Question 1

The colonies traded internationally with regions other than the United Kingdom.They included all except

Accepted Answer

A)  Africa 
B)  China 
C)  West Indies 
D)  Southern Europe 
A)  Africa 
B)  China 
C)  West Indies 
D)  Southern Europe

Question 2

Economic historians have located evidence to suggest that colonists barely lived at subsistence levels.

Accepted Answer

A) True 
 B)False

Question 3

Scholars know the national origins of Americans at the end of the colonial period because

Accepted Answer

A)  the study of surnames provides the necessary information. 
B)  people had to declare their country of origin when entering the colonies. 
C)  tax laws required this information. 
D)  an annual census provided this information. 
A)  the study of surnames provides the necessary information. 
B)  people had to declare their country of origin when entering the colonies. 
C)  tax laws required this information. 
D)  an annual census provided this information.

Question 4

Most towns were initially established at locations with

Accepted Answer

A)  an excellent harbor and river stretching into the hinterland. 
B)  an excellent harbor and flat land so roads could be easily built into the hinterlands. 
C)  in mountainous areas which provided better protection against Indians. 
D)  extensive forests to provide fuel and lumber. 
A)  an excellent harbor and river stretching into the hinterland. 
B)  an excellent harbor and flat land so roads could be easily built into the hinterlands. 
C)  in mountainous areas which provided better protection against Indians. 
D)  extensive forests to provide fuel and lumber.

Question 5

When the theory of mercantilism was superseded by the theory of "classical liberalism" of Adam Smith around the time of the American Revolution,

Accepted Answer

A)  the colonies had shifted toward laissez faire, governmental noninvolvement in the private economy, but the new nation rejected the philosophy of laissez faire. 
B)  governmental involvement in the private economy persisted in both the colonies and the new nation; the U.S. Constitution adopted the common law from England which sanctioned certain types of governmental involvement. 
C)  governmental involvement had already been largely abandoned in the colonies and laissez faire was officially adopted by the new nation. 
D)  government involvement was strong down to the time of the Revolution; it was then abandoned and laissez faire was enshrined in the Constitution and became part of the law of the land. 
A)  the colonies had shifted toward laissez faire, governmental noninvolvement in the private economy, but the new nation rejected the philosophy of laissez faire. 
B)  governmental involvement in the private economy persisted in both the colonies and the new nation; the U.S. Constitution adopted the common law from England which sanctioned certain types of governmental involvement. 
C)  governmental involvement had already been largely abandoned in the colonies and laissez faire was officially adopted by the new nation. 
D)  government involvement was strong down to the time of the Revolution; it was then abandoned and laissez faire was enshrined in the Constitution and became part of the law of the land.

Question 6

In colonial America,work

Accepted Answer

A)  was required, at least for the lower classes, even for whites not bound in servitude. 
B)  was required of all classes, wealthy or poor, slaves or free. 
C)  was the decision of the individual, like it is today, except for slaves and indentured servants. 
D)  was thought to be for the "colored" races, with white folks exploiting their labor. 
A)  was required, at least for the lower classes, even for whites not bound in servitude. 
B)  was required of all classes, wealthy or poor, slaves or free. 
C)  was the decision of the individual, like it is today, except for slaves and indentured servants. 
D)  was thought to be for the "colored" races, with white folks exploiting their labor.

Question 7

The comparative advantage of the South was in

Accepted Answer

A)  small farms producing for the local market. 
B)  plantation agriculture producing for export. 
C)  manufacturing. 
D)  shipbuilding and trades related to shipbuilding. 
A)  small farms producing for the local market. 
B)  plantation agriculture producing for export. 
C)  manufacturing. 
D)  shipbuilding and trades related to shipbuilding.

Question 8

Explain how each colonial region made up for any trade deficit in its balance of payments with other countries.

Accepted Answer

The three colonial regions (New England,

Question 9

Identify the economic benefits of placing towns in areas located by breaks-in-transport during the colonial period.

Accepted Answer

During the colonial period, placing town

Question 10

To understand how the colonial economy developed, Hughes and Cain (2011) claim one must understand

Accepted Answer

A)  what motivated colonists to settle in different locations. 
B)  what colonists produced, how much they produced, for whom they produced and with whom they traded. 
C)  the legal system in which they operated. 
D)  all of the above. 
A)  what motivated colonists to settle in different locations. 
B)  what colonists produced, how much they produced, for whom they produced and with whom they traded. 
C)  the legal system in which they operated. 
D)  all of the above.

