Question 1

Under the British Navigation Acts, enumerated goods were a list of colonial _______.

Accepted Answer

A)  exports showing how dependent the British were on the colonies. 
B)  imports showing how dependent the colonies were on Britain. 
C)  exports that had to be shipped through British middlemen. 
D)  exports that were reserved for the crown. 
A)  exports showing how dependent the British were on the colonies. 
B)  imports showing how dependent the colonies were on Britain. 
C)  exports that had to be shipped through British middlemen. 
D)  exports that were reserved for the crown.

Question 2

The use of commodity money

Accepted Answer

A)  has a high opportunity cost. 
B)  does not provide an adequate unit of account. 
C)  creates a mutual coincidence of wants problem. 
D)  creates inflation. 
E)  All of the above. 
A)  has a high opportunity cost. 
B)  does not provide an adequate unit of account. 
C)  creates a mutual coincidence of wants problem. 
D)  creates inflation. 
E)  All of the above.

Question 3

The aims of mercantilists do not include

Accepted Answer

A)  achieving power and wealth for the state. 
B)  achieving political and economic unity. 
C)  keeping artisans in the home country. 
D)  All of the above were aims of the mercantilists. 
A)  achieving power and wealth for the state. 
B)  achieving political and economic unity. 
C)  keeping artisans in the home country. 
D)  All of the above were aims of the mercantilists.

Question 4

England 's mercantilist principals

Accepted Answer

A)  were active from the early 1600s. 
B)  were active from the early 1700s. 
C)  were a response to Spanish tariffs. 
D)  were pursued by Charles II after 1685. 
A)  were active from the early 1600s. 
B)  were active from the early 1700s. 
C)  were a response to Spanish tariffs. 
D)  were pursued by Charles II after 1685.

Question 5

During the English civil war in the 1640s, the _____ made great inroads into the carrying trade.

Accepted Answer

A)  Italians 
B)  Dutch 
C)  Spanish 
D)  French 
A)  Italians 
B)  Dutch 
C)  Spanish 
D)  French

Question 6

A notable and unique feature of the colonial monetary system was

Accepted Answer

A)  the use of minted silver coins. 
B)  An early form of "credit card.". 
C)  the use of a widely accepted paper currency. 
D)  the development of checking accounts issued by private commercial banks. 
A)  the use of minted silver coins. 
B)  An early form of "credit card.". 
C)  the use of a widely accepted paper currency. 
D)  the development of checking accounts issued by private commercial banks.

Question 7

What was not a problem with using commodity money in the US colonies prior to 1700?

Accepted Answer

A)  Very few people were willing to accept commodities as payment. 
B)  Commodity spoilage rates were high. 
C)  Controlling the quality of payments made with commodities. 
D)  High storage costs of commodities. 
A)  Very few people were willing to accept commodities as payment. 
B)  Commodity spoilage rates were high. 
C)  Controlling the quality of payments made with commodities. 
D)  High storage costs of commodities.

Question 8

Types of money used by colonists included all of the following except

Accepted Answer

A)  gold and silver coins. 
B)  bills of exchange. 
C)  bills of credit. 
D)  government-issued fiat currency. 
A)  gold and silver coins. 
B)  bills of exchange. 
C)  bills of credit. 
D)  government-issued fiat currency.

Question 9

The only historical precursor to colonial money can be found in

Accepted Answer

A)  ancient Rome. 
B)  ancient China. 
C)  the Inca Empire. 
D)  ancient Egypt. 
A)  ancient Rome. 
B)  ancient China. 
C)  the Inca Empire. 
D)  ancient Egypt.

Question 10

The Navigation Acts

Accepted Answer

A)  placed tariffs on the import of British goods by the colonies. 
B)  prohibited trade between the British West Indies and the colonies. 
C)  allowed colonial trade on British ships commanded by foreign captains. 
D)  encouraged trade between the colonies and the Dutch. 
E)  None of the above is correct. 
A)  placed tariffs on the import of British goods by the colonies. 
B)  prohibited trade between the British West Indies and the colonies. 
C)  allowed colonial trade on British ships commanded by foreign captains. 
D)  encouraged trade between the colonies and the Dutch. 
E)  None of the above is correct.

Question 11

Mercantilism was an economic policy that called for

Accepted Answer

A)  the use of taxes and subsidies to control trade. 
B)  leaving economic decisions to the free market. 
C)  laissez faire. 
D)  the elimination of private property. 
A)  the use of taxes and subsidies to control trade. 
B)  leaving economic decisions to the free market. 
C)  laissez faire. 
D)  the elimination of private property.

Question 12

Early forms of colonial money included

Accepted Answer

A)  wampum. 
B)  tobacco. 
C)  furs and hides. 
D)  musket balls. 
E)  All of the above. 
A)  wampum. 
B)  tobacco. 
C)  furs and hides. 
D)  musket balls. 
E)  All of the above.

Question 13

The Navigation Acts

Accepted Answer

A)  required certain commodities to be traded within the British empire only. 
B)  provided for the free trade of colonial goods, including tobacco, indigo and sugar. 
C)  required all colonial trade to be carried on English vessels. 
D)  were abolished in 1700. 
E)  both a and c are correct. 
A)  required certain commodities to be traded within the British empire only. 
B)  provided for the free trade of colonial goods, including tobacco, indigo and sugar. 
C)  required all colonial trade to be carried on English vessels. 
D)  were abolished in 1700. 
E)  both a and c are correct.

