Question 1

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. D

Question 2

The colonies as a whole had a significant commodity import deficit in their trade with England.The least important source of foreign exchange earnings to offset this trade deficit was

Accepted Answer

A) insurance charges and merchant commissions. 
B) the sale of ships. 
C) the sale of colonial shipping services. 
D) payment for slaves. 
A) insurance charges and merchant commissions. 
B) the sale of ships. 
C) the sale of colonial shipping services. 
D) payment for slaves. D

Question 3

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. E

Question 4

The Southern 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 5

Mercantilists believed that national military power could be achieved best by _______.

Accepted Answer

A) confiscating church lands and selling them to private businesses. 
B) freeing business from government regulation. 
C) having the government supply the infrastructure for the economy,while leaving private enterprise alone in other spheres. 
D) strictly regulating economic life. 
A) confiscating church lands and selling them to private businesses. 
B) freeing business from government regulation. 
C) having the government supply the infrastructure for the economy,while leaving private enterprise alone in other spheres. 
D) strictly regulating economic life.

Question 6

What statement most accurately describes the U.S.colonial economy in the 1700s?

Accepted Answer

A) The Middle Colonies had big trade surpluses from their large shipments of food. 
B) The majority of the population lived in the large urban areas along the Atlantic coast. 
C) Once indentured servants completed their indentures,they moved to the lower South,where the agricultural productivity was highest. 
D) Colonial America was the first region in the world to permanently use paper money. 
A) The Middle Colonies had big trade surpluses from their large shipments of food. 
B) The majority of the population lived in the large urban areas along the Atlantic coast. 
C) Once indentured servants completed their indentures,they moved to the lower South,where the agricultural productivity was highest. 
D) Colonial America was the first region in the world to permanently use paper money.

Question 7

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 8

Which of the following most accurately describes what the text says about mercantilists?

Accepted Answer

A) They tried to build up the military power of their economies. 
B) They tried to produce full employment. 
C) They confused gold and silver with true wealth. 
D) They were merely spokesmen for special interest groups. 
A) They tried to build up the military power of their economies. 
B) They tried to produce full employment. 
C) They confused gold and silver with true wealth. 
D) They were merely spokesmen for special interest groups.

Question 9

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 10

The most important source of foreign exchange earnings to offset the colonial deficit with England was

Accepted Answer

A) insurance charges and merchant commissions. 
B) the sale of ships. 
C) the sale of colonial shipping services. 
D) inflows of sterling from British forces stationed in the colonies. 
A) insurance charges and merchant commissions. 
B) the sale of ships. 
C) the sale of colonial shipping services. 
D) inflows of sterling from British forces stationed in the colonies.

Question 11

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 12

A notable and unique feature of the colonial monetary system was

Accepted Answer

A) the use of minted silver coins. 
B) the circulation of commodities as money. 
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) the circulation of commodities as money. 
C) the use of a widely accepted paper currency. 
D) the development of checking accounts issued by private commercial banks.

Question 13

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 14

Colonists owned the vast majority of the tonnage shipped between

Accepted Answer

A) New England and the West Indies. 
B) England and the West Indies. 
C) The Middle colonies and England. 
D) The South and the West Indies. 
A) New England and the West Indies. 
B) England and the West Indies. 
C) The Middle colonies and England. 
D) The South and the West Indies.

Question 15

A nation practicing mercantilism aims to

Accepted Answer

A) keep the government out of the economy. 
B) establish an excess of exports over imports. 
C) balance imports with exports. 
D) replace gold and silver with paper money. 
E) reduce the size of the military sector. 
A) keep the government out of the economy. 
B) establish an excess of exports over imports. 
C) balance imports with exports. 
D) replace gold and silver with paper money. 
E) reduce the size of the military sector.

Question 16

Problems with the use of commodity money include:

Accepted Answer

A) quality control. 
B) storage difficulties. 
C) inconvenience. 
D) spoilage. 
E) All of the above. 
A) quality control. 
B) storage difficulties. 
C) inconvenience. 
D) spoilage. 
E) All of the above.

Question 17

Mercantilists wanted a favorable balance of trade,by which they meant

Accepted Answer

A) exports = imports. B) exports > imports. C) exports < imports. D) To import nothing from the colonies. A) exports = imports. B) exports > imports. C) exports < imports. D) To import nothing from the colonies.

Question 18

According to the mercantilists,colonies were supposed to export ________ and import ________ from _______.

Accepted Answer

A) manufactured products,raw materials,the mother country. 
B) raw materials,manufactured products,countries outside the empire. 
C) manufactured products,raw materials,countries outside the empire. 
D) raw materials,manufactured products,the mother country. 
A) manufactured products,raw materials,the mother country. 
B) raw materials,manufactured products,countries outside the empire. 
C) manufactured products,raw materials,countries outside the empire. 
D) raw materials,manufactured products,the mother country.

Question 19

The Currency Act of 1751

Accepted Answer

A) required English merchants to accept bills of credit at full face value. 
B) was passed in response to English merchants' concerns about the fluctuating value of colonial money. 
C) established dollar bills as legal tender in the colonies. 
D) ended the use of paper money in the colonies. 
A) required English merchants to accept bills of credit at full face value. 
B) was passed in response to English merchants' concerns about the fluctuating value of colonial money. 
C) established dollar bills as legal tender in the colonies. 
D) ended the use of paper money in the colonies.

Question 20

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.

Exam 4: The Economic Relations of the Colonies

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

The colonies as a whole had a significant commodity import deficit in their trade with England.The least important source of foreign exchange earnings to offset this trade deficit was

The Navigation Acts

The Southern Colonies' exports went primarily to

Mercantilists believed that national military power could be achieved best by _______.

What statement most accurately describes the U.S.colonial economy in the 1700s?

The aims of mercantilists do not include

Which of the following most accurately describes what the text says about mercantilists?

Mercantilism was an economic policy that called for

The most important source of foreign exchange earnings to offset the colonial deficit with England was

The Middle Colonies' exports went primarily to

A notable and unique feature of the colonial monetary system was

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

Colonists owned the vast majority of the tonnage shipped between

A nation practicing mercantilism aims to

Problems with the use of commodity money include:

Mercantilists wanted a favorable balance of trade,by which they meant

According to the mercantilists,colonies were supposed to export ________ and import ________ from _______.

The Currency Act of 1751

England's mercantilist principals

Economic History

Founding the Colonies

Colonial Economic Activities

Economic Progress and Wealth

Three Crises and Revolt

Hard Realities for a New Nation

Land and the Early Western Movements

Transportation and Market Growth

Market Expansion 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

Mobilizing for War

The Roaring Twenties

The Great Depression

The New Deal

World War II

The Changing Role of the Federal Government

Government the Business Cycle After World War II

Manufacturing, Productivity, and Labor

Achievements of the Past, Challenges for the Future

Filters

According to the mercantilists,colonies were supposed to export __ and import from _.