Term
| Specie is a major component of money supply and consists of using gold, silver or other goods to trade for goods |
|
Definition
| False; it is a major component of money supply that only consists of gold and silver. |
|
|
Term
| A school of thought is holding the same general view, but not agreeing on some details |
|
Definition
|
|
Term
| Slave labor was most predominantly used for tobacco crops |
|
Definition
| False; they were mainly used for rice and indigo |
|
|
Term
| American's culture is more agnostic than anthropocentric |
|
Definition
False;
Agnostic: a person who believes that nothing is known or can be known of the existence or nature of God or of anything beyond material phenomena; a person who claims neither faith nor disbelief in God.
anthropocentric: regarding humankind as the central or most important element of existence, esp. as opposed to God or animals. |
|
|
Term
| Monocausation stresses that there is one sole cause to a given predicament |
|
Definition
|
|
Term
| David Hume was Adam Smith's teacher |
|
Definition
|
|
Term
| Fees for services rather than goods were known as "invisible earnings" |
|
Definition
| True, examples: insurance and commission |
|
|
Term
| The Confederation Congress had the power to tax, but chose not to exercise its power |
|
Definition
| False; the confederation Congress DID NOT have the power to tax. |
|
|
Term
| An apostle is someone who defends a point of view unquestionably. |
|
Definition
|
|
Term
| The nature of economic growth prior to settlement of the new world was very slow |
|
Definition
| True; there was very little to no innovation |
|
|
Term
| In early colonial time, the colony with the richest individuals was New York |
|
Definition
|
|
Term
| Tories were loyalists to the "crown" and the apathetic majority are the people who didn't care one way or the other |
|
Definition
|
|
Term
| Literacy exams set limits on the amount of people who could enter America |
|
Definition
|
|
Term
| Luther's contribution to the Religious Reformation emphasized personal freedom and responsibility for individuals |
|
Definition
|
|
Term
| Calvin's contribution to the Religious Reformation was for mankind to work diligently, be productive, and live frugally |
|
Definition
| True, also the father of pre-destination |
|
|
Term
| The number one pulling force for people to come to America was cheap land. |
|
Definition
|
|
Term
| Immigrants came from Northern and Western Europe in the 2nd Wave of Immigration |
|
Definition
|
|
Term
| Immigration rates tend to be higher during wars and depressions |
|
Definition
|
|
Term
| It was Adam Smith, not Thomas Malthus, who thought of the Law of Population |
|
Definition
|
|
Term
| The key issues precipitating discussion of independence in the colonies are: |
|
Definition
-Taxation without representation
-Paper Money |
|
|
Term
| The first colony to issue paper money was |
|
Definition
|
|
Term
| People who provided specialized services and products for local customers are known as |
|
Definition
|
|
Term
| Specializing in growing crops and trading them for manufactured goods in another country, as opposed to both farming and manufacturing in your home country is known as |
|
Definition
|
|
Term
| A tax on government and legal documents such as wills or deeds are known as |
|
Definition
|
|
Term
| Mankind has organized its social and economic structure around |
|
Definition
| tradition, authority and market system |
|
|
Term
| All of the following gave rise to the development of the market system except, |
|
Definition
nationalism
decay of religious spirit
*socialism*
rise of scientific curiosity |
|
|
Term
| Adam Smith's most notable writing is |
|
Definition
| Inquiry into the Nature and Causes of the Wealth of Nations |
|
|
Term
| The visible hand of the market is |
|
Definition
the government
The INVISIBLE HAND guides periods of great fluctuations and brings price levels back to the "natural level" |
|
|
Term
| ________ called economics the "dismal science" |
|
Definition
| Carlyle who was also the essayist |
|
|
Term
| The laws developed to protect farmers in England by imposing high tariffs on foreign wheat were known as: |
|
Definition
Corn Laws
Wheat-Corn
Corn-Maise |
|
|
Term
|
Definition
Inflation
Rent: the surplus value for superior productivity |
|
|
Term
| Adam Smith is for governmental intervention in economics for which purpose? |
|
Definition
- violence and invasion
- Administration of Justice (public safety)
- Public institutions that are highly advantageous to a great society (stop monopolies) |
|
|
Term
| The primary source of wealth in pre-industrial societies was |
|
Definition
|
|
Term
| People engaged in semi-slavery type activities in order to pay their passage across the ocean were known as |
|
Definition
Redemptioner- down payment (partial deposit)
Indentured Servants- no down payment |
|
|
Term
| America's largest food crop |
|
Definition
|
|
Term
| The four chief types of employment in colonial times was |
|
Definition
-fabricating
-ship construction
-gathering resources from the ocean and forests |
|
|
Term
| The primary animal of the colonial trappers was |
|
Definition
|
|
Term
| Which colonists had the highest standard of living? |
|
Definition
| Southern Colonies-there was more land available there |
|
|
Term
| The Townshend tariffs placed taxes on |
|
Definition
| glass, paint, paper and tea |
|
|
Term
| The lowest, non-slave, working class worker of the agriculture industry |
|
Definition
|
|
Term
| Who pioneered the growth of indigo in the American Colonies? |
|
Definition
|
|
Term
| What reason could explain the lower death rate for the adult population in the colonies as opposed to the death rate in Europe? |
|
Definition
| Variety of Foods proved healthier diet |
|
|
Term
| Trading goods for goods is known as |
|
Definition
|
|
Term
| Increases in personal income over history have been attributed to: |
|
Definition
|
|
Term
| The ________ Program was used to bring temporary workers into the US, but were required to return home within a specified period of time |
|
Definition
|
|
Term
| The Erie Canal made New York City the main center of trade on the East Coast |
|
Definition
|
|
Term
| A relative shortage of labor helped cause America to emphasize capital investment and technological development |
|
Definition
|
|
Term
| The main motive for European expansion into the New World was the quest for religious and political freedom |
|
Definition
|
|
Term
| A careful economic analysis of English Mercantilist laws shows that they were not an unreasonable burden on the American colonies |
|
Definition
|
|
Term
| The rise of the welfare state in America since the 1930's has hurt the ability of unions to increase their membership |
|
Definition
|
|
Term
| The first immigrant quota laws were enacted during the 1920's |
|
Definition
|
|
Term
| The primary goal of the AF of L was the improvement of wages and working conditions rather than the goals of broad social reform |
|
Definition
|
|
Term
| New studies indicate that slavery was still profitable before the Civil War and could have been expected to continue its existence beyond the 1860's |
|
Definition
|
|
Term
| The bourgeoisie and the proletariat were the competing classes in Marx's economic analysis |
|
Definition
|
|
Term
| The Proclamation Line of 1763 was established by the British, in part, to slow the westward expansion of the colonies and give the British an opportunity to solidify their political control |
|
Definition
|
|
Term
| Greenbacks were dollars issued during the American Revolution which farmers wanted to re-issue later in the 19th century |
|
Definition
|
|
