The Early American Economy

High tariffs led to:

• increased sales of American goods overseas.

• American farmers raising their prices.

• less profits for American manufacturers.

• higher prices on goods from other countries.

High tariffs led to:

• American farmers having difficulty selling crops overseas.

• increased sales of American crops overseas.

• the closing of many American factories.

• devastation for American manufacturers.

High tariffs had the most positive effect on American ______.

• factory owners

• farmers

• importers

• government leaders

Which statement would most likely have been made by an American factory owner in the early 1800s?

• New machines make running a factory more profitable.

• My workers make everything by hand.

• I can't find workers because people are leaving the cities.

• It's getting harder and harder to make money.

Which statement would most likely have been made by a male American factory worker in the early 1800s?

• There are many more job opportunities than there used to be.

• There's more money to be made in farming than in factories.

• These products can't compete with goods being brought in from Great Britain.

• All the factories are closing — I don't know what I'll do.

Which statement would most likely have been made by an American factory owner in the early 1800s?

• The economy is slowing down — there's nothing to sell.

• Americans don't make goods anymore — they're all farming instead.

• These new machines make my factory work faster than ever.

• There's no money in manufacturing anymore.

Why did the U.S. Leaders believed the government shouldn't interfere in people's lives. support capitalism in the early 1800s?

• Leaders believed the government shouldn't interfere in people's lives.

• The government wanted to discourage farming.

• Most government leaders were factory owners.

• Businesses would fail unless the government helped them.

What did the U.S. government do in the early 1800s to promote capitalism?

• It outlawed private ownership of factories.

• It taxed farms at a high rate to encourage people to start factories.

• It allowed each state to create its own money.

• It gave tax breaks to some business owners.

What did the early U.S. government do to promote capitalism?

• It set a maximum income limit for all citizens.

• It set prices for most common goods.

• It created a national currency.

• It closed the national bank and encouraged citizens to start private banks.

What was the most important economic activity in the United States in the 1790s?

• Shipbuilding

• Fishing

• Manufacturing

• Farming