Which of the following statements best describes pre-1763 British colonial life?
a. British directives influenced day-to-day life only modestly.
b. Bureaucratic apathy in part often led to colonial laws to become effective before they were reviewed in England.
c. Government activity in general was a minor aspect of colonial affairs.
d. All of the above are correct.
e. None of the above are correct.
Question 2If the U.S. Treasury in 1865 had decided to make the dollar convertible into gold at the pre-War rate,
a. relatively cheap British goods would have been highly desired by American consumers.
b. the U.S. treasury would have quickly found its stock of gold depleted.
c. British citizens would have converted large amounts of pounds into dollars.
d. All of the above are correct.
e. Only a and b are correct.
Question 3Which of the following statements accurately describes pre-1763 British colonial policy?
a. England taxed the colonies extensively, requiring the colonists to pay a substantial portion of the costs of government administration and military protection.
b. The Navigation Acts placed a severe economic burden on the colonies, equaling more than 30 percent of colonial income.
c. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans.
d. Colonial laws were not officially in effect until the Privy Council granted its approval.
e. All of the above statements accurately describe pre-1763 British colonial policy.
Question 4During the Civil War, inflation caused U.S. prices to rise by roughly:
a. 12 percent.
b. 32 percent.
c. 54 percent.
d. 76 percent.
Question 5All of the following statements accurately describe pre-1763 British colonial policy except:
a. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans.
b. English taxes imposed on colonists were much lower than the taxes imposed on English residents.
c. England passed certain laws designed to reduce colonial production of goods that duplicated popular English products.
d. Colonial governors and the Privy Council rarely used their veto power to overturn colonial laws.
Question 6Which of the following statements most accurately describes the role of banks in the United States between the Civil War and WWI?
a. The U.S., which had the largest economy in the world, also had the largest banks in the world.
b. Banking reforms increased the ability of state banks to issue their own notes.
c. Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets.
d. Those who borrowed money at fixed interest rates gain significantly during deflationary periods.
Question 7In a Crown colony
a. both its governor and upper house were appointed by the Crown.
b. the governor was appointed by the Crown while the upper house was elected by the propertied adult males within the colony.
c. only the lower house could initiate fiscal legislation.
d. Both a and b are correct.
e. Both a and c are correct.
Question 8Market barriers imposed on national banks:
a. included both restrictions on mortgages and high capital requirements.
b. allowed rural banks to charge higher rates.
c. allowed national banks to price discriminate.
d. All of the above are correct.
e. Only a and b are correct.
Question 9Tobacco prices fell dramatically in the early 1600s in spite of demand increases because:
a. supply was also increasing.
b. supply was decreasing.
c. new farming machinery was introduced.
d. the colonial government provided agriculture subsidies for tobacco farmers.
Question 10It has been argued that banks tended not to take full advantage of issuing notes, thereby passing up potential profits because:
a. the profit amounts were small.
b. they were not the types of profits conservative bankers wanted to pursue.
c. regulations and opportunity costs involved with the issuance itself limited the profits.
d. All of the above are correct.
e. Only a and c are correct.
Question 11If the incomes of New Englanders increased and they demanded more tobacco, then tobacco would be:
a. a normal good.
b. an inferior good.
c. a substitute good.
d. a complementary good.
Question 12In 1865, Congress raised the tax on state bank notes to 10 percent of the value of notes in circulation. Quantitative evidence shows that by 1900,
a. state banks had ceased to exist.
b. the number of state banks had declined dramatically.
c. the number of state banks had increased dramatically.
d. the number of state banks was roughly the same as in 1865.
Question 13Increases in productivity due to changes in technological capacity could be best represented by:
a. Outward shift in the demand curve
b. Outward shift in the supply curvec Outward shift in both the demand and supply curves
d. Inward shift in the supply curve
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