Transcript Economics - Mercer County Educational Service Center

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Merchants from the ancient West
African kingdom of Ghana prospered
by controlling the trade of which
goods?
A.Gold and salt
B.Dates and wine
C.Grain and camels
D.Timber and olive oil
A 100
A. Gold and Salt
A 100
What is one benefit of international trade?
A. Governments can ensure that unemployment
stays low.
B. Workers can remain in the same job throughout
their working lives
C. Businesses can focus on providing limited
products to customers.
D. Nations can specialize in goods and services
that they produce most efficiently.
A 200
D. Nations can specialize in goods
and services that they produce most
efficiently.
A 200
European nations set up colonies in the
Americas to enrich their economics.
Which economic benefit did England receive
from its North American colonies?
A. Markets and goods to support trade
B. Laborers to keep its factories running
C. Entrepreneurs to lead its thriving businesses
D. Inventors to keep its industries competitive.
A 300
A. Markets and goods to support
trade
A 300
The Articles of Confederation allowed each state to
determine the tax on goods imported from other
nations. The national government had no power to
raise or lower these taxes.
How did this situation affect the early economy of the
United States?
A. State residents were overtaxed by the national government.
B. State governments refused to print their own paper money.
C. Foreign countries had to lend Congress money to build roads and
canals.
D. Inexpensive foreign imports flooded the country and hurt
American industry.
A 400
D. Inexpensive foreign imports
flooded the country and hurt
American industry.
A 400
• Nation A produces cars because it has a highly skilled
workforce, but it lacks a climate than can grow most crops.
• Nation B grows many different food crop because of its
warm climate and fertile soil, but it lacks a workforce with
skills able to produce cars.
Based on the information in the box, what will most likely occur?
A. Nation A will start to grow more food
B. Nation A and B will trade with each other.
C. Nation B will start producing cars.
D. Nation B will attack Nation A.
A 500
B. Nation A and B will trade
with each other.
A 500
To raise revenue, the United States government has
decided to impose a new tariff on coffee imported
from Brazil.
What is a possible consequence involved in this
economic decision?
A. Coffee farms increase damage to the rain forest in
Brazil.
B. The popularity of coffee increases in the United
States.
C. Coffee farms increase the standard of living in
Brazil.
D. The price of coffee increases in the United States.
B 100
D. The price of coffee increases in the
United States.
B 100
In 1861, Northern
states had 22
million people and
about 100,000
factories
In 1861, Southern
states had 9
million people and
20,000 factories.
The northern states
defeated the
Southern states in
the Civil War.
What conclusion can best be reached from the information
in the boxes?
A. Northern and Southern states continued to trade
during the war.
B. The distribution of resources an affect the outcome
of events.
C. The Southern states were able to wear down the
Northern states.
D. The Northern states should have avoided the war. B 200
B. The distribution of resources
an affect the outcome of events.
B 200
How was the addition of this amendment to the
U.S. Constitution important to the expansion
of the U.S. economy?
A. People needed a sound currency to carry on business.
B. People could pool their money in corporations.
C. Protection of private property made investors feel
safer.
D. Government was seen as responsible for the nation’s
economy.
B 300
C. Protection of private property
made investors feel safer.
B 300
Which statement about the economic powers
of the federal government under the U.S.
Constitution is accurate?
A. It lacks the power to protect private
property.
B. It regulates interstate trade.
C. It has ownership of most businesses.
D. Its economic power is limited to printing
money.
B 400
B. It regulates interstate trade.
B 400
What was a criticism that merchants raised against
the government under the Articles of
Confederation?
A. Taxes by the national government were too
high.
B. States had no way of raising money.
C. State governments created obstacles to trade.
D. The national courts of the central government
were too powerful.
B 500
C. State governments created
obstacles to trade.
B 500
“Our newly formed manufacturing industries have
positive benefits to offer society and should be
encouraged by government.”
What would the author of this statement most likely
have favored?
A. High tariffs to protect American manufacturers.
B. Government control of the prices charged by
manufacturers.
C. Government ownership of most businesses.
D. the elimination of tariff on foreign manufactured
goods.
C 100
A. High tariffs to protect
American manufacturers.
C 100
In the years following adoption of the U.S.
Constitution, which of the following issues often
divided the Northern and Southern states?
A. Creation of a national person income tax
B. Lowering the interest rates charged by banks
C. Tariffs levied by the federal government on
imported goods
D. Taxes on American Indian tribes living on
reservations
C 200
C. Tariffs levied by the
federal government on
imported goods
C 200
All of these services are mainly provided by
A.self-sufficient families
B.The private sector
C.Foreign producers
D.The public sector
C 300
D. The public sector
C 300
DAILY
Place A Wager
DOUBLE
C 400
Which part of government was given greater
economic power under the U.S.