Question 11

During the colonial period,individual producers

Accepted Answer

A)  were never required to produce specific goods or services. 
B)  were, at times, required by colonial officials to produce certain staples if they wanted to produce cash crops. For example, the early governors of Virginia directed tobacco producers to also plant wheat. 
C)  produced only what they were directed to produce by colonial officials as part of an overall plan of colonial development. 
D)  received orders directly from England to produce what was viewed as most valuable to England. 
A)  were never required to produce specific goods or services. 
B)  were, at times, required by colonial officials to produce certain staples if they wanted to produce cash crops. For example, the early governors of Virginia directed tobacco producers to also plant wheat. 
C)  produced only what they were directed to produce by colonial officials as part of an overall plan of colonial development. 
D)  received orders directly from England to produce what was viewed as most valuable to England.

Question 12

The majority of blacks were shipped from West Africa,but some also came from Madagascar and Zanzibar.

Accepted Answer

A) True 
 B)False

Question 13

Slaves were only used in Southern agriculture.

Accepted Answer

A) True 
 B)False

Question 14

The rule of caveat emptor

Accepted Answer

A)  is the supreme rule throughout our economy today. 
B)  still exists, but only outside of the extensive framework of government regulations of business. 
C)  is essentially the only rule with regard to buying and selling in our economy that is consistent with the concepts of freedom and liberty enshrined in our Constitution. 
D)  is of little importance in our economy today. 
A)  is the supreme rule throughout our economy today. 
B)  still exists, but only outside of the extensive framework of government regulations of business. 
C)  is essentially the only rule with regard to buying and selling in our economy that is consistent with the concepts of freedom and liberty enshrined in our Constitution. 
D)  is of little importance in our economy today.

Question 15

Licensing and regulation of business activities by colonial governments

Accepted Answer

A)  occurred only infrequently. 
B)  was a common practice in early colonial times but the British eventually replaced it with a policy of laissez faire before the American Revolution. 
C)  was very common throughout the colonial period just as it is today. 
D)  is basically inconsistent with American concepts of freedom of enterprise and so has never been common practice in either colonial or modern times. 
A)  occurred only infrequently. 
B)  was a common practice in early colonial times but the British eventually replaced it with a policy of laissez faire before the American Revolution. 
C)  was very common throughout the colonial period just as it is today. 
D)  is basically inconsistent with American concepts of freedom of enterprise and so has never been common practice in either colonial or modern times.

Question 16

With regard to the rule of caveat emptor in colonial America,which of the following does not apply?

Accepted Answer

A)  "Let the buyer beware." 
B)  This rule largely replaced the earlier rule of markets, market overt, by late colonial times. 
C)  It could be applied anywhere without the protective regulations of colonial officials. 
D)  It was meant to cover fraud, and aggrieved buyers could always sue sellers in civil courts for damages. 
A)  "Let the buyer beware." 
B)  This rule largely replaced the earlier rule of markets, market overt, by late colonial times. 
C)  It could be applied anywhere without the protective regulations of colonial officials. 
D)  It was meant to cover fraud, and aggrieved buyers could always sue sellers in civil courts for damages.

Question 17

The legal transfer of chattels supports economic growth.

Accepted Answer

A) True 
 B)False

Question 18

Using the 1790 census data,determine how many colonists were available to mobilize resources and produce goods and services.Identify the immigrant origin of the majority of the people living in colonial America.Why can this information help provide insight into explaining why colonists chose English institutions to guide growth and development after colonists won independence?

Accepted Answer

The 1790 census data shows that there we

Question 19

On the eve of the American Revolution,the majority of colonists were naturally born in the colonies rather than immigrants from elsewhere.

Accepted Answer

A) True 
 B)False

Question 20

Explain why agriculture,lumber and fur-trapping tended to be produced by the same people living in the same region.Would you expect New England farmers also to be fishermen? Why or why not?

Accepted Answer

Agriculture, lumber, and fur-trapping te

Exam 2: Colonial Development

The colonies traded internationally with regions other than the United Kingdom.They included all except

Economic historians have located evidence to suggest that colonists barely lived at subsistence levels.

Scholars know the national origins of Americans at the end of the colonial period because

Most towns were initially established at locations with

When the theory of mercantilism was superseded by the theory of "classical liberalism" of Adam Smith around the time of the American Revolution,

In colonial America,work

The comparative advantage of the South was in

Explain how each colonial region made up for any trade deficit in its balance of payments with other countries.

Identify the economic benefits of placing towns in areas located by breaks-in-transport during the colonial period.

To understand how the colonial economy developed, Hughes and Cain (2011) claim one must understand

During the colonial period,individual producers

The majority of blacks were shipped from West Africa,but some also came from Madagascar and Zanzibar.

Slaves were only used in Southern agriculture.

The rule of caveat emptor

Licensing and regulation of business activities by colonial governments

With regard to the rule of caveat emptor in colonial America,which of the following does not apply?

The legal transfer of chattels supports economic growth.

On the eve of the American Revolution,the majority of colonists were naturally born in the colonies rather than immigrants from elsewhere.

Explain why agriculture,lumber and fur-trapping tended to be produced by the same people living in the same region.Would you expect New England farmers also to be fishermen? Why or why not?

Overseas Empire

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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