Econ 4130 midterm review

Why did the first civilization emerge in Mesopotamia? access to good building materials firm soil Area best suited for early agriculture b Annual flooding made for nutrient-rich soil c Plentiful harvests could support large populations

-Annual flooding made for nutrient-rich soil -Area best suited for early agriculture -Plentiful harvests could support large populations

Which of the following led to the fall of the Feudal system?

-Changes in military technology favored standing armies. -Seige cannon made it so lords could not refuse to pay taxes.

reasons for the emergence of the manorial system

-Danger and a need for protection -Need to support an Army -Lack of Money -Low population density

flaws of GDP per capita as a measure of well-being

-GDP may increase in ways that cause negative consequences, such as war and pollution. -Some countries have more economically relevant activity outside of the market, including agricultural production for one's own consumption and barter. -Some countries have a more unequal distribution of income.

Why does the VMPL in hunting become downward sloping?

-Game becomes scarce -game is a common resource

Why are heights a good historical measure of well being?

-Good measure of access to nutritional food. -Indicator of level of stress during growing years. -Plentiful data

Why do we look at inflation as a measure of economic well being? we need to adjust our GDP measurements High inflation can mean a government is at war or printing money for its own purposes Deflation is a potential sign of a sick economy

-High inflation can mean a government is at war or printing money for its own purposes -Deflation is a potential sign of a sick economy

Why was the 3-course rotation an important innovation?

-Increased food yields vs. 2 course rotation -Could support more people and animals -More optimal and feasible in the heavier soil

How did the Roman Empire's Military Focus expand economic development?

-Standardization of weights, measurement, currency -Peace at height of the empire reduced riskiness of long-distance trade -Roads to move soldiers also moved goods.

What happened in the market for labor as the population increased during the Medieval period?

-Supply Increased -Demand Increased -Prices fell

what did not caused the Fall of Rome?

-Too many taxes on the wealthy -A small army -Deflation

What is meant by technological stagnation in the Greek and Roman Empires?

-Very few new products -Little improvement to existing products -Surprisingly little application of water power

What are the benefits of domesticated animals?

-available meat source -can provide milk, fur or skins -can provide manure as fertilizer. -can provide physical strength to plow fields

Which of the following was in Hammurabi's Code

-fixed wages -irrigation regulation -credit regulations

According to North and Thomas, why did people switch to agriculture?

-game was over hunted -agriculture came to have greater returns

Why is the VMPL in agriculture flat? Land is abundant land becomes scarce farm land is common resource there were not very many people

-land is abundant -there were not very many people

Feudalism

A political system in which nobles are granted the use of lands that legally belong to their king, in exchange for their loyalty, military service, and protection of the people who live on the land

output sharing sharecropping

farmer have incentve to exert effort but less than fixed rent landlord and farmer share risk transaction cost of negotiation plus effort and outpot

Which of these characteristics is not required to make an animal suitable for domestication?

has a mean steak

What happened in the market for food as the population increased during the Medieval period? Demand Increased Supply decreased Prices fell

demand increase

What happened in the market for land as population increased during the Medieval period? Supply Increased Demand Increased Prices fell

demand increase

Which of the following this the weakest point of Nef's Theory of Industrialization? New Industries b New Techniques c New Technologies

New technologies

Why did the VMPL of Serfs initially exhibit Constant Returns to Scale? Land was scarce b Congestion on the demense c Northwestern Europe was sparsely populated

Northwestern Europe was sparsely populated

Which of the following is an example of a poor French domestic economic policy?

Sales of offices b Over-regulation c Religious intolerance

In what ways did China's superior technology perhaps stymie innovation? Farming and Iron b Lumber and Coal c Stoves and Textiles

Stoves and Textiles

Which is NOT a reason for the emergence of the manorial system?

Surplus tax collections

Which of the following is an example of a poor Dutch domestic economic policy? The College of the Fishery b Loose Federal Government c No tariffs on intermediate goods

The College of the Fishery

Why is the average cost of protecting peasants U-shaped?

There are large, up-front fixed costs As population increases, these fixed costs are spread over the more peasants Eventually the boundaries of the manor are pushed out, and peasants have to protected over a larger area, causing costs to rise.