Constitution than under the Articles of
Confederation
A. The national government
B. Local governments
C. State governments
D. Colonial assemblies
C 400
A. The national government
C 400
Mercantilism is the theory that a nation’s
power depended on its wealth. As a result
Europe saw an increase in global trading
during the 17th and 18th centuries.
Identify two examples of policies
endorsed by countries that were
influenced by mercantilism.
C 500
Possible answers may include:
1. Spanish conquistadors in Central America
sent to seize silver and gold mines
2. English colonialism requiring the colonies to
provide natural resources for manufacturing and
to serve as a market for the manufactured goods,
3. French involvement in Canada a nd the fur
trade
2 points – Student gives two plausible examples
of policies endorsed by countries that were
influenced by m ercantilism.
1 point – Student gives one plausible example of
policies endorsed by countries that were
influenced by m ercantilism.
C 500
In 1816, the United States Congress passed
a high tariff. Whose interests were most
harmed by this tariff.
A. Northern manufacturers
B. Western farmers
C. Southern plantation owners
D. Northern factory workers
D 100
A. Northern manufacturers
D 100
What best explains why the ancient Greeks chose
to specialize in producing olive oil and wine?
A. They were located along the Silk Road.
B. They had resources favorable to producing
these goods.
C. They were the first society to develop a
democracy.
D. They preferred using olive oil and wine to eating
wheat.
D 200
B. They had resources
favorable to producing these
goods.
D 200
Based on these products, what was the likely
result?
A. Greeks began to grow wheat.
B. Greeks and Egyptians would trade their
products with each other.
C. Egyptians sent explorers across the Sahara
Desert.
D. Egyptians sold their wine to the Greeks.
D 300
B. Greeks and Egyptians
would trade their products
with each other.
D 300
Which of the following best illustrates global
interdependence?
A.European rulers established colonies in the
Americas.
B. Saudis buy cars from Japan while Japanese
buy oil from Saudi Arabia.
C. Ancient Rome expanded by conquering its
Mediterranean neighbors.
D. The United States has a skilled workforce
and experienced entrepreneurs.
D 400
B. Saudis buy cars from Japan
while Japanese buy oil from Saudi
Arabia.
D 400
What is one important reason for
specialization by a producer country?
A.The producer becomes more selfsufficient.
B.The producer has lower opportunity costs.
C.The producer requires fewer capital goods.
D.The producer is less affected by its share
of productive resources.
D 500
B. The producer has lower
opportunity costs.
D 500
Robert Fulton’s steamboat aided the economic
development of the United States by:
A.Reducing traffic in the nation’s ocean
harbors.
B. Making transportation on rivers more
efficient.
C. Ending American dependence on European
shipping
D. Serving as a method of connecting California
and the East Coast.
E 100
B. Making transportation on
rivers more efficient.
E 100
By the mid-1800s, California was being
settled mostly by people in search of
A. Jobs in industrial cities
B. Wealth from the discovery of gold
C. Animal pelts for the fur trade
D. Trade with American Indians
E 200
B. Wealth from the discovery
of gold
E 200
When the U.S. Constitution was written,
which group favored giving the federal
government greater economic power?
A. small, independent farmers
B. merchants and bankers
C. indentured servants
D. Anti-Federalists
E 300
B. merchants and bankers
E 300
Before the Civil War, what were the
economics of the North and South based on?
A. North: Agriculture, South: Shipping
B. North: Manufacturing, South: Trade
C. North: Manufacturing, South: Agriculture
D. North: Agriculture, South:
Manufacturing
E 400
C. North: Manufacturing, South:
Agriculture
E 400
DAILY
Place A Wager
DOUBLE
C 400
Most economic decisions involve trade-offs.
Nations, businesses, and individuals all must
decide how to use limited resources to get what
they want. Explain and provide an example of how
a nation/government makes trade-offs and how you
as an individual make trade-offs.
Government
Individual
E 500
Government
Nations must decide
how to best allocate
tax dollars. Money
spent on defense is
money that cannot
be used to fund
social programs.
Individual
A student’s
allowance is an
example. A student
may choose to buy a
CD or save their
money to buy a
bike.
E 500
The Final Jeopardy Category is:
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Americans were divided over tariffs
for much of the early nineteenth
century. Identify TWO sections of the
country with different views on the
tariff issue. For each section
identified, explain that section’s view
on tariffs.
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