Chapter 5
Chapter 5
Economic Progress and Wealth
General Questions
1. According to a 1964 speech by George R. Taylor, the economic growth rate in the colonies
a. was essentially zero for most of the 18th century.
b. was large enough to allow for a doubling of incomes every decade.
c. implies that income almost doubled between 1710 and 1775.
d. can never be accurately estimated due to insufficient data.
2. The primary source of colonial productivity growth in agriculture was
a. learning by doing.
b. an increased capital-labor ratio.
c. technology improvements.
d. the introduction of hybrid seeds and fertilizer.
3. During the first half of the 17th century, the price of tobacco in the colonies
a. rose rapidly.
b. fell dramatically.
c. remained fairly stable.
d. rose and fell sporadically, showing no particular trend.
4. According to data on Pennsylvania agriculture in the 18th century, increases in productivity were primarily due to
a. increases in average farm size.
b. increases in the amount of labor per farm.
c. increased mechanization.
d. increases in the capital-labor ratio.
5. The largest productivity gains from colonial shipping were from
a. decreased layover times in ports.
b. lower costs associated with the increase in size of the vessels.
c. the increased speed of the ships.
6. The smallest productivity gains from colonial shipping were from
a. shorter layover times in ports.
b. lower insurance rates.
c. the increased speed of the ships.
d. fewer wars.
7. Low-cost flyboats offered an attractive alternative to heavier, more costly ships; however, their use was limited in many areas due to
a. privateering and piracy.
b. colonial laws that specified minimum crew sizes for many voyages.
c. the Navigation Acts.
d. the inability of New England shipbuilders to manufacture flyboats.
8. During the colonial period, the United States relied on “privateers.” Which of the following most accurately describes privateers?
a. Privateers were also known as pirates.
b. Privateers were private citizens who owned ships that attacked vessels from other nations.
c. Privateers were groups of convicts who stole from American sailing vessels.
d. Privateers were a formal group part of the American Navy.
9. What statement best describes the colonial economic experience?
a. The agricultural sector was initially a small portion of the economy, but quickly grew to be the largest sector.
b. By the time of the American Revolution, the U.S colonial economy was larger than about 70 percent of other nation's economies.
c. The U.S. colonial economy was particularly hurt during the Seven Years War.
d. Economic growth was irregular and averaged out to about 0.45 percent per year.
10. The colonists’ per capita income on the eve of the Revolution was most comparable to the per capita income of:
a. China.
b. England.
c. Western Europe.
d. Western Africa.
11. On the eve of the Revolution, the quality of life in the colonies
a. was comparable to that of Third-World countries today.
b. compared favorably with that of other countries during the same period.
c. had reached a level that would not be achieved again until the late 19th century.
d. was declining.
12. Based on the analysis of Alice Hanson Jones, what colonial region showed the most unequal distribution of wealth?
a. New England
b. Middle colonies
c. South
13. Which of the following provides an important source for data on colonial wealth?
a. census records
b. newspapers
c. records of charitable contributions
d. probate records
14. Which of the following statements correctly characterizes the distribution of colonial wealth?
a. Colonial wealth was distributed equally across the population.
b. While the distribution of wealth was highly concentrated in the South, New England and the Middle colonies had very equal wealth distributions.
c. Wealth inequality tended to be greatest in colonial cities.
d. A permanent underclass of free poor people developed during the colonial period.
15. What was the most immediate impact of introducing the horse to the plains Indians?
a. a large increase in the size of hunting groups
b. less intensive and less efficient use of animal carcasses
c. an increase in the amount of agricultural work the Indians did
d. more time was spent in fixed locations
Economic Insights
1. What best describes the economic standing of the colonies on the eve of the Revolution?
a. The colonies were one of the richest nations in the world and had little income inequality because of the many opportunities that existed.
b. The colonies were in the middle of nations in terms of per capita income and had little income inequality.
c. The colonies were one of the richest nations in the world and had a significant amount of income inequality.
d. The colonies were in the middle of nations in terms of per capita income and had a significant amount of income inequality.
2. 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 for most people in the Third World today.
b. higher than in 18th-century England, and higher than for most people in the Third World today.
c. lower than in 18th-century England, but higher than for most people in the Third World today.
d. higher than in 18th-century England, but lower than for most people in the Third World today.
Economic Analysis
1. Increases in productivity due to changes in technological capacity could be best represented by a shift
a. out in the demand curve.
b. out in the supply curve.
c. out in both the demand and supply curves.
d. back in the supply curve.
2. If the incomes of New Englanders increased and they demanded more tobacco, then tobacco would be a(n)
a. normal good.
b. inferior good.
c. substitute good.
d. complementary good.
3. Tobacco 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.
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