England’s rise in power starting in the 17th century was due to its fixation on land as the only source of wealth.
A.   FALSE
B.   TRUE
Question #5
Given all its uses and the lack of substitutes, we would say the PED for wood for American colonists was…
A.   Neither elastic nor inelastic
B.   Inelastic
C.   Unit elastic
D.   Elastic
E.   None of the above
Question #6
Why was the headright system important?
A.   Because it was a major reason for why England was able to get many of their nationals to emigrate to America
B.   Because it explains why Spain became so wealthy and could finance the Spanish Armada against England in 1588
C.   Because it explains why football players wear helmets
D.   Because it shows how France was able to outpace Portugal and Holland in the race to settle America
E.   Because it showed how markets (rather than governments) are much better at distributing resources
Question #7
In the 18th century, the opportunity cost of migrating to America from Europe was generally very high for people.
A.   FALSE
B.   TRUE
Question #8
What was particularly important for why Columbus discovered America?
A.   Desire to create a new source of food production to feed the population of Portugal
B.   Desire to explore new parts of the world for scientific purposes
C.   Desire to found new colonies for Spain
D.   Desire to obtain spices which were in high demand
E.   None of the above
Question #9
According to the lecture slides, why was slavery not adopted in the Northern part of the colonies?
A.   Strong opposition to the idea of owning other people
B.   Northern economy was dominated by tobacco production
C.   People there had never heard of slavery
D.   Large number of European laborers in the North who were willing to work for very low wages
E.   Climate in the North was not conducive to slavery
Question #10
Which of the following is NOT a reason why there was such high population growth in America after 1650?
A.   Population was primarily rural
B.   Large population growth among both whites and African-Americans
C.   Population was younger
D.   Economy was generally doing well
E.   All of the above were reasons why there was such high population growth in America after 1650

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