Deck 5: Economic Progress and Wealth

Question 1

Today _________ countries generate average income levels that approach the earnings of free Americans on the eve of the revolution.

A)almost no
B)relatively few
C)many
D)most

Answer 1

relatively few

Question 2

According to data on Pennsylvania agriculture in the 18ᵗʰ century,increases in productivity were primarily due to

A)increases in average farm size.
B)increases in the amount of labor per farm.
C)increased mechanization.
D)increases in the capital-labor ratio.

Answer 2

increases in the capital-labor ratio.

Question 3

What was the most immediate impact of introducing the horse to the plains Indians?

A)A decrease in the amount of agricultural work the Indians did.
B)A large increase in the size of hunting groups.
C)More intensive and more efficient use of animal carcasses.
D)More time was spent in fixed locations.

Answer 3

A decrease in the amount of agricultural work the Indians did.

Question 4

What statement best describes the colonial economic experience?

A)The agricultural sector was initially a small portion of the economy,but quickly grew to be the largest sector.
B)By the time of the American Revolution,the U.S.colonial economy was larger than about 70 percent of other nation's economies.
C)The U.S.colonial economy was particularly hurt during the Seven Year's War.
D)Economic growth was irregular and averaged about 0.45% per year.

Question 5

The colonists' per capita income on the eve of the Revolution was most comparable to the per capita income of:

A)China.
B)England.
C)Western Europe.
D)Western Africa.

Question 6

Which of the following statements correctly characterizes the distribution of colonial wealth?

A)Colonial wealth was distributed equally across the population.
B)While the distribution wealth was highly concentrated in the South,New England and the
C)Middle colonies had very equal wealth distributions.
D)Wealth inequality tended to be greatest in colonial cities.
E)A permanent underclass of free poor people developed during the colonial period.

Question 7

Which of the following provides an important source for data on colonial wealth?

A)census records
B)newspapers
C)records of charitable contributions
D)probate records

Question 8

According to a 1964 speech by George R.Taylor,the economic growth rate in the colonies

A)was essentially zero for most of the 18ᵗʰ century.
B)was large enough to allow for a doubling of incomes every decade.
C)implies that income almost doubled between 1710 and 1775.
D)can never be accurately estimated due to insufficient data.

Question 9

Based on the analysis of Alice Hanson Jones,what colonial region showed the most unequal distribution of wealth?

A)New England.
B)Middle Colonies.
C)South.

Question 10

The smallest productivity gains from colonial shipping were from

A)shorter layover times in ports.
B)lower insurance rates.
C)the increased speed of the ships.
D)fewer wars.

Question 11

During the colonial period,the U.S.and other countries relied on "privateers." Which of the following most accurately describes privateers?

A)Privateers were also known as pirates.
B)Privateers were private citizens who owned ships that attacked vessels from other nations.
C)Privateers were groups of convicts who stole from American sailing vessels.
D)Privateers were a formal group part of the American Navy.

Question 12

The primary source of colonial productivity growth in agriculture was

A)learning by doing.
B)an increased capital-labor ratio.
C)technology improvements.
D)the introduction of hybrid seeds and fertilizer.

Question 13

Low-cost flyboats offered an attractive alternative to heavier,more costly ships;however,their use was limited in many areas due to

A)privateering and piracy.
B)colonial laws that specified minimum crew sizes for many voyages.
C)the Navigation Acts.
D)the inability of New England shipbuilders to manufacture flyboats.

Question 14

The largest productivity gains in colonial shipping were from

A)decreased layover times in ports.
B)lower costs associated with the increase in size of the vessels.
C)the increased speed of the ships.
D)the use of larger ships

Question 15

Between 1620 and 1710,the price of tobacco in the colonies

A)rose rapidly.
B)remained fairly stable due to monopolistic competition.
C)fell from over 20 pence sterling to roughly one pence per pound.
D)fell from over 20 pence sterling to roughly 10 pence per pound.

Question 16

From 1680 to 1770 average ship speeds

A)increased by 10 percent
B)increased by 20 percent
C)increased by 30 percent
D)decreased by 5 percent
E)did not change appreciably.

Question 17

On the eve of the Revolution,the quality of life in the colonies

A)was comparable to that of third-world countries today.
B)compared favorably with that of other countries during the same period.
C)had reached a level that would not be achieved again until the late 19ᵗʰ century.
D)was declining.

Question 18

During the 100 years before the Revolutionary war,shipping costs were reduced by nearly

A)10 percent.
B)25 percent.
C)50 percent.
D)70 percent.
E)Shipping costs increased during that period.

Question 19

What best describes the economic standing of the colonies on the eve of the Revolution?

A)The colonies were one of the richest nations in the world and had little income inequality because of the many opportunities that existed.
B)The colonies were in the middle of nations in terms of per capita income and had little income inequality.
C)The colonies were one of the richest nations in the world and had a significant amount of income inequality.
D)The colonies were in the middle of nations in terms of per capita income and had a significant amount of income inequality.

Question 20

Compared with the 19th century,during the colonial period technological changes that raised output relative to inputs

A)were slow and steady.
B)increased in the early part of the period,but fell off dramatically after 1643.
C)remained minor and sporadic.
D)increased dramatically after 1643.

Question 21

Increases in productivity due to changes in technological capacity could be best represented by:

A)Shift out in the demand curve.
B)Shift out in the supply curve.
C)Shift out in both the demand and supply curves.
D)Shift back in the supply curve.

Question 22

Tobacco prices fell dramatically in the early 1600s in spite of demand increases because

A)supply was also increasing.
B)supply was decreasing.
C)new farming machinery was introduced.
D)the colonial government provided agriculture subsidies for tobacco farmers.

Question 23

If the incomes of New Englanders increased and they demanded more tobacco,then tobacco would be:

A)a normal good.
B)an inferior good.
C)a substitute good.
D)a complementary good.

Question 24

The standard of living (measured by what one can purchase with after-tax income)of free Americans on the eve of the Revolution was ______.

A)lower than in 18ᵗʰ century England,and lower than for most people in the "Third World" today.
B)higher than in 18ᵗʰ -century England,and higher than for most people in the "Third World" today.
C)lower than in 18ᵗʰ century England,but higher than for most people in the "Third World" today.
D)higher than in 18ᵗʰ century England,but lower than for most people in the "Third World" today.