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Fresh Grad Lands Job as Real Estate Agent With Help from Professional Writers

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Quiz 2

Navigation   » List of Schools  »  Los Angeles Valley College  »  Economics  »  Econ 010 – Economic History of the United States  »  Fall 2021  »  Quiz 2

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Below are the questions for the exam with the choices of answers:

Question #1
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
Question #2
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 #3
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 #4
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 explicit cost of migrating
B  Increased the opportunity cost of migrating
C  Increased the benefit of migrating
D  None of the above
Question #5
How would we describe the economic effect on colonists of the land policies enacted by Britain after 1763?
A  Some colonists were harmed while some gained
B  No difference as the policies before 1763 were the same as those after 1763
C  All the colonists were harmed
D  All the colonists gained
Question #6
Which of the following is valid about wealth inequality in the US during the colonial period?
A  Wealth inequality was present from the very founding of the colonies
B  Wealth inequality emerged over time as initial settlements transformed into towns and sometimes cities
C  Wealth inequality was very low during this time
D  The increase in commerce tended to decrease wealth inequality
Question #7
Which of the following can be inferred from the Seven Years’ War?
A  It led to the colonists viewing the British government as free riders
B  After it ended, Britain had more incentive to prevent further westward settlement
C  While it lasted several years, it did not require much spending by the British government
D  It was supported by almost all the American colonists
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 is true about money in the colonies?
A  Thomas Jefferson thought the use of money was oppressive
B  Money tended to change in such a way as to ease and thereby promote commerce
C  Whether with friends or strangers, people found bartering to be convenient
D  There was no such thing as commodity money or fiat money
Question #10
Which of the following would likely have led to more specialization for laborers?
A  President giving speeches to encourage people to specialize more
B  Policies that increased immigration into the US
C  Opening up more land in the West for settlement
D  None of the above
Question #11
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 intense political partisanship can have unintended consequences for a state’s economy
C  How a state’s geography can help determine a state’s institutions (like whether to adopt slavery)
D  The dangers of too many people coming into a state at the same time
Question #12
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 #13
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 and decreased the benefit
D  It increased the explicit cost
Question #14
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  Leave the price unchanged
B  Decrease the price
C  Increase the price
D  Unclear
Question #15
What is the definition of economic history?
A  The study of decision-making of how to allocate scarce resources
B  The study of decision-making of how to allocate scarce resources at the national level
C  The study of being boring on an individual and national scale
D  The study of past economic development and economic events
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“Kudos to the team for a job well done.  I am sincerely appreciative of the time and effort you gave on my resume.  You did not only help me land the job I had always been dreaming of but you also made me realize how important adding those specific keywords to my resume!  Cheers!

Manush
Fresh Graduate
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