Question 1

The children of indentured females were not the property of the master or owner of the indentured servant.This was an important difference between indentured servants and slaves.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following was the most successful attempt to establish a colony with the longest and most sustainable future,according to Hughes and Cain (2011)?

Accepted Answer

A)  Jamestown 
B)  Plymouth Company 
C)  Massachusetts Bay 
D)  Maryland

Question 3

All but which of the following people supplied labor in colonial America?

Accepted Answer

A)  Members of the free population in England and other parts of Northern Europe. 
B)  Native Americans 
C)  Slaves 
D)  Indentured servants

Question 4

Adam Smith (1776)claimed that less governmental regulation,not more,would provide incentives for individuals to allocate resources efficiently,specialize and trade.Specialization and trade would generate wealth and result in economic growth and development.

Accepted Answer

A) True 
 B)False

Question 5

A study of American economic history excludes a study of which of the following?

Accepted Answer

A)  Historical demography 
B)  The love affairs and private relationships of U.S. presidents 
C)  Development of market rules and regulations 
D)  Development of government intervention in market affairs

Question 6

Explain how increases in agricultural surplus production frequently led to increases in consumption and savings in pre-colonial households.Hold all other economic,political and social factors constant.

Accepted Answer

The answer of Explain how increases in agricultural surplus production...

Question 7

The European subjugation or displacement of Native Americans from their lands

Accepted Answer

A)  was justified largely on the grounds that "might makes right." 
B)  was justified largely on the grounds of the "divine right of kings." 
C)  derived from the Christian belief of a right of conquest over non-Christian people. 
D)  was none of the above.

Question 8

Important sources of conflict in colonial America include conflicts between all of the following except

Accepted Answer

A)  Slaves and masters 
B)  Native Americans and colonists 
C)  Puritans, Roman Catholics, and Protestants 
D)  Indentured servants and masters

Question 9

With regard to the subject matter of American economic history,Hughes and Cain (2011)suggest that

Accepted Answer

A)  the presence of the highest living standards known in world history supports the claim that American history is largely a "success story." 
B)  the American economy is an economy with only successes but no failures. 
C)  U.S. history provides a fragmented record of problem-solving and problem-producing solutions to the challenges of economic development. 
D)  there is no link between today's economy and the economy of yesteryear.

Question 10

What was the typical policy of the British colonies toward the practice of "squatting" or freely settling and cultivating the land without any formal transfer of ownership?

Accepted Answer

A)  Squatting was encouraged by colonial officials as a way to encourage settlement of the land. 
B)  Squatting was discouraged by colonial officials because of the legal ownership of land by the Indians. 
C)  Squatting was generally discouraged by colonial officials; formal transfer of ownership to settlers was required because the British Crown and their designated officials claimed ownership to the land. 
D)  There was no general policy toward the practice of "squatting"; it was left to the individual settlers.

Question 11

Indentured servants were white colonists who sold themselves into slavery when their farms in America failed.

Accepted Answer

A) True 
 B)False

Question 12

Today's corporate structures have very little in common with the joint-stock companies of colonial America.

Accepted Answer

A) True 
 B)False

Question 13

The American colonies have a rich and deep history in international trade and immigration.

Accepted Answer

A) True 
 B)False

Question 14

Discuss the economic roles of colonial entrepôts.

Accepted Answer

The answer of Discuss the economic roles of colonial entrepôts....

Question 15

After 1616, Virginia shifted more and more scarce resources out of food production and into tobacco production. Hence, the economic cost of tobacco production included the sacrifice of food production.

Accepted Answer

A) True 
 B)False

Question 16

Secured and enforced individual property rights provide individuals with incentive to allocate resources efficiently and effectively,advance technologically,take on strategic risks and trade domestically and internationally.

Accepted Answer

A) True 
 B)False

Question 17

What do the foreign leaders investing in the industrial enclaves of developing countries of today have in common with those foreign investors who helped colonize North America?

Accepted Answer

A)  Both sets of leaders exploit the labor of the indigenous people. 
B)  Both expect to make personal and business sacrifices, take on risks and gain something of high expected value. 
C)  Both are driven primarily by their desires to extract materials for high profits. 
D)  Both strive to boost agricultural profits in international markets in the developing  countries in which they invest.

Question 18

Squatters were considered pioneers or land entrepreneurs by many of the people in

Accepted Answer

A)  England and the New England colonies. 
B)  the New England colonies and Middle Colonies. 
C)  the Middle Colonies and Southern Colonies. 
D)  all of the above.

Question 19

According to Douglass North (1981,1993), to knowledgeably understand our present economy or to strategically speculate about its future,it is important to "explain the structure and performance of economies through time."

Accepted Answer

A) True 
 B)False

Question 20

With regard to indentured servitude,

Accepted Answer

A)  indentured servants were typically slaves. 
B)  this institutional arrangement benefited all parties entering the contract. 
C)  this institutional arrangement restricted the supply of labor for the colonies. 
D)  all of the above answers are correct.

Exam 1: Overseas Empire

The children of indentured females were not the property of the master or owner of the indentured servant.This was an important difference between indentured servants and slaves.

Which of the following was the most successful attempt to establish a colony with the longest and most sustainable future,according to Hughes and Cain (2011) ?

All but which of the following people supplied labor in colonial America?

Adam Smith (1776)claimed that less governmental regulation,not more,would provide incentives for individuals to allocate resources efficiently,specialize and trade.Specialization and trade would generate wealth and result in economic growth and development.

A study of American economic history excludes a study of which of the following?

Explain how increases in agricultural surplus production frequently led to increases in consumption and savings in pre-colonial households.Hold all other economic,political and social factors constant.

The European subjugation or displacement of Native Americans from their lands

Important sources of conflict in colonial America include conflicts between all of the following except

With regard to the subject matter of American economic history,Hughes and Cain (2011) suggest that

What was the typical policy of the British colonies toward the practice of "squatting" or freely settling and cultivating the land without any formal transfer of ownership?

Indentured servants were white colonists who sold themselves into slavery when their farms in America failed.

Today's corporate structures have very little in common with the joint-stock companies of colonial America.

The American colonies have a rich and deep history in international trade and immigration.

Discuss the economic roles of colonial entrepôts.

After 1616, Virginia shifted more and more scarce resources out of food production and into tobacco production. Hence, the economic cost of tobacco production included the sacrifice of food production.

Secured and enforced individual property rights provide individuals with incentive to allocate resources efficiently and effectively,advance technologically,take on strategic risks and trade domestically and internationally.

What do the foreign leaders investing in the industrial enclaves of developing countries of today have in common with those foreign investors who helped colonize North America?

Squatters were considered pioneers or land entrepreneurs by many of the people in

According to Douglass North (1981,1993), to knowledgeably understand our present economy or to strategically speculate about its future,it is important to "explain the structure and performance of economies through time."

With regard to indentured servitude,