Exam 1

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

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

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

D  Anger at the free trade policies at the time of the Democratic Party

A  Higher prices of tobacco

B  Increased supply of tobacco from other parts of the world

C  Increased demand for cotton

D  Inventions that increased the productivity of cotton farming

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

B  Allowed the settlers to hire boring economics teachers to lecture them on supply and demand

C  Decreased the price charged per acre

D  Increased the size of the land parcels offered

A  It established that the federal government had the power to tax

B  The federal government was given the power to build roads

C  The federal government was given the sole power to apply tariffs

D  It granted the states the power to print their own money

A  TRUE

B  FALSE

A  Unclear

B  Leave the price unchanged

C  Increase the price

D  Decrease the price

A  It did not happen during the colonial period or even 50 years after Independence

B  It has nothing to do with health and education

C  It only takes place when an economy shrinks in economic output

D  None of the above

A  FALSE

B  TRUE

A  FALSE

B  TRUE

A  Some American property owners

B  European migrants to the US looking to move west to settle down

C  Colonists migrating back to Europe

D  None of the above

A  High until 1685 when King James II was deposed and power moved from the monarchy to Parliament

B  Very low due to the power of the colonial governors

C  High because of the governors being financially dependent on the colonists and the British government in London having little interest in colonial policy

D  Very low due to the power of the English and later British monarchy who always watched and tightly controlled colonial policy

A  The year 2254

B  The year 2036

C  The year 2138

D  None of the above

A  The desire to prevent further conflict between Native Americans and settlers

B  The different beliefs about whether to have slavery

C  The desire for British landowners for tax relief

D  The desire to help a company considered by some British to be important

A  FALSE

B  TRUE

A  Some people in Britain benefited from it, some people in America benefited from it and were hurt by it

B  Some people in America benefited from it and were hurt by it

C  Some people in Britain benefited from it

D  Some people in America benefited from it

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  Britain’s victory actually led to a change in priorities regarding the frontiers which contributed to the Revolutionary War

D  It was supported by almost all the American colonists

A  Wealth inequality was present from the very founding of the colonies

B  The increase in commerce tended to decrease wealth inequality

C  Wealth inequality emerged over time as initial settlements transformed into towns and sometimes cities

D  None of the above

A  It was equal to 1

B  PED was never discussed in this course

C  It was greater than 1

D  It was less than 1

A  Due to other factors like the decline in piracy and decreasing the time stuck at ports

B  Doubling every 14 years

C  Faster in the South during the 18th century than in the Middle Colonies

D  Due to technological advances like faster speeds

A  Each colony eventually had its own 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  The forms of money used in the colonies did not change at all from 1675 to 1775

A  Policies that decreased immigration from Europe into the US

B  President giving speeches to encourage people to specialize more

C  Closing off more and more land in the West from settlement

D  None of the above

A  It was once the center of manufacturing in the American colonies

B  At its beginning, it was meant as a place to welcome Spanish tourists from Florida

C  From its beginning, it had the strictest laws on dealing with people in debt

D  At its beginning, the state outlawed slavery

A  TRUE

B  FALSE

A  They helped raise the country’s population in America which helped greatly for Britain to defeat its rivals in America

B  They helped the British to transport their physical capital and technology to the colonies

C  They helped the colonial government adopt and stick with Britain’s currency

D  They ensured people migrating from Britain to America returned to Britain within 10 years

A  People there had never heard of slavery

B  Strong opposition to the idea of owning other people

C  Large number of European laborers in the North who were willing to work for very low wages

D  The North’s climate was not conducive to slavery

A  Nazarov elastic

B  Elastic

C  Inelastic

D  None of the above

A  FALSE

B  TRUE

A  Exactly 4 years

B  Shorter than 4 years

C  Longer than 4 years

D  None of the above

A  FALSE

B  TRUE

A  They were more interested in attaining gold and silver and forcibly converting the population to Catholicism

B  It had no navy

C  They were not interested in permanent settlements

D  None of the above

A  The study of decision-making of how to allocate scarce resources

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 at the national level

A  The study of being boring (your teacher sure is a natural)

B  The study of decision-making of how to allocate scarce resources

C  The study of decision-making of how to allocate scarce resources by individual persons and firms

D  The study of decision-making of how to allocate scarce resources at the national level