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P H Y S I C S > Module 3 > Flashcards

Module 3 Flashcards

1
Q

In the late 1400s, why did the Europeans want to find an easier route to Asia?

A

To increase trade with Asia

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2
Q

At first, what was the main purpose of Spanish settlements in the New World?

A

To control the areas and extract wealth

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3
Q

What is the term given to the government policy of assisting businessmen in establishing colonies?

A

Mercantilism

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4
Q

The English colonies in America were based on what economic activity?

A

Agriculture

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5
Q

What was the primary standard of wealth in the English colonies in America?

A

Ownership of land

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6
Q

Did most English colonies in America see more or less economic opportunity in the colonies then they had in England?

A

more

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7
Q

What 2 actions did the British government take after the French and Indian war that angered colonists?

A

Forbade further settlement west of the Appalachians and imposed new taxes

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8
Q

What were 4 economic issues that the new United States faced under the articles of confederation?

A

1.A weak national government with no currency or economic plan
2. country debt
3.state fiscal crises
3. and instability in the west

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9
Q

To what kind of tax or levy did John Dickinson object?

A

Internal taxes that gave money to the crown

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10
Q

What impositions by the English government did Dickinson believe to be justified?

A

external impositions to regulate trade

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11
Q

The fiscal powers given to congress in the constitution were significant, but also what?

A

limited

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12
Q

Name 3 specific powers related to economic activity that were given to congress in the constitution.

A
  1. Power to borrow money
  2. to regulate commerce
  3. to coin money and regulate its value
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13
Q

What prohibition in the constitution helped unify the nation’s economy?

A

a ban on interstate commerce

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14
Q

What controversial institution had an impact on the economy, especially in the south?

A

Slavery

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15
Q

What were the three main elements of Alexander Hamilton’s fiscal plan?

A
  1. The national government took on the debts of the states and continental congress and government assisted the creation of a manufacturing economy
  2. to impose tariffs on imports and ban certain imports
  3. the creation of a national bank
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16
Q

What Federal law sparked a rebellion in western Pennsylvania in 1794?

A

A federal tax imposed on whiskey

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17
Q

What industry saw dramatic growth in the early United States?

A

Textile production

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18
Q

The growth of this industry led to greater demand for what agricultural commodity?

A

cotton

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19
Q

What invention by Eli Whitney increased production on Southern plantations?

A

the cotton gin

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20
Q

What 2 developments in water transportation led to increased trade?

A

The steamboat and the Erie Canal

21
Q

What practice by France and Britain hurt American trade?

A

They interfered with trade ships headed to another country’s port

22
Q

What act did Thomas Jefferson urge Congress to pass in response to this practice?

A

The Embargo Act

23
Q

What was the effect of the embargo Act?

A

American ships languished in port, overseas markets for American goods dwindled and domestic production declined.

24
Q

What did the Federal government do to help pay off debt after the war of 1812?

A

Sold western land

25
Q

What was rechartered in 1816?

A

The Bank of the United States

26
Q

What were some of the factors of the Panic of 1819?

A

1.The Bank of the United States was poorly run
2. it issued fewer loans
3. it demanded hard money of the State bank notes it received
4. the demand for American cotton declined
5. there was a slowdown in industrial output
6. there were many defaults on loans

27
Q

How did the Supreme Court’s decision in Gibbons v. Ogden effect the U.S. economy?

A

It gave broad interpretation of the power of Congress to regulate interstate commerce

28
Q

What was Andrew Jackson’s response to congressional renewal of the Bank of the United States in 1832?

A

He vetoed it

29
Q

Where did Jackson order Federal funds to be deposited?

A

State banks

30
Q

What was the name of the system begun in 1840 to hold Federal funds and pay the Federal government’s bills?

A

The Independant Treasury

31
Q

What was the economic impact of the Civil war in the North and South?

A

The North grew in industrial and agricultural output and the South suffered losses in both areas

32
Q

What were four acts of Congress that expanded the national economy?

A
  1. The Morrill Land Grant Act
  2. The Homestead Act
  3. The National Bank Act
  4. authorization of the transcontinental railroad
33
Q

What was the first big business in the U.S. which grew dramatically after the Civil War?

A

The railroads

34
Q

What were some examples of advances in technology that came about in the late nineteenth and early twentieth centuries?

A

Electricity, electric lights, refrigerated railroad cars, the automobile, and assembly lines

35
Q

What financial practice helped to create large companies?

A

investment capitalism

36
Q

What were 2 early steps that the Federal government took in regulating the economy?

A

the Interstate Commerce Act and the Sherman Anti-trust Act

37
Q

What was the nickname of the paper currency printed during the Civil War?

A

greenbacks

38
Q

What was established in 1913 as central bank for the U.S.?

A

The Federal Reserve System

39
Q

According to Amity Shlaes, how did Franklin Roosevelt change the definition of the phrase “the forgotten man”?

A

He changed it from the man who is never thought of to a member of groups who Roosevelt wanted to benefit from New Deal spending programs

40
Q

What did Roosevelt do in 1935 and 1936 that changed the role of the Federal government in the economy?

A

He began targeting constituency groups to recue federal funds. Those groups became dependent on the Federal government

41
Q

What is generally credited with helping the country move out of the Great Depression?

A

Increased production related to WW2

42
Q

After WW2, the United States economy had what kind of trend that extended into the 1960s?

A

prosperity, growth, and expansion

43
Q

Under what president did Federal spending on social programs like Medicare and Medicade and on the Vietnam War dramatically increase?

A

Lyndon Johnson

44
Q

What was a major economic problem during the 1970s?

A

Inflation

45
Q

What proposal did Ronald Reagan make in 1980 that he said would bring about economic growth?

A

A broad and deep tax cut

46
Q

What was the pattern of Federal spending during the 1980s?

A

spending more than they had, leading to an increase in national debt

47
Q

What were 2 factors that contributed to the prosperity of the 1990s?

A

The dot-com boom and the North American Free Trade Agreement

48
Q

What was the average annual growth in the gross domestic product of the United States for the fifty years following WW2?

A

3%

49
Q

How many recessions did the U.S. experience between 1948 and 2001?

A

10

P H Y S I C S (20 decks)

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