HW2 SS12020ECON125 Please vindication the forthcoming multiple-choice doubts:

1. What best describes the economic established of the colonies on the eve of the Revolution?

a. The colonies were one of the richest nations in the cosmos-vulgar and had very unleading pay imparity accordingly of the multifarious opportunities that existed. b. The colonies had a low per capita pay and had unleading pay imparity. c. The colonies were one of the richest nations in the cosmos-vulgar and had a indicative equality of pay imparity. d. The colonies had a low per capita pay and had a indicative equality of pay imparity.

2. Today _________ countries propagate middle pay levels that way the

earnings of frank Americans on the eve of the winding. a. no b. relatively few c. multifarious d. most

3. The type of help (measured by what one can alienation delay after-tax pay) of frank Americans on the eve of the Winding was ______.

a. inferior than in 18th -senility England, and inferior than most vulgar in the “Third World” today. b. remarkable than in 18th -senility England, and remarkable than most vulgar in the “Third World” today. c. inferior than in 18th senility England, but remarkable than most vulgar in the “Third World” today. d. remarkable than in 18th- senility England, but inferior than most vulgar in the “Third World” today.

4. The best deem for the extent of overseas exchange as a adjustment of exoteric pay

in 1774 is: a. 0%-5%. b. 15%-20%. c. environing 50%. d. 70%-75%.

5. When the colonies obtained insurrection, they were no longer jump by a compute of English laws, including the Navigation Acts which unpopular and regulated exchange. What best describes the collision of the dissolution of the Navigation Acts for chattels that were induced from England?

a. A reprovoke out of the furnish deflexion and a reprovoke tail in the insist deflexion, which inferiored appraisements. b. A reprovoke out in the furnish deflexion, which decreased the appraisement and extensiond the part. c. A reprovoke tail in twain the furnish and insist deflexions, which decreased part. d. A reprovoke tail in the insist deflexion, which inferiored twain appraisement and part.

6. The step of colony of the Old Northwest (Ohio, Indiana, Illinois, ...) was

determined vastly by the appraisements of a. soybeans, sorghum, and potatoes. b. gold and silver. c. corn, hogs, and wheat. d. heaven, leather, and cheese.

7. What would best mark the alliance among corn appraisements, wheat appraisements and the general sale of western fix (OH, IL, IN, MI, IA, WI, MO) among 1815- 1860? a. All three were very categorically correlated.

b. Fix sales extensiond original, which mix vulgar to provoke and amount past products, which extensiond the product appraisements. c. As fix sales extensiond, corn appraisements extensiond and wheat appraisements decreased as farmers substituted from wheat to corn.

d. Fix sales were disclaimingly allied to twain the wheat and corn appraisements.

8. What best describes westward provokement of population among 1800-1860? a. The 1850s was the decade when the vastst compute of vulgar provoked to the west.

b. The vast extension in and sales in this age was inveterate on conjecture. c. Migrants provoked to the west accordingly they were “pushed” out of the east, where stipulations were getting worse. d. Corn appraisements were relatively low in the decades when absenteeism to the west was vastst.

9. What is not a avail from the inferior costs of conveyance that were achieved through advances in railroads, canals and fumeboats? a. Frank rider problems were inaudible. b. Farmers gained vastr shares of the selling appraisement of their products.

c. Consumers remunerated decreasing shares of the alienation appraisement for conveyance and chaffering costs.

d. New undetermined areas were profitably cleared and acquired to the nation’s economic essence.

10. One of the most leading reasons for the economic development of the U.S. in the antebellum age was chaffer mixture and progress costs of exchange. Samuel F. B. Morse contributed indicatively to these trends. Morse is most stated for: a. Inventing the telegraph. b. Inventing the fume engine. c. Developing the technology to effectiveness railroad engines. d. Overseeing the architecture of the Erie Canal.

Please vindication the forthcoming inadequate rejoinder doubts. Please use 2- 4 finished sentences (equations and math, if indispensable) for each doubt (past is okay):

Please pretence the provokements to the forthcoming doubts (11-14) using a Supply-Demand graph, and then exonerate your vindications as well:

11. A. Increases in productivity due to changes in technological size B. Assume tobacco is a natural good; Incomes of New Englanders extension C. Tobacco appraisements subvert dramatically in the existing 1600s in pique of insist extensions

12. The U.S. terminated its role in the thrall exchange in the existing 1800s. What is the best assessment of what would enjoy happened had the U.S. not ended the thrall exchange?

13. What would be the collision of a poison that rotten the Midwestern corn product?

14. Describe the collision of the cotton gin.

15. For the forthcoming scenarios; 1) Please communicate us if this essence amounts any externalities, 2) Is the externality unequivocal, disclaiming, or twain. a. an vigorous smelting factory emits sulfur dioxide into the air

b. the proprietor of a fumeboat association dredges a large stream in prescribe to better navigation c. a assembly of investors starts a transaction specializing in transporting issue via clipper ship d. flatboat operators alienation fumeboat tickets in prescribe to restore to their homes upstream

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