Question 1

During the Revolutionary War,the U.S.trade deficit increased because

Accepted Answer

A) U.S.imports decreased,while U.S.exports increased. 
B) U.S.imports increased,while U.S.exports decreased. 
C) U.S.exports decreased more than U.S.imports decreased. 
D) U.S.imports decreased more than U.S.exports decreased. 
A) U.S.imports decreased,while U.S.exports increased. 
B) U.S.imports increased,while U.S.exports decreased. 
C) U.S.exports decreased more than U.S.imports decreased. 
D) U.S.imports decreased more than U.S.exports decreased. C

Question 2

In 1774 the best estimate for the size of the overseas trade as a proportion of national income is:

Accepted Answer

A) 0-5%. 
B) 15-20%. 
C) about 50%. 
D) 70-75%. 
A) 0-5%. 
B) 15-20%. 
C) about 50%. 
D) 70-75%. B

Question 3

Which of the following most accurately and completely describes the responsibilities the Constitution gave to the federal government?

Accepted Answer

A) The authority to provide for copyrights and patents. 
B) The right to tax income. 
C) The authority to regulate interstate commerce. 
D) Both a and c 
A) The authority to provide for copyrights and patents. 
B) The right to tax income. 
C) The authority to regulate interstate commerce. 
D) Both a and c D

Question 4

What generated the most revenue for the U.S.government in the first 20 years after the Revolution?

Accepted Answer

A) Income taxes 
B) Property taxes 
C) Tariffs on goods imported from other nations 
D) Inheritance taxes 
E) Taxes on products shipped between states 
A) Income taxes 
B) Property taxes 
C) Tariffs on goods imported from other nations 
D) Inheritance taxes 
E) Taxes on products shipped between states

Question 5

The economic system envisioned by the Constitution _________.

Accepted Answer

A) embodied Adam Smith's emphasis on protecting private property. 
B) used the Civil Code of France,rather than the English Common Law,as its foundation. 
C) enshrined the traditional 18ᵗʰ century model of mercantilism which allowed the government to have large control over private ownership of goods and services. 
D) fostered Jefferson's idea of a democracy based primarily on agriculture. 
A) embodied Adam Smith's emphasis on protecting private property. 
B) used the Civil Code of France,rather than the English Common Law,as its foundation. 
C) enshrined the traditional 18ᵗʰ century model of mercantilism which allowed the government to have large control over private ownership of goods and services. 
D) fostered Jefferson's idea of a democracy based primarily on agriculture.

Question 6

Which of the following responsibilities did the Constitution not give to the federal government?

Accepted Answer

A) The right to set laws on patents. 
B) The sole right to mint coins. 
C) The right to establish post offices. 
D) The right to tax income. 
A) The right to set laws on patents. 
B) The sole right to mint coins. 
C) The right to establish post offices. 
D) The right to tax income.

Question 7

The Continental Congress faced several constraints in its effort to finance the Revolutionary War.The largest source of funds for the War was

Accepted Answer

A) excise taxes. 
B) domestic bond sales. 
C) borrowing from foreign powers,such as France. 
D) printing money. 
A) excise taxes. 
B) domestic bond sales. 
C) borrowing from foreign powers,such as France. 
D) printing money.

Question 8

The Embargo Act (1807)

Accepted Answer

A) provided little,if any aid to the emerging manufacturing sector in the U.S. 
B) successfully forced England and France to ease their harassment of neutral ships. 
C) reduced U.S.imports,but increased U.S.exports. 
D) remained in effect until after the Civil War. 
E)  None of the above are correct. 
A) provided little,if any aid to the emerging manufacturing sector in the U.S. 
B) successfully forced England and France to ease their harassment of neutral ships. 
C) reduced U.S.imports,but increased U.S.exports. 
D) remained in effect until after the Civil War. 
E)  None of the above are correct.

