The Erie Canal provided the first reliable and relatively quick east-west link in markets. This link, consequently, (a) increased profit margins and expanded markets for agriculturalists. (b) increased consumer prices in all markets. (c) increased transportation costs. (d) hindered trade and the accumulation of wealth. ANSWER (a)
Southern slave owners were not rational people and did not strive to maximize profits through the use of the slave system of production. Indicate whether the statement is true or false ANSWER FALSE
By 1900, what did the National Banking System under the Bank Act of 1863 (and subsequent amendments) help national banks attain? (a) A majority of banking establishments (b) A majority of banking assets (c) A monopoly issue of paper money (d) All of the above ANSWER (c)
Under the National Banking Acts of 1863 and 1864, the U.S. monetary system (a) experienced drastic changes. (b) played a role in helping the Union finance the Civil War. (c) permitted, for the first time, the federal government to charter banks. (d) protected the rights of states to be the only entities to charter banks. […]
Investment in the agricultural economy of the antebellum period of U.S. history usually entailed everything below except (a) Clearing lands (b) Purchasing stocks and bonds (c) Constructing fences and buildings (d) Purchasing farm implements ANSWER (b)
The National Banking System under the Bank Act of 1863 created a banking system comprised of a mixture of (a) special state charters. (b) nonchartered private banks. (c) free banks. (d) all of the above. ANSWER (d)
Technological advancements in the antebellum period were (a) constant and stable. (b) almost non-existent. (c) concentrated in manufacturing. (d) slow in coming but labor-saving—especially in agriculture—when they emerged. ANSWER (d)
The increase in tax on state bank notes from 2 to 10 percent provided state banks incentive to (a) attract more demand deposits and increase the use of checks. (b) increase the amount of state notes and use them to extend bank credit. (c) increase the minting of coins and use them for exchange and […]
Exports from and imports to the U.S. were important to growth in the U.S. between 1790 and 1860 because (a) exports to other countries expanded the market base for U.S. manufacturing goods. (b) they supported the U.S. economy during a time in which it used more agricultural goods and crude materials than it produced. (c) […]
Merchant banks and land mortgage companies were the result of the expansions in the transportation and industrial systems. Indicate whether the statement is true or false ANSWER FALSE
