Economic Multi Choice Questions

HW2 SS12020ECON125
Please answer the following multiple-choice questions:
1. What best describes the economic standing of the colonies on the eve of the
a. The colonies were one of the richest nations in the world and had very
little income inequality because of the many opportunities that existed.
b. The colonies had a low per capita income and had little income

c. The colonies were one of the richest nations in the world and had a
significant amount of income inequality.
d. The colonies had a low per capita income and had a significant amount

Don't use plagiarized sources. Get Your Custom Essay on
Economic Multi Choice Questions
Just from $13/Page
Order Essay

of income inequality.
2. Today _________ countries generate averageincome levels that approach the
earnings of free Americans on the eve of the revolution.
a. no
b. relatively few
c. many
d. most
3. The standard of living (measured by what one can purchase with after-tax
income) of free Americans on the eve of the Revolution was ______.
a. lower than in 18th -century England, and lower than most people in the
“Third World” today.
b. higher than in 18th -century England, and higher than most people in
the “Third World” today.
c. lower than in 18th century England, but higher than most people in the
“Third World” today.
d. higher than in 18th- century England, but lower than most people in the
“Third World” today.
4. The best estimate for the size of overseas trade as a proportion of national income
in 1774 is:
a. 0%-5%.
b. 15%-20%.
c. about 50%.
d. 70%-75%.

5. When the colonies obtained independence, they were no longer bound by a
number of English laws, including the Navigation Acts which restricted and
regulated trade. What best describes the impact of the removal of the Navigation
Acts for commodities that were imported from England?
a. A shift out of the supply curve and a shift back in the demand curve,
which lowered prices.
b. A shift out in the supply curve, which decreased the price and increased
the quantity.
c. A shift back in both the supply and demand curves, which decreased
d. A shift back in the demand curve, which lowered both price and
6. The pace of settlement of the Old Northwest (Ohio, Indiana, Illinois, …) was
determined primarily by the prices of
a. soybeans, sorghum, and potatoes.
b. gold and silver.
c. corn, hogs, and wheat.
d. cattle, leather, and cheese.
7. What would best characterize the relationship between corn prices, wheat prices
and the public sale of western land (OH, IL, IN, MI, IA, WI, MO) between 1815-
a. All three were very positively correlated.
b. Land sales increased first, which drew people to move and produce
more crops, which increased the crop prices.
c. As land sales increased, corn prices increased and wheat prices
decreased as farmers substituted from wheat to corn.
d. Land sales were negatively related to both the wheat and corn prices.
8. What best describes westward movement of population between 1800-1860?
a. The 1850s was the decade when the largest number of people moved to
the west.
b. The large increase in and sales in this period was based on speculation.
c. Migrants moved to the west because they were “pushed” out of the
east, where conditions were getting worse.
d. Corn prices were relatively low in the decades when migration to the
west was largest.
9. What is not a benefit from the lower costs of transportation that were achieved
through advances in railroads, canals and steamboats?
a. Free rider problems were reduced.
b. Farmers gained larger shares of the selling price of their crops.
c. Consumers paid decreasing shares of the purchase price for
transportation and marketing costs.
d. New unsettled areas were profitably cleared and added to the nation’s
economic activity.
10. One of the most important reasons for the economic growth of the U.S. in the
antebellum period was market unification and falling costs of trade. Samuel F. B.
Morse contributed significantly to these trends. Morse is most recognized for:
a. Inventing the telegraph.
b. Inventing the steam engine.
c. Developing the technology to power railroad engines.
d. Overseeing the building of the Erie Canal.
Please answer the following short response questions. Please use 2- 4 complete
sentences (equations and math, if necessary) for each question (more is okay):
Please show the movements to the following questions (11-14) using a Supply-Demand
graph, and then justify your answers as well:
11. A. Increases in productivity due to changes in technological capacity
B. Assume tobacco is a normal good; Incomes of New Englanders increase
C. Tobacco prices fell dramatically in the early 1600s in spite of demand increases
12. The U.S. terminated its role in the slave trade in the early 1800s. What is the best
assessment of what would have happened had the U.S. not ended the slave

13. What would be the impact of a virus that infected the Midwestern corn crop?
14. Describe the impact of the cotton gin.
15. For the following scenarios; 1) Please tell us if this activity produces any
externalities, 2) Is the externality positive, negative, or both.
a. an iron smelting factory emits sulfur dioxide into the air
b. the owner of a steamboat company dredges a river in order to improve
c. a group of investors starts a business specializing in transporting goods
via clipper ship
d. flatboat operators purchase steamboat tickets in order to return to their
homes upstream


Acme Writers
Calculate your paper price
Pages (550 words)
Approximate price: -

Why Work with Us

Top Quality and Well-Researched Papers

We always make sure that writers follow all your instructions precisely. You can choose your academic level: high school, college/university or professional, and we will assign a writer who has a respective degree.

Professional and Experienced Academic Writers

We have a team of professional writers with experience in academic and business writing. Many are native speakers and able to perform any task for which you need help.

Free Unlimited Revisions

If you think we missed something, send your order for a free revision. You have 10 days to submit the order for review after you have received the final document. You can do this yourself after logging into your personal account or by contacting our support.

Prompt Delivery and 100% Money-Back-Guarantee

All papers are always delivered on time. In case we need more time to master your paper, we may contact you regarding the deadline extension. In case you cannot provide us with more time, a 100% refund is guaranteed.

Original & Confidential

We use several writing tools checks to ensure that all documents you receive are free from plagiarism. Our editors carefully review all quotations in the text. We also promise maximum confidentiality in all of our services.

24/7 Customer Support

Our support agents are available 24 hours a day 7 days a week and committed to providing you with the best customer experience. Get in touch whenever you need any assistance.

Try it now!

Calculate the price of your order

Total price:

How it works?

Follow these simple steps to get your paper done

Place your order

Fill in the order form and provide all details of your assignment.

Proceed with the payment

Choose the payment system that suits you most.

Receive the final file

Once your paper is ready, we will email it to you.

Our Services

No need to work on your paper at night. Sleep tight, we will cover your back. We offer all kinds of writing services.


Essay Writing Service

No matter what kind of academic paper you need and how urgent you need it, you are welcome to choose your academic level and the type of your paper at an affordable price. We take care of all your paper needs and give a 24/7 customer care support system.


Admission Essays & Business Writing Help

An admission essay is an essay or other written statement by a candidate, often a potential student enrolling in a college, university, or graduate school. You can be rest assurred that through our service we will write the best admission essay for you.


Editing Support

Our academic writers and editors make the necessary changes to your paper so that it is polished. We also format your document by correctly quoting the sources and creating reference lists in the formats APA, Harvard, MLA, Chicago / Turabian.


Revision Support

If you think your paper could be improved, you can request a review. In this case, your paper will be checked by the writer or assigned to an editor. You can use this option as many times as you see fit. This is free because we want you to be completely satisfied with the service offered.