Question 1

Paper money helped colonists pay soldiers for services provided when specie was not available.?This money was fiat money; it did not possess specie backing.

Accepted Answer

A) True 
 B)False  True

Question 2

Which of the following was the single largest component of wealth in colonial America?

Accepted Answer

A)  Land 
B)  Stocks 
C)  Bonds 
D)  Capital 
A)  Land 
B)  Stocks 
C)  Bonds 
D)  Capital A

Question 3

During the colonial period,the English permitted both silver and gold to move freely in and out of the colonies.

Accepted Answer

A) True 
 B)False  False

Question 4

Define white servitude and compare it to slavery.Explain how both supported economic growth in early America.

Accepted Answer

White servitude refers to the practice o

Question 5

How does stable money affect investment,commerce and economic growth? How does it encourage operation on the comparative advantage and what does operation on the comparative advantage mean to trade?

Accepted Answer

Stable money has a significant impact on

Question 6

What impact did colonial inflation have on the colonial economy?

Accepted Answer

A)  An overall increase in private consumption spending in colonial America 
B)  A decrease in interest rates in colonial America 
C)  A decrease in colonial exports and a rise in colonial imports 
D)  An increase in the exchange rates between colonial money and specie 
A)  An overall increase in private consumption spending in colonial America 
B)  A decrease in interest rates in colonial America 
C)  A decrease in colonial exports and a rise in colonial imports 
D)  An increase in the exchange rates between colonial money and specie

Question 7

According to Hughes and Cain (2011),American economic history is the story of economic growth.Economic growth

Accepted Answer

A)  necessarily means an improvement in the quality of life for all individuals. 
B)  does not necessarily measure an improvement in the quality of life; it merely indicates the potential for improvement. 
C)  as conventionally measured considers an employed person living in the pollution and congestion of modern Tokyo to be "worse off" than a sun-tanned artist watching another glorious sunset on the beach in Tahiti. 
D)  is measured by the increases in total output of goods and services less any environmental destruction that occurs in the process of production. 
A)  necessarily means an improvement in the quality of life for all individuals. 
B)  does not necessarily measure an improvement in the quality of life; it merely indicates the potential for improvement. 
C)  as conventionally measured considers an employed person living in the pollution and congestion of modern Tokyo to be "worse off" than a sun-tanned artist watching another glorious sunset on the beach in Tahiti. 
D)  is measured by the increases in total output of goods and services less any environmental destruction that occurs in the process of production.

Question 8

By 1774,the Southern colonies'

Accepted Answer

A)  share of total colonial wealth was the lowest. 
B)  wealth per capita was the highest. 
C)  land contributed very little to total wealth. 
D)  depended heavily on immigrant labor. 
A)  share of total colonial wealth was the lowest. 
B)  wealth per capita was the highest. 
C)  land contributed very little to total wealth. 
D)  depended heavily on immigrant labor.

Question 9

Define Gross Domestic Product (GDP).Identify what it does and does not include.Explain the relationship between increases in GDP and improvements in the overall standard of living.

Accepted Answer

Gross Domestic Product (GDP) is the mone

Question 10

Growth in real output per person occurred,on average,in colonial America.This growth translated into a great improvement in the quality of life for all citizens.

Accepted Answer

A) True 
 B)False

Question 11

The majority of Americans at the end of the colonial period were of

Accepted Answer

A)  French origin. 
B)  British origin. 
C)  German origin. 
D)  Dutch origin. 
A)  French origin. 
B)  British origin. 
C)  German origin. 
D)  Dutch origin.

Question 12

According to the theory of money,what is the most compelling evidence to use against those researchers or historians who believe that England was responsible for creating a shortage of money in colonial America?

Accepted Answer

A)  Colonial growth in commerce and trade proceeded. 
B)  The colonists paid moderate rates of interest. 
C)  Investment in colonial America occurred. 
D)  Prices increased, rather than decreasing. 
A)  Colonial growth in commerce and trade proceeded. 
B)  The colonists paid moderate rates of interest. 
C)  Investment in colonial America occurred. 
D)  Prices increased, rather than decreasing.

Question 13

Discuss how the shortage of gold and silver coin in the colonies encouraged innovation in money.How does the innovation impact us today?

Accepted Answer

The shortage of gold and silver coin in

Question 14

By the end of the colonial period,the Middle Colonies' population gained over New England but the Southern population continued to dominate.

Accepted Answer

A) True 
 B)False

Question 15

To what can we attribute the relatively high population growth in colonial America,compared with growth in England?

