Question 1

Taxes impose a cost on letting land remain idle.

Accepted Answer

A) True 
 B)False  True

Question 2

A bill of exchange necessitated the use of coin and bullion and thus restricted the growth of commercial trade.

Accepted Answer

A) True 
 B)False  False

Question 3

Prior to and during the period of American colonization,the following occurred in Europe:

Accepted Answer

A)  Feudal rulers found it easy to force peasants and urban producers to work for them as long-distance trade expanded, the costs of warfare increased, and the land/labor ratio increased as consequence of the bubonic plague. 
B)  Feudal lords shared profits from output with the peasantry and pumped them into investment expenditures, which accelerated agricultural growth. 
C)  Conflict among lords and peasants led to many peasant and urban revolts, diverting resources away from production and investment. 
D)  Financial stability enabled the nobility of Europe to foster growth among feudal lands and increase the riches of both rulers and peasants, producing a period of high ?economic growth. 
A)  Feudal rulers found it easy to force peasants and urban producers to work for them as long-distance trade expanded, the costs of warfare increased, and the land/labor ratio increased as consequence of the bubonic plague. 
B)  Feudal lords shared profits from output with the peasantry and pumped them into investment expenditures, which accelerated agricultural growth. 
C)  Conflict among lords and peasants led to many peasant and urban revolts, diverting resources away from production and investment. 
D)  Financial stability enabled the nobility of Europe to foster growth among feudal lands and increase the riches of both rulers and peasants, producing a period of high ?economic growth. C

Question 4

Describe the American system of private property rights and how they evolved from their English origins.Discuss the relationship between the importance of this evolution and decisions to be productive in the long and short run.

Accepted Answer

The American system of private property

Question 5

Many individuals came to colonial America with farming skills and knowledge acquired in their home countries.Explain why these skills and knowledge were not perfectly transferable and discuss the importance of learning-by-doing.

Accepted Answer

Many individuals came to colonial Americ

Question 6

European agricultural practices perfectly served the colonists farming in the New World.

Accepted Answer

A) True 
 B)False

Question 7

Compare and contrast agricultural behavior among the mass population under the systems of feudalism and secured,enforced private property rights.Identify the differences in the incentives?to be productive,invest,save and advance technologically.

Accepted Answer

Under the system of feudalism, agricultu

Question 8

In 1607 the London Company invested in the settlement of Jamestown.Why did the London Company make this investment? Why did settlers accept this investment? 
Who was the deficit spending group? 
The surplus spending group Why was this relationship between the two groups economically important and mutually advantageous?

Accepted Answer

The London Company made the investment i

Question 9

Public funding is not a part of colonial history.

Accepted Answer

A) True 
 B)False

Question 10

Compare and contrast the different ways in which colonists could acquire land for investment,production or distribution.Explain why solid land tenure systems were important to colonists interested in helping the colonies grow and develop.

Accepted Answer

Colonists had a few different options fo

Question 11

The British Crown was the only political, social, cultural and economic influence on the colonization of North America.

Accepted Answer

A) True 
 B)False

Question 12

Explain the similarities and differences between the attitudes,goals and constraints of the English investors in colonial America and those held by U.S.investors today.

Accepted Answer

The attitudes, goals, and constraints of

Question 13

Mercantilism followed feudalism. Unlike feudalism, mercantilism did not support any form of a strong central government or system of nation states.

Accepted Answer

A) True 
 B)False

Question 14

Both indentured servants and slaves had rights in courts of law.

Accepted Answer

A) True 
 B)False

Question 15

Land ownership or land tenure in colonial America was primarily acquired by settlers through

Accepted Answer

A)  purchase and the legal transfer of deeds from Native Americans. 
B)  the King granting property to favored individuals in feudal-like fashions. 
C)  "squatting" or freely settling and cultivating the land to gain private ownership over land. 
D)  purchase or otherwise legal transfer of deeds from colonial officials who received their rights to the land from the king of England. 
A)  purchase and the legal transfer of deeds from Native Americans. 
B)  the King granting property to favored individuals in feudal-like fashions. 
C)  "squatting" or freely settling and cultivating the land to gain private ownership over land. 
D)  purchase or otherwise legal transfer of deeds from colonial officials who received their rights to the land from the king of England.

