ECON 1740 exam #1

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What was the goal of mercantilism:
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Terms in this set (88)
What advantage did the Middle region have during early colonialism?Agriculture (not as successful as the south)What advantage did the South Region have during early colonialism?Very viable agriculture and quality of land to grow tobacco, cotton, rice and sugar. Slave labor (indentured servants too)What is an indentured servant?servants that were purchased for a certain amount of time to work off immigration/travel debts (it was very expensive to come to the colonies)What was the outcome of Prosperity in colonies created a trade deficit (imported more than exported)?Britain became jealous, raised taxestrue or false: Protecting against the British brought all of the colonies togetherTrue, but it's important to know that many people were still loyal to BritainGrowth in the colonies created a higher standard of living causing what?More migration from England. People were taller, healthier, lived longer, had more childrenWhat happened in 1774?first colonial congress came together as "Americans"Why is Boston to significant to early colonialists?The revolution sparked here. Boston became a hub for international trade. Newspaper that spread through colonies (the post office came from this - Ben Franklin). Communication between colonies was crucial. 1 in 4 people in Boston was a Redcoat. This angered the local people.True or false: Initially England was very strict in their laws in the colonies?false: not much was enforced, laws passed in the colonies before the British saw them. They started to toughen up eventually.What was the first of three crises and what acts were passed?sugar and stamp actWhat was the second of three crises and what acts were passed?Townshend duties and quartering act (led to Boston Massacre)What was the third of three crises and what acts were passed?Changes in the way the English East India trade company did tea business (Led to Boston Tea Party) and Intolerable Acts that led to the closure of the Boston port (were the last straw)What proportion of the colonies supported the revolutionary war?1/3 of the colonies supported the war, 1/3 was neutral, 1/3 were still loyal to BritainWhere was the "shot heard around the world" and in what year?Lexington in April 1775Things that led to the success of the rebelso Rebels changed the rules o New tactics and intelligence ♣ Killing officers and scouts ♣ Sneaking through the woods o Accuracy of rifles o George Washington as a leader ♣ Spy network/communication (invisible ink, laundry signals) ♣ Inoculation to small pox saved many lives o Prussian general to help train troops ♣ Bayonets ♣ Many tactics still used today (military training manuals)True or false: The economy struggled right after the war?True: and the U.S. lost all trading partners (especially England, Spain and France)What was the war of 1812?In June 1812, the United States declared war against Great Britain in reaction to three issues: the British economic blockade of France, the induction of thousands of neutral American seamen into the British Royal Navy against their will, and the British support of hostile Indian tribes along the Great Lakes frontier.--this helped the U.S. to build the Economy back up- it was a three year warLand Expansion:-Pioneers would sell all land and possessions to afford the migration westward -lewis and clark -Beaver Furs were very profitable to make top hats (trappers) -1849 Gold Rush and the implications for californiaJefferson Land Policy-Increased government revenue -spread democratic institutions -Private Property Rights -Incentive to improve land -incentive to make new technologyNew technology during westward expansion-Cotton Gin was produced increasing production from 1 lb per person a day by hand to 50 lbs per person a day--increased the demand for slaves in 1850's -Power Loom (allowed for industry to really begin in America) -Steam Engine (steam boat) -water mills for electricity -4 stages of production (Spinning, weaving, dyeing, cutting) in the same buildingimprovements in transportation during the westward migration-Canals, erie canal drastically improved life for New York and surrounding areas -Steamboats (greatest improvement to transportation) -Reduced cost of travel -Increased markets -Railroads -much resistance at first, especially for steamboat investors -allowed for travel in areas where canals were not possible -roads -mostly build from paths that pioneers had used -turnpikes (private companies built and charged fees)Changes in Labor force during expansion-Increased by allowing women and children to work -resentment in the work force started to build -factory owners needed workers-immigration increased -Unions started to emerge to secure higher real wages -population increased significantly from 1800-1860Work places changing during expansion-Interchangeable parts -shift of energy and power -assembly lines (allowing for mass production -companies changed in 3 ways 1. Sole Proprietorship-full responsibility and sole decision-making 2. Partnerships-shared decisions and responsibility 3. corporations- laws to protect their ownersBanking during the expansion period- There were two attempts at creating a central bank (but failed) -there were several different currencies in America -Gold Standard Backed the dollar -Wildcat Banking -no banking lawsTrue or false: The half dollar became the "unit of account" during expansionFalse: it was the dollarMaterial life was improving drasticallymany people became very wealthySlavery in 1860'sNorth and South had different views of slavery -many states had emancipation laws pre-constitution but not full freedom -"free born" slaves -laws were vague, more about stopping the growth of slavery that ending it North: Pro emancipation South: Pro-slavery -Demand for slaves increased witht he invention of the cotton Gin by Eli Whitney -The "New Southwest" soil was ideal for cotton production (advantage over other states) -Plantations emergedTrue or False: Plantations became more efficient the more slaves it hadtrueCotton Succeeded because:-"Gang" systems-hierarchy of jobs -improved seeds and plants -superior landTrue or false: Slaves were treated terribly during expansionFalse: they were exploited but not mistreated. -plantation owners paid 1,800 dollars for a good slave, about $600,000 