Question 1

With regard to incomes at the time of the Revolution,

Accepted Answer

A)  colonial incomes before taxation were high, but because of heavy taxation, after-tax incomes were lower than those of the British. 
B)  there is no data available that provide any information on the subject. 
C)  both before-tax and after-tax colonial incomes were lower than those in England. 
D)  incomes in the colonies were higher than in England, especially after-tax incomes, because of relatively light taxation of the colonists. 
A)  colonial incomes before taxation were high, but because of heavy taxation, after-tax incomes were lower than those of the British. 
B)  there is no data available that provide any information on the subject. 
C)  both before-tax and after-tax colonial incomes were lower than those in England. 
D)  incomes in the colonies were higher than in England, especially after-tax incomes, because of relatively light taxation of the colonists.

Question 2

Using the economic way of thinking,explain why colonists believed a shortage of money could negatively impact their economy.Use the quantity theory of money (MV ? PQ)to explain why?a shortage of colonial money could either lead to negative economic growth (decrease in Q)or deflation (a decrease in P).Assume velocity (V)is stable or constant.According to the research of economic historians,did colonial America experience positive or negative growth? Did colonists experience inflation or deflation in the years leading up to the American Revolution? Does this evidence support the claim that there was a shortage of money in colonial America?

Accepted Answer

The colonists believed that a shortage o

Question 3

Population grew prodigiously during the colonial period.What was/were the most important factor(s)fueling this increase?

Accepted Answer

A)  Immigration 
B)  Relatively low mortality and high birth rates 
C)  Relatively high mortality combined with high birth rates 
D)  Immigration and high birth rates 
A)  Immigration 
B)  Relatively low mortality and high birth rates 
C)  Relatively high mortality combined with high birth rates 
D)  Immigration and high birth rates

Question 4

Couples marrying at younger ages in colonial America than in Europe contributed to the relatively higher birth rates.

Accepted Answer

A) True 
 B)False

Question 5

Throughout world history,precious metals have served as money.Describe the four functions of money and identify other items that can serve as money.In colonial America,what did colonists ?use as money other than English silver and gold coins? How did this form of money impact the colonial supply of money given the mercantilist policies of England?

Accepted Answer

Throughout world history, precious metal

Question 6

In colonial days,the British liked to think of their relationship to the American settlements as that of a mother country sending manufactured goods to its colonies in exchange for raw materials.Explain how this relationship benefited both parties.How was it linked to regional economic specialization,trade and wealth accumulation in Great Britain and the colonies?

Accepted Answer

In colonial days, the relationship betwe

Question 7

The distribution of income and wealth in colonial America was

Accepted Answer

A)  relatively equal to that of modern America. 
B)  relatively unequal to that of modern America. 
C)  unequal in roughly the same degree as that in modern America. 
D)  unequal, but the data are not good enough to allow a comparison with modern America. 
A)  relatively equal to that of modern America. 
B)  relatively unequal to that of modern America. 
C)  unequal in roughly the same degree as that in modern America. 
D)  unequal, but the data are not good enough to allow a comparison with modern America.

Question 8

When the English pound appreciated against a colonial currency,this signaled

Accepted Answer

A)  that colonists needed more colonial currency to buy an English pound. 
B)  that colonists needed less colonial currency to buy an English pound. 
C)  that colonists needed more colonial and Spanish currency to buy an English pound. 
D)  nothing of economic importance. 
A)  that colonists needed more colonial currency to buy an English pound. 
B)  that colonists needed less colonial currency to buy an English pound. 
C)  that colonists needed more colonial and Spanish currency to buy an English pound. 
D)  nothing of economic importance.

Question 9

By the end of the colonial period in U.S.history,slaves in the colonies

Accepted Answer

A)  owned land communally. 
B)  had status in courts. 
C)  helped meet a labor need. 
D)  were born in Europe and shipped to the colonies. 
A)  owned land communally. 
B)  had status in courts. 
C)  helped meet a labor need. 
D)  were born in Europe and shipped to the colonies.

Question 10

The value of the output produced in an economy reflects the value of the income generated by the factors of production used to produce that output.

Accepted Answer

A) True 
 B)False

Question 11

Of the 1790 colonist population,over 80 percent was of European origin while about 20 percent was of African origin.

