Apec modules 1 and 2 quizzes

Based on the research of Fogel and Engerman in Time on the Cross, which of the following statements are true?

-Slavery was becoming more entrenched in the 1850s -Slavery generated high profits

Identify the associated Amendments to the Constitution: I. Women's Suffrage II. Prohibition III. Federal Income Tax

19th, 18th, 16th

Marlon, a Costa Rican farmer, has just bought a plot of land suitable for growing bananas or coffee. If he only plants one type of crop, he has enough land to plant 10 coffee plants or 20 banana trees on his farm. (He can also plant a mix of the two crops, but in this hypothetical example coffee plants need twice as much space as banana plants.)

2 banana trees

During Prohibition which of the following activities were banned? 1. Buying alcohol 2. Selling alcohol 3. Storing 4. Transporting alcohol 5. Producing alcohol

2, 4, and 5 only

A Tragedy of the Commons scenario is most likely if the good in question is:

A Common Resource

An excise tax is:

A per-unit tax on a specific commodity

Which of the following were advantages Colonists had over Native Americans?

Agriculture Techniques, Means of Travel, Metal

Which of the options below were incentives for many early explorers? -Gold -religious pursuits -Glory

All are correct.

The use of Charter Companies helped create a political climate where the ideas of the American Revolution could flourish because: -Colonies were economically self-sufficient -Colonies had local judicial authority -Colonies had local political authority

All of the above

Laws passed by Southern States in 1865 and 1866 with the intent of restricting African-Americans' freedom and compelling them to work are known as:

Black Codes

The reason Barter economies are inefficient is because they require

Double coincidence of wants

Which one of the following is an example of a normative statement?

Explorers should learn and respect indigenous languages and culture.

At the margin, Native Americans valued land more than the Colonists.

False

If someone has an absolute advantage in an activity, they must also have a comparative advantage.

False

Isolation, such as in the case of North Korea and Tasmania, encourages technological advancement and population growth.

False

Societies that are more specialized tend to lack in a division of labor.

False

"Rent Seeking" refers to the practice of:

Firms seeking to increase profits by influencing policy

What was one reason fur grew in demand throughout the Colonization Period?

Fur was fashionable in European clothing.

Which of the following possible solutions to the tragedy of the commons was investigated by Nobel Prize winner Elinor Ostrom?

Informal rules and norms

Social or legal rules and norms that are identified with a social purpose are known as

Institutions

Plough agriculture:

Is more capital intensive than shifting agriculture

In "What this Cruel War Was Over" Ta-Nehisi Coats specifically argues that the confederate flag should not be displayed because:

It is embarrassing to all Americans

Sharecropping is:

Neither a fixed-wage or fixed-rent contract

Researchers have found evidence that modern societies with less-equal gender roles were more likely to use plough agriculture in the pre-industrial period. The researchers' economic explanation for this finding is:

Plough use created a tradition of specialization of labor

Besides the Tragedy of the Commons, ________ is also considered a possible factor in the decrease of resources over time.

Population Growth

The tragedy of the commons is most likely to occur if the good in question is:

Rival and Non-Excludable

Economists believe that socially good outcomes arise when people pursue

Self-interest when it aligns with social interest

Which of the following best describes the principle of comparative advantage?

Someone has the ability to produce the same good for the lowest opportunity cost.

The separation of tasks within an economic system to improve productivity or efficiency is known as:

Specialization

A fixed wage agricultural contract provides insurance to:

The worker, because the wage is the same no matter what the harvest is.

Cropland area within the United States peaked in the 1920's while U.S. population has continued to grow.

True

In Utah, local option was used to ban alcohol in most rural towns, but not in the large cities of Ogden and Salt Lake City

True

In general, the English common law of property applied to slave ownership and trade in the pre-Civil war South

True

It is believed that the Virginia Company first introduced Slavery in the new world in 1619.

True

Many English charters were abandoned to settlers.

True

One early sign of trade in North America is the discovery of obsidian in the east of the continent.

True

Sharecropping is a form of a land leasing contract in which the tenant shares the final product with the landlord as a partial or total payment of the rent.

True

Sharecropping was common in the post-Civil War South because: -Emancipated Slaves had labor, but no land -White landowners had land, but little labor -Money for wages and rent was scarce

all of the above

Investors are willing to accept a relatively low rate of return when the risk ________.

is relatively low.

An indentured servant: -Is a politically correct term for a chattel slavery -Is free to leave his employer -was legal in the North but not in the South

none of the above