dollars in todays money -conditions were better than i other countries, treatment was at least life sustainingEconomic implications of the south right before the civil war-The south was slow to industrialize -and there was little immigration to the southTrue or false: Most Americans before the civil war were only concerned with containing slavery, not eliminating ittrueMissouri Compromise of 1820This led to the antislavery movement -mainly about moral/ethical concerns southerners opposed lincoln because they saw him as wanting to end slavery. -only two options 1. submission 2. secessionLincoln's main goal for the warpreserve the UnionThe south during the civil war:-south lacked transportation, food and supplies. -lost trading partners (mainly their own fault) -no money -significant inflation - hyperinflation (in the final months of the war)The North during the civil war:-Financial problems were not as bad in the south, but significant changes were made -first federal income tax -alcohol and tobacco taxes -inflation-greenbacks issues -first time the nation as a whole had a currencyEconomic outcomes of the civil war:-Unified markets and increased industrialization -Land-Grant college act -railroad grantsAfter war Migrations:-Former slaves traveled to reunite with families, and to see the country they have lived in for so long but never seen -opportunities opened up for blacks, with higher earnings after 1910 -many still had to make a living in agriculture -sharecropping offered blacks and poor whites a living, and ensured the land owners interestWhich of the following cities was the passage "The Starving Time" written about?JamestownUnder the British Navigation Acts, enumerated goods were a list of colonial _______.exports that had to be shipped to British PortsWhich of the following was not a form of economic activity in the Northern colonies?AgricultureA shift from _____________ to ____________ gave the settlers incentive to improve the land.common ownership of land; private land holdingsPart of the motive for establishing colonies in North America was to help England acquire gold as well as new raw materials which would help England to export more and import less. What name do we give to the set of policies that emphasize exporting more, importing less, and increasing the accumulation of gold by the central government?MercantilismThe eventual "success" of the Virginia Colony was due to...the introduction and cultivation of tobaccoLabor was created for raising southern crops byslaves, indentured slaves, and redemption agreementThe colonies' export went primarily to where?the united kingdomIn the 1770s the quality of life in the colonieswas significantly better than the quality of life in England during the same periodWhich of the following was a factor in reducing transportation costs during the Colonial Era?Larger ships to carry more cargoWhich of the following groups of people was the reason the first crisis was resolved (i.e.who was most unhappy)?British MerchantsThe Navigation Actsrequired all colonial trade to be carried on English vessels and through British ports.The ___________ was designed to raise revenue and achieve mercantilist goals for Britain, while the _________ was simply intended to raise revenue.Sugar act, stamp actThe Boston Tea party was a result of what?The tea actWhich of the following is not accurate about British policy pre-1763Britain banned westward expansionWhich of the following is not accurate about the responsibilities the Constitution gave to the federal government?The federal government had the right to tax income.The constitution does what?Gives the federal government the exclusive power to coin moneyWhat was not one of the Constitutional compromises about slavery?Prevented imported slaves form being taxedWhich was not a result of the War of 1812?England went to war with FranceImmediately following the revolution:-America found itself outside the protection of the British Empire -Trade alliances with both Spain and France began to crumble -Foreign countries would not buy American-built shipsWhich of the following industries was not among the 10 leading industries in 1860?Printing and publishing cotton goods, boots and shoes, and lumber wereRobert Fulton is most recognized forbuilding the first steamboatThe Erie Canal, the most important canal (in terms of the number and dollar value of shipments), was inNew YorkSamuel Slater is credited with introducing the water frame in American spinning mills, true or false?TrueBefore 1860, most of the U.S. population lived _____ and most workers _____ .in rural areas; self-employedThe sharp decline in domestic freight costs during the antebellum period was primarily due to the introduction ofcanals and steamboatsBy mid-century, American workers (unions) benefited by state regulations providing fora ten-hour upper limit on the work day.Eli Whitney is most noted forinventing the cotton ginThe first factories in the US were developed within the __________ industry.cotton textileWhich did not contribute to the rise of "King Cotton" (the cotton-producing states in the new Southwest)?declines in slave populations that drove mechanical innovationAll of the following were among Jefferson's main goals for land policy except:To drive Indians off the land and secure it for American settlers.In the South after the Civil War,manufacturing recovered before agriculture.manufacturing recovered before agriculture.recovered much more quickly than the agriculture sectorWhich of the following methods of generating federal government revenue was first introduced during the Civil War?the personal income taxBy 1850, the single largest U. S. commodity export (in terms of value added) wascottonWhich of the following is not correct about the emancipation laws adopted by some Northern statesNortherners were allowed to house and later free slaves that escaped the SouthThe Confederacy's (South's) primary mechanism for generating revenue during the Civil War was to:print more moneyIn the years following the Civil War, the world supply of cotton ____________ and the world demand for cotton _____________.increased, decreasedLarge slave plantations were _____ efficient than farms without slaves because (among several reasons) _______.more, the great intensity per hour with which slaves were forced to worked.On the eve of the Civil War, which U.S. region had the highest per capita income?the west south central region