Market revolution

Economics is much more than just supply and demand. It is ultimately about the decisions people make and how those decisions shape them and the world.

• True

• False

When did the Market Revolution take place?

• Late 18th Century

• Second half of the 19th Century

• First half of the 19th Century

• Early 18th Century

Other than technology, what specifically enabled the massive economic shift?

• technology

• Transportation

• The banks

• Communication

How did the Market Revolution change the way Americans produced goods?

• It shifted production from independent farms to goods for sale to others

• It eliminated all forms of agriculture

•  It increased imports from other countries

• It eliminated all forms of agriculture

What was a major obstacle to trade in the 18th century?

• Lack of demand for goods

• Shortage of raw materials

•  High tariffs

• Difficulty in transporting goods over land

Before improvements in transportation, what was considered the most efficient way to transport goods from Cincinnati to New York?

• Down the Mississippi, through the Gulf of Mexico, around Florida, and up the Atlantic coast

  
  

• Through the Great Lakes

• By wagon over land

• By air balloon

Which of the following was NOT mentioned as a new transportation development during the Market Revolution?

• Canals

     

  
  

• Better roads

• railroads

• airplanes

What invention made canal building possible on a large scale?

•   
  The steam engine

   

  
  

• The steam boat

• the wheel

• the telegraph

 By 1860, approximately how many miles of railroad tracks had been laid in the United States?

• 30,000

• 3,000

• 10,000

• 50,000

What invention allowed merchants to know when to expect shipments and potential selling prices?

• The telephone

• the radio

• the telegraph

• the telegram