According to the research of economic historians, Southern farms (a) realized the gains from regional specialization in the production of cotton, tobacco, sugar and rice. (b) used the gang system to increase the production of slaves. (c) were far larger, on average, than farms in the North. (d) were all of the above. ANSWER […]
The report of the 1911 National Monetary Commission (a) advocated a turn to bimetallism. (b) advocated unification of the state and national banking systems. (c) advocated centralized reserve associations which would coordinate commercial banking processes such as check clearing. (d) advocated a unified central bank modeled after the Bank of England. ANSWER (c)
Financial intermediation supports economic growth and development by bringing together numerous savers and investors in growing and increasingly complex markets. Indicate whether the statement is true or false ANSWER TRUE
In the antebellum economy of the South, what was not produced for subsistence consumption? (a) Corn (b) Cotton (c) Cattle (d) All of the above ANSWER (b)
In 1912, the National Monetary Commission denounced the existing financial system of the U.S. and, in a report, detailed the levels at which it restricted domestic producers’ abilities to function globally. Indicate whether the statement is true or false ANSWER TRUE
The research of Gavin Wright (1978) on the antebellum period suggests that (a) there was no limit on the profitability of the plantation utilizing slave labor. (b) issues with management, communication and discipline limited the profitability of the slave plantation. (c) more than 75 percent of the Southern farms were plantations and utilized slave labor. […]
During a banking crisis during the period of free banking, the unexpected surge in the demand for money in the form of specie would cause bankers to call in loans which would, in turn, squeeze credit, slow output and increase unemployment. Indicate whether the statement is true or false ANSWER TRUE
Which statement holds true for the period of slavery in U.S. history? (a) Slavery was a moral institution. (b) The system wasted natural resources. (c) It provided slaveholders with incentives to avoid purchasing farm implements. (d) It developed land and profitably produced agricultural goods for sale in world markets. ANSWER (d)
The statistical details on the U.S. balance of international payments between 1790 and 1860 help economic historians determine (a) what the U.S. sold domestically. (b) how other countries paid for their own domestic goods and services. (c) how the U.S. paid other countries for their exports. (d) changes in domestic trade patterns. ANSWER (c)
The panic of 1893 was caused by the Sherman Silver Act of 1890, which doubled the Treasury’s monthly purchase rates to 4. 5 million ounces of silver at current market prices and was eased when President Cleveland called for the Act’s repeal on June 30, 1893. Indicate whether the statement is true or false […]