Which European first sailed around the Cape of Good Hope an out to the Spice Islands Christopher Columbus b Henry the Navigator c Vasco DaGama

Vasco Dagama

Which of the following is a positive check? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a War b Famine c Abstinence

War Famine

Feudal System

a system of social stratification based on a hereditary nobility who were responsible for and served by a lower stratum of forced laborers called serfs

Why did civilization spread throughout Eurasia, but was only in sporadic pockets in Africa the Americas prior to 1500?

because -Eurasia's major axis is East-West -Plants and animals cannot adapt as well moving North to South -Mountains and deserts were difficult to traverse

Why is the VMPL in agriculture flat? land becomes scarce land becomes abundant farm land is a common resource

because land is abundant

why are wheat and barley such beneficial crops

because, -easy to plant and harvest -good nutrition -Durable, can be stored

In what ways was Australia less developed when the Europeans arrived?

because, -no writing -no government -no agriculture

Why are taro and bananas of New Guinea less beneficial than the cereal grasses of the fertile crescent?

because, difficult to plant and harvest -perishable -low in protein

Manorial System

self sufficient, economic structure that is the relationship b/w the Lord and the peasants or serfs who produced all the necessary goods to keep the manor running

Manorialism

the economic system of Middle Ages Europe that was based on agriculture (farming). An economic system based on the manor and lands including a village and surrounding acreage which were administered by a lord. It developed during the Middle Ages to increase agricultural production.

Which of the following is NOT example of a poor British domestic economic policy? The Cokayne Project b The Magna Carta c The Navigation Acts

the magna carta

Input Sharing (manorialism)

the peasant has the incentive to exert effort on own plot but not on lords plot risks are shared transactions costs: determination of size of peasants holdings and labor dats on lords demsne

what characteristics is required to make an animal suitable for domestication?

-reproduce early and often -live in pack -herbivore

Why does Sahlins refer to the Paleolithic Hunter-Gathers are the "Original Affluent Society"?

-they had limited wants -they usually had their wants met -The had no storage capability and thus no concept of wealth.

Why did the Greek city-states begin to colonize surrounding areas?

-to deal with excess population -to produce more food -to extend markets

what order order did civilization emerge in?

1-Humans began to purposely plant crops. 2-Over time they found areas best suited for crop yields 3-In the best areas they invested in more study housing. 4-Villages formed 5-Civilization emerged.

Sort the following according to the Powerpoint slides:

1-The primary resource is food. 2-The law of diminishing returns is inevitable. 3-Population growth eventually strains the food supply 4-Population will we positively and prevenatively checked 5-Productivity gains provide only temporary relief.

Which of the following is a reason for the Great Divergence?

A series of calamities resulted in the loss of Chinese Iron making b Chinese mines were dry, which meant mining coal was avoid; meanwhile British mines were wet leading to the invention of the steam pump/engine c Chinese had very efficient cottages industries in textiles, no need to move to factory system.

Which of the following is a preventative check? Select an answer and submit. For keyboard navigation, use the up/down arrow keys to select an answer. a War b Famine c Abstinence

Abstinence

Which of the following is was not a Mercantilist motivation for European colonization? Aggressive nationalism b Providing a large market for European manufactured goods. c Colonies supplied important raw materials d Colonies were a source of tobacco and other cash crops for export.

Aggressive nationalism

Fixed rent contract

An agreement where agricultural land is rented for a set cash fee; proceeds from the production of the land belong to the tenant. farmer bears all the risk maximum incentive to put in effort transaction cost could be negotiable

fixed wage contract

An agreement where an agricultural worker is paid a fixed wage for hours worked; proceeds from the production of the land belong to the landowner. needs maximum monitors landlord bares all the risk

According to lecture, in which ways did China NOT "compare favorably" with Europe? Irrigation techniques b Math and Science Education c Available livestock d China compared favorable in all the ways above.

