According to research by James Shepherd and Samuel Williamson, colonial coastal commerce comprised about _________ of the volume of total overseas trade.
a. one-tenth
b. one-third
c. one-half
d. three-fourths
Question 2Which of the following is most accurate about the period between the Civil War and World War I?
a. Many people moved to urban areas because the death rates were much lower there than in rural areas.
b. Labor unions increased their membership significantly, and by the end of the period about 10 percent of the total labor force was in unions.
c. Women's participation in the labor force decreased because they did not want to work in the industrial sector.
d. The large increase in population was caused, in part, by significant increases in the birth rate.
Question 3Shuttle routes for colonial trade
a. lowered labor costs.
b. reduced delays and costly extensions of port times.
c. were more common than triangular trade patterns.
d. allowed captains to negotiate with a small number of familiar trading partners.
e. All of the above.
Question 4In 1860 the ratio of farmers to manufacturing workers was roughly ____ ; by 1910 that ratio was ____ .
a. 1:1; 1:5
b. 1:3; 1:1
c. 3:1; 1:1
d. 10:1; 1:1
Question 5New England shippers faced higher labor costs than English shippers
a. in trade between the Southern colonies and England.
b. in trade between the West Indies and England.
c. in trade between New England and England.
d. in all trade with England.
Question 6A monopsony is a market in which
a. one firm is the sole producer of a good or service.
b. one firm is the sole buyer of a good or service.
c. firms encourage competition by starting price wars among competitors.
d. firms collude in setting prices and levels of output.
Question 7In terms of imports to the colonies, ______ and ______ were the top two trading partners.
a. the United Kingdom; Africa
b. Southern Europe; the West Indies
c. the West Indies; the United Kingdom
d. the United kingdom; Southern Europe.
Question 8Based on evidence from the turn of the century, the income elasticity of flour and meal
a. is greater than one.
b. is less than one.
c. approaches infinity.
d. equals zero.
Question 9Colonists owned the vast majority of the tonnage shipped between
a. New England and the West Indies.
b. England and the West Indies.
c. The Middle colonies and England.
d. The South and the West Indies.
Question 10Recall the text's discussion of the ten largest U.S. industries by value added in 1860 and 1910 . The emergence of tobacco products and malt liquors as major industries by 1910 suggests that
a. these goods are highly income elastic.
b. these goods are highly income inelastic.
c. these goods are price inelastic.
d. these goods exhibit economies of scale in production.
Question 11In terms of exports from the colonies, ______ and ______ were the top two trading partners.
a. the United Kingdom; Africa
b. Southern Europe; the West Indies
c. the West Indies; the United Kingdom
d. the United kingdom; Southern Europe.
Question 12The charge that Standard Oil engaged in predatory pricing
a. was the driving force behind the Supreme Court's decision to break up the company.
b. makes little sense from an economic perspective.
c. is still subject to debate.
d. All of the above are correct.
e. Only b and c are correct.
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