Accepted Answer

A)  The relatively advanced medicine in the colonies 
B)  Better climate, food and water 
C)  Better hygiene and preventive care 
D)  All of the above 
A)  The relatively advanced medicine in the colonies 
B)  Better climate, food and water 
C)  Better hygiene and preventive care 
D)  All of the above

Question 16

What is inflation? Was it a problem during colonial times? When does inflation negatively impact income and wealth? When does it ease problems of debtors against creditors? When does it encourage imports into a country and discourage exports out of the same country?

Accepted Answer

Inflation refers to the general increase

Question 17

Americans fell behind Europeans on the technology front.

Accepted Answer

A) True 
 B)False

Question 18

Regarding the regional distribution of population,

Accepted Answer

A)  New England as a whole continued to increase in its population base faster than the Middle Colonies throughout the colonial period. 
B)  Virginia had the smallest population of any colony at the time of the Revolution. 
C)  at the end of the colonial period, nearly half the total colonial population resided in the five Southern colonies. 
D)  the distribution remained firmly concentrated in what is now called the thirteen original colonies. 
A)  New England as a whole continued to increase in its population base faster than the Middle Colonies throughout the colonial period. 
B)  Virginia had the smallest population of any colony at the time of the Revolution. 
C)  at the end of the colonial period, nearly half the total colonial population resided in the five Southern colonies. 
D)  the distribution remained firmly concentrated in what is now called the thirteen original colonies.

Question 19

The value of output produced in colonial America equals the value of income generated by the productive resources (land,natural resources,labor,capital and entrepreneurial talent)used to produce that output.

Accepted Answer

A) True 
 B)False

Question 20

The shortage of precious metals or coins provided colonists with incentives to find alternatives.These alternatives included everything listed below except

Accepted Answer

A)  Teeth 
B)  Country money 
C)  Fiat money 
D)  Bills of credit 
A)  Teeth 
B)  Country money 
C)  Fiat money 
D)  Bills of credit

Exam 3: America on the Eve of Revolution

Paper money helped colonists pay soldiers for services provided when specie was not available.?This money was fiat money; it did not possess specie backing.

Which of the following was the single largest component of wealth in colonial America?

During the colonial period,the English permitted both silver and gold to move freely in and out of the colonies.

Define white servitude and compare it to slavery.Explain how both supported economic growth in early America.

How does stable money affect investment,commerce and economic growth? How does it encourage operation on the comparative advantage and what does operation on the comparative advantage mean to trade?

What impact did colonial inflation have on the colonial economy?

According to Hughes and Cain (2011),American economic history is the story of economic growth.Economic growth

By 1774,the Southern colonies'

Define Gross Domestic Product (GDP).Identify what it does and does not include.Explain the relationship between increases in GDP and improvements in the overall standard of living.

Growth in real output per person occurred,on average,in colonial America.This growth translated into a great improvement in the quality of life for all citizens.

The majority of Americans at the end of the colonial period were of

According to the theory of money,what is the most compelling evidence to use against those researchers or historians who believe that England was responsible for creating a shortage of money in colonial America?

Discuss how the shortage of gold and silver coin in the colonies encouraged innovation in money.How does the innovation impact us today?

By the end of the colonial period,the Middle Colonies' population gained over New England but the Southern population continued to dominate.

To what can we attribute the relatively high population growth in colonial America,compared with growth in England?

What is inflation? Was it a problem during colonial times? When does inflation negatively impact income and wealth? When does it ease problems of debtors against creditors? When does it encourage imports into a country and discourage exports out of the same country?

Americans fell behind Europeans on the technology front.

Regarding the regional distribution of population,

The value of output produced in colonial America equals the value of income generated by the productive resources (land,natural resources,labor,capital and entrepreneurial talent)used to produce that output.

The shortage of precious metals or coins provided colonists with incentives to find alternatives.These alternatives included everything listed below except

Overseas Empire

Colonial Development

Gaining Independence

Westward Expansion

Population and Labor Force

Law and the Rise of Classical American Capitalism

Transportation, Internal Improvements, and Urbanization

Agricultural Expansion: The Conflict of Two Systems on the Land

The Debate over Slavery

The Early Industrial Sector

The Financial System and the International Economy

Economic Effects of the Civil War

Railroads and Economic Development

Post-Civil War Agriculture

Population Growth and the Atlantic Migration

Industrialization, Entrepreneurship, and Urban Growth

Big Business and Government Intervention

Financial Developments 1863–1914

The Giant Economy and Its International Relations

Labor and the Law

The Command Economy Emerges: World War I

Normalcy”: 1919–1929

The Great Depression

The New Deal

The “Prosperity” of Wartime

Before the New Frontier: The Postwar Economy

Population, Health, and Labor

Postwar Industry and Agriculture

To the New Millennium and Beyond

Does Our Past Have a Future?

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