Accepted Answer

A) True 
 B)False

Question 12

What is the total money value of all goods and services evaluated at market prices called?

Accepted Answer

A)  Gross Domestic Product (GDP) 
B)  Labor productivity 
C)  Wealth 
D)  Capita 
A)  Gross Domestic Product (GDP) 
B)  Labor productivity 
C)  Wealth 
D)  Capita

Question 13

The perceived specie shortage led colonists to invent:

Accepted Answer

A)  Country money 
B)  Paper money 
C)  Inflationary dollars 
D)  Conservative money 
A)  Country money 
B)  Paper money 
C)  Inflationary dollars 
D)  Conservative money

Question 14

Colonialists tried to attract precious metals and coins by raising or attempting to raise the colonial price of the foreign money.This is called devaluation.

Accepted Answer

A) True 
 B)False

Question 15

Modern research suggests that colonial Americans experienced positive rates of economic growth but not a high quality of life.

Accepted Answer

A) True 
 B)False

Question 16

Animal skins,livestock,tobacco,teeth and rocks have historically served as a medium of exchange,unit of account,store of value and method of deferred payment.

Accepted Answer

A) True 
 B)False

Question 17

During the colonial period,

Accepted Answer

A)  both men and women married on average during their teenage years. 
B)  women married on average during their teenage years and men during their early 20s. 
C)  both men and women married on average at ages between 20 and 25. 
D)  both men and women married on average during their late 20s. 
A)  both men and women married on average during their teenage years. 
B)  women married on average during their teenage years and men during their early 20s. 
C)  both men and women married on average at ages between 20 and 25. 
D)  both men and women married on average during their late 20s.

Question 18

Economic historians do not believe there was a shortage of money in colonial America for which of the following reasons?

Accepted Answer

A)  Interest rates were not unreasonably high. 
B)  Long-term prices were rising. 
C)  The colonial economy was growing in real terms. 
D)  All of the above. 
A)  Interest rates were not unreasonably high. 
B)  Long-term prices were rising. 
C)  The colonial economy was growing in real terms. 
D)  All of the above.

Question 19

By restricting the amount of precious metals going into the colonies,the British significantly hindered economic growth in colonial America.

Accepted Answer

A) True 
 B)False

Question 20

Factors of production include

Accepted Answer

A)  a person's physical work or labor, which can be used to provide agricultural, maritime or manufacturing services. 
B)  capital, such as a piece of farm equipment, a building or an industrial machine, which can be used to produce a final good or service. 
C)  land, minerals and other natural resources, which are extracted to manufacture capital or used to produce food and surplus crops for trade. 
D)  all of the above. 
A)  a person's physical work or labor, which can be used to provide agricultural, maritime or manufacturing services. 
B)  capital, such as a piece of farm equipment, a building or an industrial machine, which can be used to produce a final good or service. 
C)  land, minerals and other natural resources, which are extracted to manufacture capital or used to produce food and surplus crops for trade. 
D)  all of the above.

Exam 3: America on the Eve of Revolution

With regard to incomes at the time of the Revolution,

Population grew prodigiously during the colonial period.What was/were the most important factor(s)fueling this increase?

Couples marrying at younger ages in colonial America than in Europe contributed to the relatively higher birth rates.

The distribution of income and wealth in colonial America was

When the English pound appreciated against a colonial currency,this signaled

By the end of the colonial period in U.S.history,slaves in the colonies

The value of the output produced in an economy reflects the value of the income generated by the factors of production used to produce that output.

Of the 1790 colonist population,over 80 percent was of European origin while about 20 percent was of African origin.

What is the total money value of all goods and services evaluated at market prices called?

The perceived specie shortage led colonists to invent:

Colonialists tried to attract precious metals and coins by raising or attempting to raise the colonial price of the foreign money.This is called devaluation.

Modern research suggests that colonial Americans experienced positive rates of economic growth but not a high quality of life.

Animal skins,livestock,tobacco,teeth and rocks have historically served as a medium of exchange,unit of account,store of value and method of deferred payment.

During the colonial period,

Economic historians do not believe there was a shortage of money in colonial America for which of the following reasons?

By restricting the amount of precious metals going into the colonies,the British significantly hindered economic growth in colonial America.

Factors of production include

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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