Transcript SOL REVIEW
SOL REVIEW Economic History What was the major reason for the settlement of Virginia and the other Southern colonies? • Economic Opportunity What became the cash crop of the Virginia colony? •Tobacco Name four characteristics of the economy of the New England colonies? • • • • Shipbuilding Fishing Lumbering Subsistence Farming Name three characteristics of the economy of the Middle Colonies? • Shipbuilding • Small farms • Trading What was the economic basis of the Southern colonies? • Cash crops raised on large Plantations What were the three cash crops of the Southern colonies? • Tobacco • Rice • Indigo What were the two cash crops in South Carolina? • Rice • Indigo Which English colonies believed in private property and free enterprise (profit)? •ALL What is a tariff? •A tax on imports What is another name for a tariff? •Customs Duty What is revenue? •Tax Money What is a monopoly? • Complete Control • Absence of Competition • No Competition What does interstate commerce mean? • Trade between states What were two trends in American life during the first half of the 19th century? • Westward Movement • Economic Development What two transportation improvements encourage westward movement and economic development? •Canals •Railroads Who invented the cotton gin? •Eli Whitney What did the cotton gin cause to spread throughout the Deep South? • The “Cotton Kingdom” based on African-American slavery Did the cotton gin increase or decrease the demand for slaves? •Increased Between 1800 and 1850, what region developed an industrial economy based on manufacturing? •The North Between 1800 and 1850, what region developed an industrial economy based on manufacturing? •The North Which region favored high protective tariffs? •The North Define protective tariffs. • Taxes on imports which are so high that Americans cannot afford to buy foreign goods What was the basis of the South’s economy? • Agriculture (Farming) • Plantations that used slave labor Did the South support or oppose high tariffs? •Opposed Why did the South oppose high tariffs? •Made manufactured goods more expensive What were economic and social results of Reconstruction? • South was devastated and bitter. • North and Midwest had strong industrial economies. What transportation improvement was completed in 1869? • 1st Transcontinental Railroad What did the transcontinental railroad do? • Linked the Atlantic and Pacific Oceans by Rail What was the 1862 Homestead Act? • Law that gave free public land to settlers in the western territories • Settlers promised to live on and farm this land for five years What 2 new technologies in the late 19th century opened new Western lands? • Railroads • Mechanical Reaper: harvested wheat What did Chinese immigrants help build? •Transcontinental railroad • What are two advantages of a corporation? • 1) Raise capital; 2) Limited Liability • What 18th century Scottish philosopher developed the laissez faire economic theory? • Adam Smith • Who wrote Wealth of Nations? • Adam Smith • What does laissez faire mean? • An economic philosophy that says government should leave business alone; let business do what it wants. Government should neither help nor hinder business. • What does anti-trust mean? • Anti-monopoly • What was the major weakness in the Sherman Anti-Trust Act? • The wording was too vague. • What is a labor union? • An organization of workers • In what major strike in the 1890s was the American Railway Union involved? • The Pullman Strike • Who won the Pullman Strike? The Pullman Company or the American Railway Union • the Pullman Company • What labor union was involved in the 1892 Homestead Steel Strike? • The AF of L (American Federation of Labor) • What union was blamed for the 1886 Haymarket Riot in Chicago? • The Knights of Labor • What did the term “trust” mean during the late 19th and early 20th centuries? • A business monopoly • What does the term monopoly mean? • Absence of Competition • What industry was made more efficient by the development of the Bessemer process? • Steel • Which side did government take in both the Haymarket Riot and the Pullman Strike? Big Business or Labor? • Big Business Define imperialism. • One country gaining political or economic control over another country What was the Open Door Policy? • All nations would have equal trading rights in China What president was known for Dollar Diplomacy? •William Howard Taft What was Dollar Diplomacy? • U.S. business would invest in Latin America • If necessary, U.S. would intervene militarily in Latin America Name 3 examples of American economic imperialism. • Open Door Policy • Dollar Diplomacy • Panama Canal • Who were the Muckrakers? • Progressive writers who wrote about social and political evils in late 19th and early 20th century America. • What did the Clayton Anti-Trust Act? • 1) Outlawed price fixing; Exempted unions from the Sherman Anti-Trust Act • Which 19th century American labor union has survived until the present day? • The A F of L. Today it is known as the AFL-CIO. What is inflation? • When prices increase and the dollar buys less What functions as the central bank of the United States? •The Federal Reserve System What controls the nation’s money supply? •The Federal Reserve What does the Federal Reserve do to stop inflation? •Raise interest rates What does the Federal Reserve do if it believes the economy is overheating and causing inflation? •Raises interest rates What does the Federal Reserve do if it believes the economy is slowing down? •Lowers interest rates What is the largest stock market in the United States? • The New York Stock Exchange What is speculation? –Buying something at a low price in the hope of selling it later at a profit What does it mean to buy stock on margin? •Buy stock on credit What event triggered the Great Depression? •The Stock Market Crash What is a protective tariff? • A tax on imports that is so high that Americans cannot afford to buy foreign goods What was the HawleySmoot Tariff? • Protective Tariff • the Highest Tariff Rates in History What were 3 causes of the Great Depression? • Overspeculation in stocks • Collapse of the banking system • Hawley-Smoot Tariff What were 4 effects of the Great Depression? • Unemployment and homelessness increased • Bank Closings -- the collapse of the nation’s financial system • Political Unrest • Farm Foreclosures What was the purpose of the New Deal Relief programs? •Ease the Suffering of the Unemployed What was the purpose of New Deal Recovery programs? •Help Business Recover Identify FDIC. • Today insures bank deposits up to $100,000 For what does FDIC stand? • Federal Deposit Insurance Corporation For what did the Social Security Act provide? • Unemployment Insurance • Old-Age Pensions What 3 rights did Organized Labor gain during the New Deal? • Right to form a Union • Right to Strike • Minimum Wage Since the New Deal, who do Americans hold responsible for bringing prosperity to the U.S. economy? • The federal gov’t., especially the President Identify the 1964 Civil Rights Act? • Outlawed racial, religious, and sex discrimination in public places and by employers; No Job discrimination • Gave the federal government more power to enforce all civil rights laws