Question 9

The hyperinflation of the Revolutionary War period

Accepted Answer

A) persisted throughout the 19ᵗʰ century because of over-issue of paper money by the states. 
B) has been exaggerated;prices were,in fact,quite moderate during the War. 
C) was severe,but short-lived;prices returned to normal levels following the War. 
D) was accelerated by the repudiation of most wartime-issued paper money following the War. 
A) persisted throughout the 19ᵗʰ century because of over-issue of paper money by the states. 
B) has been exaggerated;prices were,in fact,quite moderate during the War. 
C) was severe,but short-lived;prices returned to normal levels following the War. 
D) was accelerated by the repudiation of most wartime-issued paper money following the War.

Question 10

Which is a accurate description of the Revolution?

Accepted Answer

A) It never had majority support. 
B) Two-thirds of the population either opposed it or did nothing to support it. 
C) It became a popular war,maintaining widespread popular support after 1776. 
D) Both a and b are correct. 
E) None of the above are correct. 
A) It never had majority support. 
B) Two-thirds of the population either opposed it or did nothing to support it. 
C) It became a popular war,maintaining widespread popular support after 1776. 
D) Both a and b are correct. 
E) None of the above are correct.

Question 11

For the U.S. ,the Revolutionary War (1775-1781)period could best described as having a rapid growth in:

Accepted Answer

A) Trade. 
B) Inflation. 
C) Real per capita income. 
D) Slave imports. 
A) Trade. 
B) Inflation. 
C) Real per capita income. 
D) Slave imports.

Question 12

What method did the U.S.use to fund most of the cost of the Revolutionary War?

Accepted Answer

A) Increases in taxes. 
B) Increases in the money supply. 
C) Increases in bond sales. 
D) Increases in tariffs. 
A) Increases in taxes. 
B) Increases in the money supply. 
C) Increases in bond sales. 
D) Increases in tariffs.

Question 13

If a the price index was 60 in 2000 and the price index was 90 in 2009,the best estimate of the annual inflation rate between 1998 and 1999 is

Accepted Answer

A) 15%. 
B) 40%. 
C) 50%. 
D) 90%. 
E) 7/5. 
A) 15%. 
B) 40%. 
C) 50%. 
D) 90%. 
E) 7/5.

Question 14

During the period following the Revolution,

Accepted Answer

A) the populations of the major cities increased dramatically. 
B) per capita exports decreased slightly for the southern states. 
C) per capita exports decreased sharply for the southern states. 
D) on average,per capita exports increased. 
A) the populations of the major cities increased dramatically. 
B) per capita exports decreased slightly for the southern states. 
C) per capita exports decreased sharply for the southern states. 
D) on average,per capita exports increased.

Question 15

Post-Revolutionary trade data show that after 1790

Accepted Answer

A) U.S.trade with non-British areas of the Caribbean increased. 
B) the export of food to the West Indies increased. 
C) trade in the southern U.S.did not keep pace with population growth. 
D) the U.S.exported tobacco to France and the Netherlands. 
E) All of the above. 
A) U.S.trade with non-British areas of the Caribbean increased. 
B) the export of food to the West Indies increased. 
C) trade in the southern U.S.did not keep pace with population growth. 
D) the U.S.exported tobacco to France and the Netherlands. 
E) All of the above.

Question 16

When the colonies obtained independence they were no longer bound by a number of English laws,including the Navigation Acts.What best describes the impact of the removal of the Navigation Acts for commodities that were imported from Europe via England?

Accepted Answer

A) A shift out of the supply curve and a shift back in the demand curve,which
Lowered prices. 
B) A shift out in the supply curve,which decreased the price and increased the
Quantity. 
C) A shift back in both the supply and demand curves,which decreased quantity. 
D) A shift back in the demand curve,which lowered both price and quantity. 
A) A shift out of the supply curve and a shift back in the demand curve,which
Lowered prices. 
B) A shift out in the supply curve,which decreased the price and increased the
Quantity. 
C) A shift back in both the supply and demand curves,which decreased quantity. 
D) A shift back in the demand curve,which lowered both price and quantity.

