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Econ 1740 Final || A+ Graded Already.
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Among other things, the emergence of a full-blown factory system from the "small-shop/putting out" system of production required: correct answers cheap and reliable source of energy, raw materials, labor force, and technical innovations to support machine production. (all of the above) land, lab...

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  • August 16, 2024
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  • 2024/2025
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Econ 1740 Final || A+ Graded Already.
Among other things, the emergence of a full-blown factory system from the "small-shop/putting
out" system of production required: correct answers cheap and reliable source of energy, raw
materials, labor force, and technical innovations to support machine production. (all of the
above)

land, labor, and capital are called "fictitious commodities" because... correct answers They had to
be purchasable "on the market" like other required commodities, but are not actually created for
sale on the market.

During the British Industrial Revolution, the availability of a "free" labor force meant that, in
order to get people to go to work in factories, they had to be correct answers "free" to sale their
labor on the market and "freed" from their own means of production. (a and d)

In class, we distinguished between "markets" where people have traded goods since (nearly) the
beginning of human society and the capitalist "market system." Why were the pre-capitalist
markets such highly protected institutions? correct answers All economies were "local," making
the protection of local production vital to survival of the community

Institutional features that assisted in the creation of a free labor force in Britain included: correct
answers The Parliamentary Enclosure Act in the late 1700s and The sudden end to remaining
social safety nets by British Parliament in 1984. (a and c)

Which of the following is not a fundamental principle
of Mercantilism? correct answers A country's wealth is measured by the total consumption of its
population

Adam Smith's central objection to Mercantilist economic doctrine was its correct answers High
level of regulation of the economy.

The economic changes that Adam Smith observed and documented in his book consisted in large
part of economic decisions made by private individuals. He saw in this the emergence of a
"market system" in which the "driver" was _________________ and the "regulator" was
_________________. correct answers Self-interest, competition

The central mercantilist role of the North American colonies was to correct answers Provide raw
materials and serve as a market for British production.

The year 1776 is famous for what two historical events? correct answers The US war of
independence and the publication of
The Wealth of Nations.

The Navigation Acts correct answers Required all colonial trade to be carried on English vessels.

, During the colonial period, approximately what percentage of people lived in the countryside?
correct answers 90%

The main crops of the southern colonies in the pre-
independence period were correct answers Tobacco, rice and indigo.

In general, the primary source of population decline among Native Americans in the 1500s and
1600s was correct answers Diseases brought by the Europeans

The New England colonies did not become large exporters of agricultural raw materials to
England because correct answers The geographical features of New England were not conducive
to large agricultural production.

Which of the following was not true of the Mid-
Atlantic colonies? correct answers They became big producers of tobacco.

Which of the following was not true of the Southern Colonies? correct answers It developed the
leading shipping industry in the colonies.

Of the following potential economic sources, colonial rebellion against England can best be
attributed to: correct answers Attempts by England to enforce the Navigation acts and increase
the colonial tax burden beginning in 1763.

The original Articles of Confederation failed to create a unified set of colonies at least partially
because correct answers They failed to give the new US Federal Government any enforceable
regulatory powers.

The US Constitution helped establish an environment conducive to economic activity and growth
because it enabled the federal government to do all of the
following except correct answers set "fair" prices on the sale of goods in the marketplace

Regarding slavery, the US Constitution correct answers Required that the importation of slaves
into the nation be reconsidered in 20 years but otherwise gave formal recognition and legitimacy
to slavery.

Which of the following best describes Hamilton's position on manufacturing in the early US
economy? correct answers The federal government should use tax and tariff policies to promote
the development of a manufacturing sector in the US

Which of the following best describes Thomas Jefferson's position on manufacturing in the new
US economy? correct answers The US did not need to develop a manufacturing sector and
should not want to, as manufacturing has harmful effects on workers and society.

Manufacturing labor was expensive in the US in the
early 1800s because correct answers Land was plentiful and cheap, giving many people the
option of farming for a living.

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