Early American Economics

Alexander Hamilton proposed an economic system under President George Washington that included what three steps below?

• Assume Nations Debt, Tariff and National Bank

• Roads & Canals, American System, and Tariff

• Establish a powerful Federal Government with high taxes

• Build the Erie Canal and Cumberland Road

What is a tariff?

• A tax on imported goods

• A tax on exported goods

• A tax on whiskey

• A tax on income

What is a tariff designed to accomplish?

• Raise the prices of foreign goods while encouraging the purchase of domestic goods

• Raise the cost of items leaving the United States

• Raise the cost of manufactured items

• Raise the cost of items domestically made

During the 1820's, Henry Clay supported his economic plan called "The American System" which included?

• Higher Tariff, Internal Improvements, 2nd National Bank

• War with England, Higher Tariff and Roads

• Higher Taxes on the Rich and lower taxes for the poor

• Tax on imported items, with new federally funded roads and canals

What time period from 1800's-1890's saw a massive shift to manufactured goods and the rise of capitalism?

• Industrial Revolution

• World War I

• Workers Revolution

• Suffrage Movement

Select all the inventions created during the Industrial Revolution?

• Cotton Gin

• Steam Engine

• Locomotive

• Telegraph

What time period created by the scarcity of land saw the United States rapid expansion west in search for wealth and opportunity (1820's-1880's)?

• Manifest Destiny

• Industrial Revolution

• Era of Goodfeelings

• Abolitionist Movement

Who were the real millionaires of the California Gold Rush?

• Store Owners

• Gold Miners

• Ship Owners

• Communists

The United States first real economic depression occurred during President Martin Van Buren which was known as?

• Panic of 1837

• Great Depression

• Financial Crisis of 1840

• The Great Recession

What is a financial panic?

• When people withdraw all of their money out of their banks at the same time causing the bank to fail

• When people lose all hope in their financial institutions

• When people turn fom a capitalist model to a communist one

• When Americans decide to stop paying their income taxes