Question 16

Compared to the natives of Northern America,ownership of private property rights was

Accepted Answer

A)  more common to the Europeans than it was to the natives 
B)  more common to the Indians than to the Europeans. 
C)  the same. 
D)  of no value to either group. 
A)  more common to the Europeans than it was to the natives 
B)  more common to the Indians than to the Europeans. 
C)  the same. 
D)  of no value to either group.

Question 17

Explain why the settlers of Plymouth requested that they be granted the right to work for themselves and pay taxes based on the value of that work.Specifically,comment on why the communal system did not provide incentives for all individuals to be productive,for some individuals to shirk their communal responsibilities and others to renege on agreements to work.

Accepted Answer

The settlers of Plymouth requested the r

Question 18

American economic history actually is a study of

Accepted Answer

A)  stable population growth. 
B)  how colonial Americans worked side-by-side with the natives to produce stable economic growth and wealth for all individuals. 
C)  how a small, inconsequential economy grew into a giant economy  through a series of successes and failures. 
D)  how people in other countries created problems for colonial Americans of the past as well as U.S. citizens of today. 
A)  stable population growth. 
B)  how colonial Americans worked side-by-side with the natives to produce stable economic growth and wealth for all individuals. 
C)  how a small, inconsequential economy grew into a giant economy  through a series of successes and failures. 
D)  how people in other countries created problems for colonial Americans of the past as well as U.S. citizens of today.

Question 19

According to the quantity theory of money,an increase in the stock of precious metals or bills of exchange usually results in increased trade and rising prices.Both economic events helped merchant capitalists and the king.

Accepted Answer

A) True 
 B)False

Question 20

Identify which of the following motivated European expansion in America.

Accepted Answer

A)  International trade and finance opportunities 
B)  Precious metals such as gold and silver 
C)  The hope of finding a northwest passage to the Orient 
D)  All of the above 
A)  International trade and finance opportunities 
B)  Precious metals such as gold and silver 
C)  The hope of finding a northwest passage to the Orient 
D)  All of the above

Exam 1: Overseas Empire

Taxes impose a cost on letting land remain idle.

A bill of exchange necessitated the use of coin and bullion and thus restricted the growth of commercial trade.

Prior to and during the period of American colonization,the following occurred in Europe:

Describe the American system of private property rights and how they evolved from their English origins.Discuss the relationship between the importance of this evolution and decisions to be productive in the long and short run.

Many individuals came to colonial America with farming skills and knowledge acquired in their home countries.Explain why these skills and knowledge were not perfectly transferable and discuss the importance of learning-by-doing.

European agricultural practices perfectly served the colonists farming in the New World.

Compare and contrast agricultural behavior among the mass population under the systems of feudalism and secured,enforced private property rights.Identify the differences in the incentives?to be productive,invest,save and advance technologically.

Public funding is not a part of colonial history.

Compare and contrast the different ways in which colonists could acquire land for investment,production or distribution.Explain why solid land tenure systems were important to colonists interested in helping the colonies grow and develop.

The British Crown was the only political, social, cultural and economic influence on the colonization of North America.

Explain the similarities and differences between the attitudes,goals and constraints of the English investors in colonial America and those held by U.S.investors today.

Mercantilism followed feudalism. Unlike feudalism, mercantilism did not support any form of a strong central government or system of nation states.

Both indentured servants and slaves had rights in courts of law.

Land ownership or land tenure in colonial America was primarily acquired by settlers through

Compared to the natives of Northern America,ownership of private property rights was

American economic history actually is a study of

According to the quantity theory of money,an increase in the stock of precious metals or bills of exchange usually results in increased trade and rising prices.Both economic events helped merchant capitalists and the king.

Identify which of the following motivated European expansion in America.

Colonial Development

America on the Eve of Revolution

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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