Question 14

In 1776, ______________ was the most populated colonial city.

Accepted Answer

A)  New York 
B)  Philadelphia 
C)  Charleston 
D)  Boston 
A)  New York 
B)  Philadelphia 
C)  Charleston 
D)  Boston

Question 15

Which of the following statements correctly characterizes the colonial commodity trade deficit?

Accepted Answer

A)  The Middle colonies had the largest commodity trade deficit. 
B)  The Southern colonies exported more to Great Britain & Ireland than they imported. 
C)  The colonies experienced commodity trade deficits not only in their trade with England, but also in trade with Southern Europe and Africa. 
D)  The colonies had a commodity trade deficit with Great Britain, but a commodity trade surplus once all trades were taken into account. 
A)  The Middle colonies had the largest commodity trade deficit. 
B)  The Southern colonies exported more to Great Britain & Ireland than they imported. 
C)  The colonies experienced commodity trade deficits not only in their trade with England, but also in trade with Southern Europe and Africa. 
D)  The colonies had a commodity trade deficit with Great Britain, but a commodity trade surplus once all trades were taken into account.

Question 16

In exchange with merchants from England, colonial paper money typically was _________ their face value.

Accepted Answer

A)  greater than 
B)  less than 
C)  equal to 
D)  a fixed percentage of 
A)  greater than 
B)  less than 
C)  equal to 
D)  a fixed percentage of

Question 17

The Middle Colonies' exports went primarily to

Accepted Answer

A)  the United Kingdom. 
B)  continental Europe. 
C)  the West Indies. 
D)  Africa . 
A)  the United Kingdom. 
B)  continental Europe. 
C)  the West Indies. 
D)  Africa .

Question 18

According to research by James Shepherd and Samuel Williamson, colonial coastal commerce comprised about _________ of the volume of total overseas trade.

Accepted Answer

A)  one-tenth 
B)  one-third 
C)  one-half 
D)  three-fourths 
A)  one-tenth 
B)  one-third 
C)  one-half 
D)  three-fourths

Question 19

In terms of exports from the colonies, ______ and ______ were the top two trading partners.

Accepted Answer

A)  the United Kingdom; Africa 
B)  Southern Europe; the West Indies 
C)  the West Indies; the United Kingdom 
D)  the United kingdom; Southern Europe. 
A)  the United Kingdom; Africa 
B)  Southern Europe; the West Indies 
C)  the West Indies; the United Kingdom 
D)  the United kingdom; Southern Europe.

Question 20

Shuttle routes for colonial trade

Accepted Answer

A)  lowered labor costs. 
B)  reduced delays and costly extensions of port times. 
C)  were more common than triangular trade patterns. 
D)  allowed captains to negotiate with a small number of familiar trading partners. 
E)  All of the above. 
A)  lowered labor costs. 
B)  reduced delays and costly extensions of port times. 
C)  were more common than triangular trade patterns. 
D)  allowed captains to negotiate with a small number of familiar trading partners. 
E)  All of the above.

Exam 4: The Economic Relations of the Colonies

Under the British Navigation Acts, enumerated goods were a list of colonial _______.

The use of commodity money

The aims of mercantilists do not include

England 's mercantilist principals

During the English civil war in the 1640s, the _____ made great inroads into the carrying trade.

A notable and unique feature of the colonial monetary system was

What was not a problem with using commodity money in the US colonies prior to 1700?

Types of money used by colonists included all of the following except

The only historical precursor to colonial money can be found in

The Navigation Acts

Mercantilism was an economic policy that called for

Early forms of colonial money included

The Navigation Acts

In 1776, ______________ was the most populated colonial city.

Which of the following statements correctly characterizes the colonial commodity trade deficit?

In exchange with merchants from England, colonial paper money typically was _________ their face value.

The Middle Colonies' exports went primarily to

According to research by James Shepherd and Samuel Williamson, colonial coastal commerce comprised about _________ of the volume of total overseas trade.

In terms of exports from the colonies, ______ and ______ were the top two trading partners.

Shuttle routes for colonial trade

Growth, Welfare, and the American Economy

Founding the Colonies

Colonial Economic Activities

Economic Progress and Wealth

Three Crises and Revolt

Hard Realities for a New Nation

Land and the Early Westward Movements

Transportation and Market Growth

Market Expansion and Industry in First Transition

Labor During the Early Industrial Period

Money and Banking in the Developing Economy

The Entrenchment of Slavery and Regional Conflict

War, Recovery, and Regional Divergence

Agricultures Western Advance

Railroads and Economic Change

Industrial Expansion and Concentration

The Emergence of Americas Labor Consciousness

Money, Prices, and Finance in the Postbellum Era

Commerce at Home and Abroad

World War I, 1914-1918

The Roaring Twenties

The Great Depression

The New Deal

World War Ii

The Changing Role of the Federal Government

The Changing Role of the Federal Government: Consumer Safety, Agriculture, the Environment, and Housing

Monetary Policy, Fiscal Policy, and the Business Cycle After World War Ii

Manufacturing, Productivity, and Labor

Achievements of the Past, Challenges for the Future

Filters

In terms of exports from the colonies, and were the top two trading partners.