Available livestock

To which area were the Portuguese able to establish trade through the efforts of Prince Henry the Navigator? Cape Verde b The Cape of Good Hope c The Spice Islands d Brazil

Cape verde

Which of the following was NOT a way the Spanish repudiated their debt? Extended the term of bonds b Fired up the printing press c Suspended interest d Wrote down principle

Fired up the printing press

Which of the following is NOT a flaw of GDP per capita as a measure of well-being?

GDP is widely available for many countries for many years.

Which of the following is an example of a poor Spanish domestic economic policy? Granting of monopoly to the Consulado of Bugos b Preferential treatment of the Mesta c Setting of maximum prices on grains

Granting of monopoly to the Consulado of Bugos b Preferential treatment of the Mesta c Setting of maximum prices on grains

Which of the following relationships does Nunn report? High number of slave exports is associated with lower current per capita GNP. b Distance from major slave export ports is associated with higher current per capita GDP. c High number of slave exports associated with high current levels of ethnic fractionalization.

High number of slave exports is associated with lower current per capita GNP. b Distance from major slave export ports is associated with higher current per capita GDP. c High number of slave exports associated with high current levels of ethnic fractionalization.

Over the last 50 years...

Incomes of the very poorest nations have risen slightly/modestly and their education and life expectancies have risen dramatically.

What was the Price Revolution a Lower prices for vegetables imported from New World b Inflation in Europe due to influx of gold and silver from the New World c High price for European goods in the Americas d Lower prices for spices and silks from Asia

Inflation in Europe due to influx of gold and silver from the New World

Which of the following is a reason that an "overdose of slavery" caused the lack of innovation? Labor was too cheap b The thinkers did not interact with the doers c Technology could have increased output per slave

Labor was too cheap

Why did the VMPL of serfs start to exhibit diminishing returns?

Land became scarce Congestion on the demense More marginal farmland brought into production

Which of the following led to the fall of the manorial system? Population growth led to the reemergence of markets and money Labor was expensive Land was cheap

Population growth led to the reemergence of markets and money

Which of the following is a difference between Spanish and Portuguese Colonization?

Portuguese was mostly around Africa and in the Spice Islands; Spanish went to the Americas Spain took over areas; Portugal had more of a Trading Empire. Portugal started sooner, but was ultimately conquered by Spain.

Which of the following was a reason for the "Growth of the Modern World" in Europe?

Rise of intuitions to encourage trade such as banking and insurance and secure trade routes. b Returns to scale due to lower transporation costs. c Reevaluation of labor relative to land

Which was NOT a consequence of the Glorious Revolution Formation of a National Bank b The Monarchy was Abolished c Parliament had to approve tax increases

The Monarchy was Abolished. (the monarchy was not abolished to begin with)

From which Empire did we derive our alphabet?

The Phoenician Empire

Why were peasants' land holdings scattered across the manor because it was easier for peasants to Encourage the sharing of equipment

To encourage the sharing of equipment

Global inequality is more pronounced:

across countries

The great divergence

advances in ceramics and printing water-powered spinning machines for hemp and ramie (both coarse fibers) - widely used-- Europe had to wait until the 1700s to develop such technology.

Which system has the highest incentive for the farmer to work? Fixed Wages Fixed Rent Sharecropping shared inputs (manorial system)

fixed rent

Which system requires the most monitoring? Fixed Wages Fixed Rent Sharecropping Shared Inputs (Manorial system)

fixed wages

Nunn

found a significant negative relationship between the number of slave exports and the current GDP per capita

Manorialism/Manor System

land owning knights allowed peasants, serfs, to farm on his land in return for payments of food.

relation between slave trade and per capita gdp

maybe they had a lot os slaves exports because they were so poor

Which of these countries was least Economically Developed in 1600?

russia furthermore, germany was first italy was second and Sweden 3rd and russia last

open-field system o

system of farming that divided the land to be cultivated by the peasants of a given village into several large fields, which were in turn cut up into long, narrow strips-fields open and not enclosed into small plots by fences or hedges-large field as community-same pattern of plowing, sowing, and harvesting

True or False: We can have Economic Growth without Economic Development.

true

Why do the people of Pauau New Guinea Eat Sago? its easy to process it can be stored for a long time very few other options

very few other options