What is Economics? correct answers The study of allocating scarce resources
The study of production and distribution
The study of money and the things that go with that
Correct! All of these
If people begin demanding more of a good, but the supply remains the same, what will happen to the pri...
Econ 1740 || A+ Guaranteed.
What is Economics? correct answers The study of allocating scarce resources
The study of production and distribution
The study of money and the things that go with that
Correct! All of these
If people begin demanding more of a good, but the supply remains the same, what will happen to
the price?
In an example, if a lot of people suddenly develop a tobacco habit, but there aren't more tobacco
growers, what will happen to the price of tobacco? correct answers Correct! It will go up, as the
good is relatively more scarce compared to demand.
The Malthusian Trap generally refers to the problem that: correct answers Population grows
exponentially (curves upward) and food production grows algebraically (straight line)
In Charles C. Mann's video, he estimates that there were approximately how many horses in the
Americas before Columbus arrived? correct answers 0
In Charles C. Mann's video, he notes that one of the most significant aspects of the "Columbian
Exchange" imported into the Americas was: correct answers Diseases, such as malaria and
smallpox
As noted in the lecture and Charles C. Mann's video, farming in the Americas relied largely on
what source of power? correct answers Human labor
As noted in lecture, the Black Plague substantially reduced the labor supply, and this led to:
In other words: When a resource becomes more scarce, this leads to: correct answers An increase
in the relative value of it.
As noted in lecture, the massive importation of silver into Spain in the 16th & 17th centuries led
to: correct answers Inflation
As noted in lecture, mercantilism was associated with: correct answers Correct Answer All of
these.
A large merchant marine.
The acquisition of foreign colonies/markets.
Both protectionism and provisions.
As noted in lecture, the Atlantic triangle created: correct answers Correct Answer All of these.
system of economic dependence across three continents.
A labor shortage in Central and West Africa.
Stable demand for European manufactured goods.
As noted in Heilbroner's chapter on Colonial Life, the early colonist axe heads were: correct
answers Substantial improvements over European axes.
, As noted in Heilbroner's chapter on Colonial Life, Redemptionists were: correct answers Like
indentured servants, but with fewer legal protections (if any).
True or False: English mercantilist control over the North American colonies was universally
bad for colonists. correct answers True
If a massive storm destroyed 70% of Virginia's tobacco crop for the year, what would happen?
correct answers Tobacco prices would increase, granting profits to successful farmers, and
incentivizing more planting.
The Tea Act of 1773 granted a monopoly on the sale of tea in the colonies. Colonial anger at this
was because: correct answers The monopoly eliminated the jobs of tea merchants and smugglers.
The large-scale printing of Continental Dollars led to: correct answers A substantial devaluation
of the paper relative to gold & silver.
An opportunity for substantial counterfeit (which could not be done with coins).
Substantial inflation and harm to any debts denominated in paper money.
Correct! All of these.
As noted in both the lecture and article, enumerated goods had to be sent through England first.
What effect did this have? correct answers It reduced colonial profits while giving that money to
English middle-men.
The article discusses the tax policies of England when regulating the colonies and concludes that:
correct answers The tax burden was relatively modest, and it was regulation of industry that was
more important.
What was the primary difference in the terms of indentured servant contracts in the 1600s?
correct answers The length of service.
The regression analysis of indentured servant contracts [the table we did the breakout rooms on]
that we looked at in lecture 7 showed that the colonial economy of the time valued: correct
answers Metalworking, farming, & textile skills more than literacy.
The cotton gin made the processing of cotton much more efficient. This led to: correct answers
More cotton production and an increase in slavery.
The estimated monetary value of slaves in the US is a decent measure of society's valuation of
slaves as a factor of production. In 1860, this value was: correct answers About $4 billion and
increasing, suggesting that slavery was still profitable in the South.
The book review posted for this week notes (as the lectures alluded to) that over the 1600s (17th
century), slavery becomes: correct answers More brutal and more binding.
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