Question 17

Immediately following the Revolution,

Accepted Answer

A) America found itself outside the protection of the British empire. 
B) trade alliances with both Spain and France began to crumble. 
C) all American-built vessels were ineligible to trade with the British Empire. 
D) All of the above are correct. 
E) Only a and b are correct. 
A) America found itself outside the protection of the British empire. 
B) trade alliances with both Spain and France began to crumble. 
C) all American-built vessels were ineligible to trade with the British Empire. 
D) All of the above are correct. 
E) Only a and b are correct.

Question 18

What was not one of the Constitutional compromises about slavery?

Accepted Answer

A) Limited the importation of slaves to 20 years. 
B) Northern states had to abide by the Southern states' slavery laws. 
C) Prevented imported slaves from being taxed. 
D) Slaves counted a 60% of a person for congressional representation. 
A) Limited the importation of slaves to 20 years. 
B) Northern states had to abide by the Southern states' slavery laws. 
C) Prevented imported slaves from being taxed. 
D) Slaves counted a 60% of a person for congressional representation.

Question 19

The Constitution

Accepted Answer

A) empowers each state to negotiate its own treaties with foreign governments. 
B) empowers Congress to pay off all public debts,including those incurred by the states. 
C) allows for states to set tariffs on goods imported from another state. 
D) allows only Congress to set tariffs on goods moving from one state to another. 
A) empowers each state to negotiate its own treaties with foreign governments. 
B) empowers Congress to pay off all public debts,including those incurred by the states. 
C) allows for states to set tariffs on goods imported from another state. 
D) allows only Congress to set tariffs on goods moving from one state to another.

Question 20

The U.S.terminated its role in the slave trade in the early 1800s.What is the best assessment of what would have happened had the U.S.not ended the slave trade?

Accepted Answer

A) The price of slaves would be lower and the wages of free workers would be lower. 
B) The price of slaves would be higher and the quantity of free workers would be lower. 
C) The price of slaves would be lower and the wages of free workers would be higher. 
D) The quantity of slaves would be higher and the quantity of free workers would be higher. 
E) The quantity of slaves would be lower and the wages of free workers would be lower. 
A) The price of slaves would be lower and the wages of free workers would be lower. 
B) The price of slaves would be higher and the quantity of free workers would be lower. 
C) The price of slaves would be lower and the wages of free workers would be higher. 
D) The quantity of slaves would be higher and the quantity of free workers would be higher. 
E) The quantity of slaves would be lower and the wages of free workers would be lower.

Exam 7: Hard Realities for a New Nation

During the Revolutionary War,the U.S.trade deficit increased because

In 1774 the best estimate for the size of the overseas trade as a proportion of national income is:

Which of the following most accurately and completely describes the responsibilities the Constitution gave to the federal government?

What generated the most revenue for the U.S.government in the first 20 years after the Revolution?

The economic system envisioned by the Constitution _________.

Which of the following responsibilities did the Constitution not give to the federal government?

The Continental Congress faced several constraints in its effort to finance the Revolutionary War.The largest source of funds for the War was

The Embargo Act (1807)

The hyperinflation of the Revolutionary War period

Which is a accurate description of the Revolution?

For the U.S. ,the Revolutionary War (1775-1781)period could best described as having a rapid growth in:

What method did the U.S.use to fund most of the cost of the Revolutionary War?

If a the price index was 60 in 2000 and the price index was 90 in 2009,the best estimate of the annual inflation rate between 1998 and 1999 is

During the period following the Revolution,

Post-Revolutionary trade data show that after 1790

When the colonies obtained independence they were no longer bound by a number of English laws,including the Navigation Acts.What best describes the impact of the removal of the Navigation Acts for commodities that were imported from Europe via England?

Immediately following the Revolution,

What was not one of the Constitutional compromises about slavery?

The Constitution

The U.S.terminated its role in the slave trade in the early 1800s.What is the best assessment of what would have happened had the U.S.not ended the slave trade?

Economic History

Founding the Colonies

Colonial Economic Activities

The Economic Relations of the Colonies

Economic Progress and Wealth

Three Crises and Revolt

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

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