Question 1

Land owners with secure and protected property rights are motivated to

Accepted Answer

A)  use their land productively. 
B)  maintain their land and its value as long as the land is owned privately  and profits are realized by the land owners. 
C)  not hold their land idle if they face property taxes due to costs  imposed by the tax system. 
D)  link land ownership and personal freedom. 
A)  use their land productively. 
B)  maintain their land and its value as long as the land is owned privately  and profits are realized by the land owners. 
C)  not hold their land idle if they face property taxes due to costs  imposed by the tax system. 
D)  link land ownership and personal freedom.

Question 2

Developments which marked the beginning of the modern period of Western Europe around the year 1500 did not include which of the following?

Accepted Answer

A)  The rise of nation states and decline in power of the feudal nobility 
B)  The Protestant Reformation 
C)  Creation of national markets, commercial growth and exploration abroad 
D)  The rise of Islam to centralized power in North America 
A)  The rise of nation states and decline in power of the feudal nobility 
B)  The Protestant Reformation 
C)  Creation of national markets, commercial growth and exploration abroad 
D)  The rise of Islam to centralized power in North America

Question 3

The growth of cities and population usually accompanies growth in commercial activity and vice versa.

Accepted Answer

A) True 
 B)False

Question 4

In colonial America,the average wage laborer

Accepted Answer

A)  received health care benefits, over-time pay and injury compensation. They also worked in safe and healthy environments. 
B)  achieved a standard of living significantly higher than those standards realized throughout the world. 
C)  possessed few labor rights, privileges and protections, while being denied the right to vote or organize. 
D)  had a higher standard of living than workers in Europe but lower health standards because of the rural, isolated conditions of colonial living. 
A)  received health care benefits, over-time pay and injury compensation. They also worked in safe and healthy environments. 
B)  achieved a standard of living significantly higher than those standards realized throughout the world. 
C)  possessed few labor rights, privileges and protections, while being denied the right to vote or organize. 
D)  had a higher standard of living than workers in Europe but lower health standards because of the rural, isolated conditions of colonial living.

Question 5

Although most slaves came to the colonies before 1776, the majority of other types of labor came to North America voluntarily.

Accepted Answer

A) True 
 B)False

Question 6

Explain why transaction costs in a market economy are lower in an economy where individuals speak the same language,share common laws,respect many of the same customs and follow the same accounting practices than in an economy where individuals do not.Link these lower transaction costs to increased trade and economic growth.

Accepted Answer

Transaction costs in a market economy ar

Question 7

In what ways did the colonial social structure and the attitudes of the colonists stimulate economic activity and growth?

Accepted Answer

The colonial social structure and the at

Question 8

Discuss the role of immigration and the growth of the new economy in Boston,Massachusetts,early in U.S.history.Identify some of the short-term challenges when immigration and the rate of settlement slowed in Boston.Describe how these challenges were addressed strategically,resulting in the long-term growth of the market economy there.

Accepted Answer

In the early history of the United State

Question 9

The North American continent was well endowed with natural resources and England was relatively poor.Explain why both countries benefited from international trade with each other.

Accepted Answer

Both the North American continent and En

Question 10

Alan Kulikoff (2000)maintains that the opportunity to own land privately provided many individuals with incentive to relocate to colonial America and accept the associated risks.

Accepted Answer

A) True 
 B)False

Question 11

Economic historians maintain that land, labor, product and service exchanges are influenced largely by the laws of supply and demand and by the rational decision-making processes of individuals.They also maintain that exchanges in informal markets determined by customs,traditions and nation-states are not economically desirable.Why do they make these claims?

Accepted Answer

Economic historians make these claims be

Question 12

From Elizabeth I to George III,England strongly influenced the institutional structure of colonial America.This influence is realized today on which of the following fronts?

Accepted Answer

A)  Private property rights 
B)  The role of international trade and finance in the U.S. economy 
C)  Population growth through immigration 
D)  All of the above 
A)  Private property rights 
B)  The role of international trade and finance in the U.S. economy 
C)  Population growth through immigration 
D)  All of the above

Question 13

Secure rights to land provided colonists with incentive to use the land productively,conserve it and invest in it.

Accepted Answer

A) True 
 B)False

Question 14

Farming in the New England colonies tended to be

Accepted Answer

A)  large scale. 
B)  worked by slaves. 
C)  small scale and worked by members of the family. 
D)  exported to England and its trading partners for high profits. 
A)  large scale. 
B)  worked by slaves. 
C)  small scale and worked by members of the family. 
D)  exported to England and its trading partners for high profits.

Question 15

Describe the property rights held by colonists in North America and link these rights to motives for using resources productively,advancing technologically and accumulating wealth.

Accepted Answer

The property rights held by colonists in

Question 16

American economic history is important because it will help you understand

Accepted Answer

A)  how to change strategically the course of the future since it was shaped by the past. 
B)  why some armies failed and others succeeded. 
C)  how to change the past. 
D)  how to produce the exact same type of successful growth and development in other countries. 
A)  how to change strategically the course of the future since it was shaped by the past. 
B)  why some armies failed and others succeeded. 
C)  how to change the past. 
D)  how to produce the exact same type of successful growth and development in other countries.

Exam 1: Overseas Empire

Land owners with secure and protected property rights are motivated to

Developments which marked the beginning of the modern period of Western Europe around the year 1500 did not include which of the following?

The growth of cities and population usually accompanies growth in commercial activity and vice versa.

In colonial America,the average wage laborer

Although most slaves came to the colonies before 1776, the majority of other types of labor came to North America voluntarily.

In what ways did the colonial social structure and the attitudes of the colonists stimulate economic activity and growth?

The North American continent was well endowed with natural resources and England was relatively poor.Explain why both countries benefited from international trade with each other.

Alan Kulikoff (2000)maintains that the opportunity to own land privately provided many individuals with incentive to relocate to colonial America and accept the associated risks.

From Elizabeth I to George III,England strongly influenced the institutional structure of colonial America.This influence is realized today on which of the following fronts?

Secure rights to land provided colonists with incentive to use the land productively,conserve it and invest in it.

Farming in the New England colonies tended to be

Describe the property rights held by colonists in North America and link these rights to motives for using resources productively,advancing technologically and accumulating wealth.

American economic history is important because it will help you understand

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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